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Latest Official Updates Under GST by the Indian Government

Latest Updates Under GST by the Government

The government keeps on amending and updating the provisions related to different types of taxes. The reason could be anything, but in most cases, the changes are made for the ease of the taxpayers.

In this article, you will get to know about such amendments related to GST Update.

Goods and Services Tax (GST) in India

Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and compressed them into a single tax. GST (Goods and Services Tax) is charged by the government in slabs.

The present slabs are 5%, 12%, 18%, and 28%. GST is managed by the Goods and Services Tax Council and is governed by the Goods and Services Tax Act, of 2017.

GST is levied on all types of goods and services except petroleum products, and electricity, on which the taxes are levied by the state governments. It is divided into two parts namely, State Goods and Services Tax (SGST) collected by state governments and Central Goods and Services Tax (CGST) collected by the central government.

The share of both governments is equal to GST. For example, if 5% GST is being charged on a product the SGST (2.5%) and CGST (2.5%) will be equal. There is another type of tax Integrated Goods and Services Tax (IGST) that is charged on goods and services supplied inter-state.

The tax was introduced to remove the cascading of taxes, the situation of collecting multiple taxes on every level of production. It is done under GST too, but the manufacturer is refunded back on further levels. It is a destination-based tax, it is collected by the state in which the said good or service is consumed rather than by the state in which the good or service was manufactured.

Moreover, you can read the latest GST (goods and services tax) news which is trending among readers.

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    The GST department has pushed back the due date of GSTR 1 to 12th April for March 2024 because taxpayers were facing several technical problems. read more

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    HindiMarathiTamil
    17-07-202320-07-202324-07-2023
    MondayThursdayMonday
    11:30 AM12:30 PM11:30 AM
    Sh. Sanjay Yadav, GSTNSh. Bhagwan Patil, VP, GSTNSh. Rafi Ahamed Kidwai, GSTN
    https://www.youtube.com/watch?v=VSw1jA_KLcshttps://www.youtube.com/watch?v=HfsxfEVfPichttps://www.youtube.com/live/qhdaK8Hy7bc?feature=share

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    14th June 2023

    Webinar Topice-Invoicing and Invoice Registration Portals (IRPs)
    Language of webinarEnglish
    Date23.06.2023 Friday
    Time11:30 AM
    SpeakerGSTN e-Invoice team & Representatives of IRP portals
    YouTube Link for Webinarhttps://www.youtube.com/watch?v=XRCEZbCG2lQ

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    1. PIB India has shared the data of GST Revenue for December 2022 via a press release. Read PDF

    GST Updates in 2022, 2021 and 2020

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