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The Good and Services Tax (GST) Council is going to remove a plan that was announced last year to enter into a new format of tax returns and to continue with the existing system with some reforms and amendments to overcome the flaws. A source revealed that a meeting of GOM has been organized last […]
A scam has been recently revealed by the Good and Service Tax administration, it found that several businesses having businesses with an annual turnover of more than 5 crores wrongly declaring themselves to be below that threshold, to avail several compliance-related relaxations. It is identical to a previous trend where businesses were under-reporting their turnover […]
Chandigarh the union territory of India collects 83.10% of GST from April 2020 to July 2020. The city has exceeded the country for filing ITR in the lockdown phase and follows the union territories such as Gujarat with 81.44% and Punjab with 81.10% of GST collections. From the sources, it shows that the union territory […]
Due to COVID-19, the Punjab government has collected 38% Goods and Service Tax (GST) in its first four months as compared with the last year. According to the Taxation dept, the total collection of both the SGST and IGST Get the brief introduction of SGST, IGST and CGST. We have mentioned their full forms, meanings […]
Rs 87,422 crore GST revenue has been collected in July out of which SGST counts on Rs 21,418 crore, CGST is 16,147 crore, IGST is Rs 42,592 crore which includes Rs 20,324 crore that is negotiated on import of goods and Cess stood at Rs 7,265 crore which includes Rs 807 crore collected on goods […]
With the straight fall in the economy, states like Gujarat, Andhra Pradesh, Kerala and Tamil Nadu look out with the highest slump in the first quarter of the financial year compared to the previous financial year. Facts and figures of GST decline of these states show that the Indian economy seems to highly depend on […]
The new e-invoice system has brought the policy in which there is no need for data entry of purchase invoice to be done by the buyer. The e-invoice states that the invoice will be shared electronically and viewed among the accounts department of the buyer. The invoice will present in the system before the arrival […]
On July 30, 2020 Thursday, the Central Board of Indirect Taxes and Customs ( CBIC ) released a notification and introduced the “Schema for E-Invoice” for imposing the e-invoicing. It is for electronically-authenticated invoices, which will be implemented from October 1, 2020, only for entities businesses having a turnover of ₹ 500 cr. According to […]
Niranjan Hiranandani, the president of Assocham India, said during an interview that it is the need of the hour to promote and revive the demands for all sectors and the government should take the necessary steps instead of waiting for the COVID 19 vaccine. He also said that the rate of GST (Goods and Services […]
