The finance ministry issued the notification that released the 17th weekly instalment of Rs 5,000 crore to 23 states including Jammu and Kashmir. The total amount issued as the portion of the special borrowing window set up in October 2020 to Rs 1 lakh crore. In this article, we will discuss the GST compensation shortfall … Read more
CBIC has issued the notification on Aadhar authentication of CGST Act, 2017 shall not apply to a person who is, not a citizen of India or a Department or establishment of the Central Government or State Government or a local authority. In this article, we will discuss Person to whom Aadhar Authentication not applies CBIC … Read more
The Government of India introduced the Goods & Services Tax in July 2017. The introduction of GST is the beginning of a new tax regime in India. By shifting to a single taxation rule for all goods and services, the government aims to provide uniformity and solve multiple or compounded tax rate issues. In this … Read more
After the implementation of GST in India, the GST Council introduced new tax slabs for all the products produced, imported or exported. The GST rates in India are determined by the GST Council from time to time. GST rates will be levied in 5 rates, specifically, NIL, 5%, 12%, 18% and 28%. In this article, … Read more
As we know, the GST rates in India are determined by the GST Council from time to time. GST rates will be levied in 5 rates, particularly, NIL, 5%, 12%, 18% and 28%. With GST to be implemented in India from 1st July 2017, the GST rate for all goods and services have been notified. … Read more
Liquidated damages has well-known term applied by the parties under a contract. Concerning the implication of indirect taxes, both in the former law and also the present GST law, there has always been an argument on the taxability of the liquidated damages, and the Government has never simplified this issue. In this article, we will … Read more
For the one more time, GST collections in January reached over Rs 1.2 lakh crore, crossing Rs 1 lakh crore targets since December, November and October last year. In this article, we will discuss on GST collection January 2021. GST Collection January 2021 The Central Government has announced the gross GST revenue collected in January … Read more
Budget Finance Minister Nirmala Sitharaman announced Union Budget 2021-22 on the 1st of February, 2021. This Budget assumes enormous importance and effective as it comes amid the novel coronavirus pandemic, which has led to massive economic disruption in India and around the world. In this article, we will discuss on Union Budget 2021 and its … Read more
The Central Board of Indirect Taxes and Customs (CBIC) has proposed a new rule to provide restrictions on utilization of the amount available in electronic credit ledger. Rule 86B is already made effective from 1st January 2021. In this article, we will discuss Rule 86B on Input Tax Credit and Its Impact In GST. Rule … Read more
The CBIC has published the decision to mandatory declare the HSN code for goods and the SAC code for services was taken in 42nd GST Council Meeting held on 5th October 2020. In this article, we will discuss on Declaration of HSN Code for Goods and Services. Declaration of HSN Code for Goods and Services … Read more