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
HSN stands for “Harmonized system nomenclature”, it is a 6 digit uniform code that classifies 5000+ products under GST. It is used for the systematic classification of products as well as facilitating international trade. In this article, we will discuss the List of HSN Code with Tax Rates. Criteria for levying HSN code An HSN … Read more
SAC stands for “Service Accounting Code”, It is a 6 digit code which is issued by CBIC to classify the list of services under GST. Each service has a different code and it is mandatory to use in a B2B invoice on your delivered service. In this article, we will discuss List of SAC Code … Read more
The Central government has declared the new notification on Bringing petrol and diesel under GST will not lower fuel oil prices by itself, unless both Union and state governments are inclined to take deep revenue cuts. In this article, we will discuss GST on Fuel and its significance. Know About GST GST is an indirect … Read more