A taste of fizz has led to grape juice manufactured and distributed by a Tamil Nadu-based company being expelled out of the classification of ‘Fruit pulp or fruit juice-based drinks’, which attracts a lower goods and services GST at 12%. In this article, we will discuss on Carbonated grape juice. GST on Carbonated grape juice … Read more
As we know Composition Scheme acts as an alternative procedure for levying a tax under GST. Small businesses registered under the GST composition scheme can pay GST at a restricted rate of turnover every quarter and file quarterly GST returns. Also, Composition levy would be commonly related to small taxpayers who are supplying goods and … Read more
The Chief Minister of Maharashtra has petitioned Prime Minister of India, Shri Narendra Modi to extend the Due Date of filing the GST Returns by three months due to increase in the case of COVID-19 again in Maharashtra. In this article we will discuss on Request for extension of due date of GST Returns. Request … Read more
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
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