The Indian government is set to undertake a two-month crackdown on fraudulent practices related to the Goods and Services Tax (GST) starting May 16. The special drive aims to combat unscrupulous elements, including individuals, professionals, and firms who engage in the misuse of input tax credit by using fake identities and forged documents, all without … Read more
In April 2023, India’s gross GST revenues skyrocketed to a staggering ₹1,87,035 crore, marking a remarkable 12% increase from the highest tax tally recorded in the same month last year. This remarkable feat is a testament to India’s robust economic growth, fueled by various factors, including an increase in domestic consumption, a favorable global economic … Read more
Before the implementation of GST on life insurance policy, life insurance premiums were liable to service taxes, including Basic Service Tax, Swachh Bharat Cess, and Krishi Kalyan Cess. These all totaled up to 15% tax rate. Now the GST has been implemented and you have to pay GST as per the life insurance policy. Let’s … Read more
This article will guide you about GST on Forward Charges by GTA. As you already know, transportation has a major role in the Indian Economy. With roadways being the primary mode of transportation, it is responsible for the movement of a significant portion of the country’s freight and passenger traffic. However, any disruptions in this … Read more
The Goods and Services Tax Network (GSTN) has issued an advisory regarding a new functionality for Bank Account Verification on the official GST portal. Let’s understand the advisory of GST Portal enables new feature of Bank Account Verification. Integration of Bank Account verification Feature with GST System According to the advisory, the new bank account … Read more
Let’s understand the GST Calculations for E-Commerce Business. As an e-commerce business, it’s crucial to understand the basics of GST, GST Calculations,, and registration process. All of these are discussed in this article. The GST’s Relevance to E-Commerce Business In India, e-commerce businesses are classified as “aggregators” or “marketplaces” that facilitate the exchange of goods … Read more
If you are a business dealing with hair oil in India, it is important to understand the GST rate applicable to your product. The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. The GST rate for hair oil in India depends on its … Read more
The Goods and Services Tax Network (GSTN) has mandated that businesses with a turnover of over Rs 100 crore must upload e-invoices on the Invoice Registration Portal (IRP) within seven days of issuance. The move is aimed at improving tax compliance and reducing tax evasion. Let’s understand the latest updates regarding the strict deadline issued … Read more
There have been various disputes regarding levy, valuation, classification, creditability, refunds etc since the introduction of GST. Furthermore, every GST matter can not be assigned to High Courts since they may not have specialised branches. Similarly, there has been long pendency in judicious disposal of cases. Finally, the taxpayers also faced delayed justice and other … Read more
In today’s digital age, laptops have become an indispensable tool for individuals across various fields such as business, employment, and education. As technology continues to reign supreme, it’s crucial for us to consider the potential impact of GST on laptops and computers. Let’s get the detailed info on GST Rate for Computers and Laptops through … Read more