GST Collections set a record as collections stood at above Rs. 1.12 trillion-mark. The GST collection in August has crossed the crucial mark and the collections are 30 percent higher than the collection in the year-ago period. In this article, let’s discuss the latest update by the Ministry of Finance on GST Collection in August. … Read more
The GSTR 9 is documentation submitted once per year by a taxpayer having GST Registration. This record will include all resources in the form and received underneath the several headings of tax (CGST, SGST, and IGST) throughout the whole year, including sales and audit information. In this article, we’ll learn about GSTR 9 Return Filing. … Read more
Good news for taxpayers amid COVID-19 as the Finance Ministry extends the last date for availing the GST Amnesty Scheme. After a long wait and a delay in GST return filing caused by complexity in GST return filing compliances, GST Council capped the late fees on GST return filing in the 43rd GST Council Meeting. … Read more
GST (Goods and Services Tax) is an indirect tax. Established in India in 2017. This tax is collected at the point of sale and is split between the state and the federal government. It is a comprehensive method of taxing. For both commodities and services at a uniform rate. Businesses with a turnover of more … Read more
All stakeholders must note GST is chargeable on Transfer of Leasehold Rights. As per the latest notification by AAR(Authority for Advance Ruling), GST should be levied while transferring Leasehold rights. Thus it is an important notification as many people aren’t aware about the GST Rate and its applicability on transfer of Leasehold Rights. In this article, … Read more
The AAR Gujarat has a new update for Lassi Businesses. The update is that Lassi is exempt from GST. AAR(Authority for Advance Ruling) Gujarat clearly states that Lassi is exempt from GST when a Valsad-based manufacturer and supplier of the product approached it for the applicable GST rate. In this article, we will understand this … Read more
A monthly authentication report of GSTR 3B Return Filing to be filed with GSTR 1 and GSTR 2 return forms by a registered GST merchant. GSTR 3B Return Filing is a simple return report that summarizes a tax period’s GST responsibilities. Under Section 39 of the 2017 Central Goods and Services Tax Act, every taxpayer … Read more
GSTR-1 is a monthly or quarterly return statement that requires a regular trader to record all outbound supplies made throughout the month or quarter. In basic terminology, GSTR-1 return filing is a form that must be filled out with information about sales and other outgoing supplies. Furthermore, this return does not apply to composition sellers, … Read more
An important update for taxpayers, start filing GST Returns now or face huge drawbacks in your business operations. The notification will have a drastic effect on taxpayers as the E-Way Bill generation blocking facility is going to resume soon. In this article, we will understand the latest update on GST by the government regarding E-Way … Read more
A massive GST Collection in the month of July. Statistics mention that the figure is a three-month high in July. Interestingly, the figure is above trillion and the experts estimate that the reason is the opening up of lockdown and ease of mobility restrictions. In this article, we will read about GST Collections in July rose … Read more