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The GST rate cuts announced in Budget 2020 by the finance minister, Nirmala Sitaraman will provide an annual benefit of INR 1 trillion to the Indian customers. This, in total, will help citizens in the country to save approx 4% of their monthly spending, according to the Union Budget speech 2020-21 made by the finance […]
Comparing with the numerals of January 2019, a clear hike of 12% is witnessed in the gross collection of GST for January 2020 month. The administration was able to accumulate a total of Rs. 1,10,818 crore in the very first month of the year, as declared by Union Finance Ministry on Friday. It is for […]
GST RET 1 form is newly introduced form by the GST council for the easy return filing of GST returns. The normal GST RET 1 form has arrived with the revised details and columns. The new RET 1 form under GST has been released on the GST portal and is ready to be filed on […]
Goods and Services Tax (GST) rate cut has been sought for the white goods by the concerned sector from the Budget 2020 along with the incentives for manufacturing goods locally from the same. “Make in India” incentives are sought for the consumer durable from 1st February i.e. with the application of the Budget in order […]
The new schedule has brought news for small traders and businessmen as it announces a bit extra time than the larger business entities to file returns for them. This announcement was made by the government on Wednesday with an intention to scale down pressure on the IT system. According to the new schedule of return […]
The government is turning over its mind towards the proposal of corporatizing the Ordnance Factory Board (OFB) and reviewing the goods and services tax (GST) on the products offered by the organization. Implementation of higher GST rates As per the recent update, The central government is planning to do changes in the slabs of Goods […]
Following the reports of technical bugs encountered while filing of GST returns (summary returns GSTR 3B), Goods and Service Tax Network (GSTN) announced that the total of 65.65 lakh GST return 3B form were filed in the month of December (till 20 Jan) out of which 13.30 lakh returns were filed on the due date. […]
The electronic sector is seeking the government to lower GST rates and remove the import duty on inputs used to manufacture appliances domestically. In Budget recommendation, CEAMA’s president, Kamal Nandi said that lowering GST on eco-friendly and energy effective electronic appliances like air conditioners and refrigerators will definitely boost the demand for such items leading […]
India’s national treasury is estimated to be in the deficit of INR 5 trillion which is approximately 40% of the total Goods and Service Tax (GST) collection target. The aforesaid loss is due to cases of tax evasion and irrelevant ITC claims by businesses, as declared by Fifteenth Finance Commission (FFC). FCC in its presentation […]
