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The government introduced GST reforms to rectify the affordability, improve mobility, promote healthier lifestyles and strengthen key industries. The financial burden on households has been lowered from reducing the GST rates on gyms and fitness centres, two-wheelers and small cars, while moving forward with its long-term objective of encouraging healthy living, affordable transportation and better […]
In India, the Goods and Services Tax (GST) system represents a significant step in easing the collection of taxes on goods and services. An update has been launched by the government called GST 2.0, which revises the way taxes are structured to make the system simpler to comprehend, transparent, and effectively suited to the requirements […]
The Central Board of Indirect Taxes & Customs (CBIC) is planning to hold a meeting with various industry groups and trade organisations to talk about the recent changes in the Goods and Services Tax (GST) and how to simplify the tax rates. CBIC Chief Sanjay Kumar Agarwal has asked field formations to undertake proactive outreach […]
As per the Union Finance Minister Nirmala Sitharaman, she will monitor the execution of the GST rate reduction and ensure that the common man will benefit. The significance of public participation has been outlined by the Finance Minister. She asked the citizens to report those businesses that will not lessen the costs even after the […]
You should not delay or be deprived of the benefits of a bonus, renewal discounts, or even coverage continuity if your individual life or health insurance policy is due for renewal before September 22. Premiums will be reduced after that specific data because of the proceeds of the GST council to scrap the 18% tax, […]
Under the chairpersonship of the Union Finance & Corporate Affairs Minister, Smt. Nirmala Sitharaman, the 56th meeting of the GST Council was held in New Delhi. With regard to changes in GST tax rates, providing relief to the common man, the aspirational middle class people, and introducing measures for the facilitation of trade in GST, […]
The government, in a move aimed at stimulating demand in the automobile sector, has restructured GST rates for vehicles and auto parts. The Compensation Cess has been eliminated, making vehicles cheaper in several categories. Under overhaul, 12 and 18 per cent slabs have been removed, and 5 and 12 per cent slabs remain in place. […]
India’s Goods and Services Tax (GST) system includes a feature known as Input Tax Credit (ITC). This mechanism allows businesses to avoid paying tax on inputs where tax has already been paid, thereby reducing their overall tax burden. However, since companies must comply with specific rules and deadlines, they often face challenges in consistently monitoring […]
In India, complying with the Goods and Services Tax (GST) rules is crucial. Often, the norms and due dates may be revised; therefore, it is essential to select the right digital tools to manage tax-related tasks, such as filing returns and handling invoices. Two options are there at present- GST mobile apps and online software. […]
