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The Goods and Services Tax Network (GSTN) recently released an upgrade that allows taxpayers to explain the difference in GST liability between their GSTR-1 and GSTR-3B returns online via the DRC-01B form. The GST Council directed this change, which intends to simplify compliance procedures for taxpayers. This article gives an overview of the functionality and […]
In just six years, the Goods and Services Tax (GST) has increased significantly. From around 68 lakh in 2017 to around 1.4 crores the number of assessees would have twice, indeed the average monthly revenue has also climbed approx to the identical rate from near to Rs 90,000 crore in 2017-18 to Rs 1.69 lakh […]
The nationwide campaign against fraudulent GST registration has caused problems for e-commerce businesses, that run virtual offices across several states with little staff and no books of accounts. Tajinder Singh, vice president of taxation at MakeMyTrip Group, told PTI that the GST officials should consult the head offices about virtual offices before labelling the state […]
For setting the GST appellate tribunals and hiring the members post-approval via GST council the central govt shall provide the guidelines, CBIC official stated. Shashank Priya member of the Central Board of Indirect Taxes and Customs (CBIC) (GST) mentioned that the department would be rendering for growing the assessee base and performing the data triangulation […]
Recently, misinformation was circulated about the Goods and Services Tax (GST) rates on electronic items in India in response to a tweet from the Ministry of Finance. Let’s clarify the misunderstanding by ascertaining the tweet’s true intent. Twisted Tweet by FM The Ministry of Finance recently posted a tweet with an image of a table […]
The GST would have given justice to the customers by reducing the rates corresponding with the former government, Union Finance Minister Nirmala Sitharaman mentioned. The GST would have surged the tax buoyancy for both states and the central government she added. By lowering the rates relative to the prior system, the GST has done the […]
The Central Board of Indirect Taxes and Customs (CBIC) has introduced an online feature that allows taxpayers to conveniently track the status of their refund applications in real time. This initiative aims to provide a more efficient and transparent process for taxpayers. To facilitate the tracking of refund applications, different colours have been assigned to […]
In India, the collection of the GST revenue in June stood at Rs 1,61,497 cr, which is a 12% rise on the basis of year-on-year, stated by the Ministry of Finance. In April and May, Rs 1.87 lakh crore and Rs 1,57,090 crore was the GST collection, respectively. As per the government for the fourth […]
The GST Authority for Advance Ruling, in a recent ruling, exempted GST on compensation that is paid to sub-contractor as an out-of-court settlement. As per GST provisions, complying with the obligation to evade an act, abide by an act or situation, or do an act constitutes a GST-taxable supply of service. High courts have given […]
