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Finance Minister Nirmala Sitharaman dismissed concerns about any rise in Goods and Services Tax (GST) rates, asserting that not even one item has seen a rise since the introduction of the GST regime. While addressing the question hour in the Rajya Sabha, she mentioned that the GST rates have been lessened, drawing the average rate […]
Finance Minister Nirmala Sitharaman mentioned that the GST Council will proceed with the decision to have fewer and lower rates, as the review work is on track for completion. Goods and Services Tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are levied […]
In the fast-paced environment of GST compliance businesses are mandated a streamlined system for handling their outward supplies efficiently. An effective Inventory Management System (IMS) has been proposed by Gen GST software developed by SAG Infotech which eases the tracking of outward supplies, managing invoices, and ensuring seamless GST compliance. What is an Outward Supply […]
Punjab Finance, Planning, Excise and Taxation Minister Harpal Singh Cheema said that the state had recorded an 11.87% increase in net Goods and Services Tax (GST) collection up to January in the existing fiscal year, exceeding the national average of 10 per cent. Punjab has reported a significant increase in its revenue, with excise taxes […]
Union Finance Minister Nirmala Sitharaman presented the Union budget 2025-26 before the parliament dated February 1st at 11 AM. The 2025 budget landscape mainly focuses on taxation. The efforts of the Central government show that they are promoting the new tax regime (NTR). The major motive of the budget is to improve the spending power […]
Under the Goods and Services Tax (GST) regime in India, the e-way bill is a significant compliance possess. It ensures the facilitated movement of goods and averts tax evasion. The blog provides a detailed overview of GST intra-state e-way bill prerequisites for tax professionals, including threshold limits, exemptions, notifications, and other relevant details. GST E-Way […]
A petition has been admitted by the Himachal Pradesh High Court contesting the eligibility prerequisites for the appointment of a Technical Member in the Goods and Services Tax Appellate Tribunal (GSTAT). Important questions have been raised by the case for the interpretation and relaxation of qualifications cited u/s 110(1)(d) of the Central Goods and Services […]
A wish list has been presented by the medical devices manufacturing industry ahead of the upcoming union budget 2025. They are seeking several key changes, including making tax rates more consistent, offering better incentives for exporting products, and keeping a closer eye on the minimum retail prices for imported devices. These changes are aimed at […]
With the Goods and Services Tax (GST) implementation on July 1, 2017, businesses in India have experienced a thrilling shift. The same amendment has substituted a complex system of various indirect taxes with a single tax structure (One Nation, One Tax), particularly impacting cost, compliance, and functional effectiveness. GST objectives were to improve the operation […]
