As the country tackles with a stronger second Covid wave, all the states need the Centre to urgently convene a meeting of the Goods and Services Tax (GST) Council, which has not met for the last six months. This arrives after the chorus for rate cuts on key medicines and equipment grows louder. In this … Read more
As we know Flavoured milk has found various flavours with different Authorities for Advance Rulings (AARs). While Gujarat AAR followed its counterparts in Tamil Nadu and Andhra Pradesh to hold GST at the rate of 12 per cent, the Karnataka AAR went for 5 per cent. In this article, we will discus on GST rate … Read more
All the assessee whose average turnover is up to Rs 5cr will need to provide an option to file their Form New Option in GSTR 2B & 3B, GSTR-1 statement and Form GSTR-3B from 1st Jan 2021 on the quarterly grounds. In this article, we will discuss Update in GSTR-1, 2B & 3B Forms. Update … Read more
Monthly GST receipts of March month is the highest ever since the introduction of Goods and Service Tax (GST). The value reached Rs 1.23 trillion and in the previous month (February), it was Rs 1.13 trillion, this clearly shows the rise of GST receipt to 10,000 crores. Of Rs 1.23 trillion (1.23 lakh crore), the … Read more
Congress interim president has written a letter to the Prime Minister and asked him to exempt GST from the medicines and equipment compelled for Covid-19 treatment and Rs 6,000 should be transferred every month in the accounts of those who are eligible. In this article, we will discuss on Exempt Covid drugs from GST. Exempt … Read more
As we know, GST, also named one nation one tax, is an indirect tax that is levied on almost all goods and services. It has a towering presence in the taxation system of India. To date, nearly 160 countries have designed and followed the GST regime. In this article we will discuss on Impact Of … Read more
The matter has been inflated by the prime leadership, members of parliament (MPs) and the industry, a proposal to levy GST on petroleum commodities and its dividend implications for the Centre and states would be worked out and placed before the GST Council soon, which will take an ultimate call on this matter, they said … Read more
As we know a businessman having a turnover of more than 2 crores for FY for filing GST Annual Return. Taxpayers who have an annual turnover of additional than 2 crores in a year have to fill GSTR 9C form along with reconciliation statements and certification of audit in every financial year. In this article, … Read more
Since the beginning of the Indian Constitution, the earlier in-direct taxation system had faced a shock because of the imposition of multiple taxes before the introduction of GST with Types of GST Return. The traditional multilayer taxation scheme created a scenario of a double taxation system. Along with its cascading effects, it ultimately led to … Read more
The central government has declared further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of QRMP) scheme of GST.In this article we will discuss on Government allows further operational flexibility. Government allows further operational flexibility The government has enabled further flexibility to tax filers operating under the Quarterly Return Filing … Read more