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On Wednesday, the Ministry of Finance released a Gazette notification that updates the Goods and Services Tax (GST) rate framework in accordance with the Central Goods and Services Tax Act of 2017. This revision aims to enhance the efficiency and clarity of the GST system. The revised rate schedule supersedes the notification of June 28, […]
Updated in the reporting of Harmonized System of Nomenclature (HSN) codes in Table 12 of GSTR-1/1A is executed by the Goods and Services Tax (GST) Portal, as per the amended advisory. Such amendments are to ease the reporting process for taxpayers, which is rolled out in phases. Key Updates of New Advisory Below, we have […]
The Goods and Services Tax Network ( GSTN ) declared the start of Phase III of the mandatory HSN code implementation for GSTR-1 and GSTR-1A, which comes into force from the return period of January 2025. It introduces the amendments objecting to improve the precision and compliance in notifying the HSN (Harmonized System of Nomenclature) […]
Goods and Services Tax (GST) is a consumption tax charged on the footwear sale. The tax applies to each phase of the supply chain from manufacturing to retail. The major goal for applying the GST rate on footwear is to ease the process of taxation, remove the cascading taxes, and build a clear and consistent […]
The Finance Minister’s recent statement has provided insights into the GST rates for stationery items, specifically those commonly used by students, and the tax treatment of online education services. This article aims to examine the factors influencing GST rates and explore the possibility of any contemplated revisions. GST Rates Applicable on Stationery Items After the […]
The introduction of GST in construction services has wielded significant influence over the industry’s dynamics. Understanding the nuances of GST within construction work is pivotal for ensuring operational smoothness and financial astuteness. Typically, construction services are subject to an 18% GST rate, yet exceptions exist. Affordable housing projects incur a minimal 1% GST rate, while […]
The electronic invoicing method for the Goods and Services Tax (GST) has been amended to make it mandatory for taxpayers with an Annual Aggregate Turnover (AATO) of Rs. 5 crores and overhead to include a minimum 6-digit Harmonized System of Nomenclature (HSN) code in their electronic invoices. This update will take effect starting from December […]
The implementation of the mandatory requirement of a 6-digit HSN Code in e-Invoices and e-Way Bills has been postponed by the Goods and Services Tax Network (GSTN). Under the GST e-invoice System, Goods and Services Tax-registered individuals must upload their B2B invoices to the Invoice Registration Portal (IRP). The IRP then issues a unique Invoice […]
The GST E-way bill system released an update on September 05, 2023, which mentions that, in accordance with Notification No. 78/2020 dated October 15, 2020, taxpayers with an Aggregate Annual Turnover (“AATO”) exceeding Rs 5 Crore must utilize a minimum 6-digit HSN code in their e-Invoices and e-Waybills. Other taxpayers should use a minimum 4-digit […]
