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In March 78.1 million have increased for the electronic permits for the shipment of the goods in and all over the states, the highest since November 2020 for which the information is available, showing that the goods and services tax (GST) revenue collections in April can achieve the all-time high seen in March. The official […]
The Tamil Nadu Appellate Authority of Advance Ruling( AAAR ) ruled that inputs or input services procured for a promotional scheme of products are not qualified for ITC. The appellant, M/s GRB Dairy Foods Pvt. Ltd is involved in the business of making and supplying ghee, masalas, instant mixes, and sweets. With the goal of […]
The goods and services fitment committee seem to meet today to check the proposal of the GST slab mergers. A group of ministers (GoM) on the GST rate rationalizing might later this week meet when there is a requirement under the Fitment committee’s discussion. “Fitment committee has been meeting over various issues and will soon […]
Covid-19 medicines and instruments are sold at a GST rate of 5% while the additional medicines are being sold at a GST rate between 5% to 12% ever since the pandemic begin, Central minister of state for the Finance Pankaj Chaudhary mentioned in the Lok Sabha. Chaudhary indeed mentioned that 66% of the government-sponsored health […]
India stands in the fifth year of the Goods and Service Tax regime, while the assessees and CFOs are still facing problems. GST was executed to draw clarity to the system and prevent cascading effects of the taxes and seamless flow of the ITC. One of the biggest problems beneath GST is the process of […]
Since the exchequer has been constantly suffering from bogus billing scams, the state goods and services tax (SGST) department revoked 4,667 bogus GST registrations all over Gujarat in the former 4 years. The number of cancellations has raised to double with a figure of 2655 in the year 2021-22 from 1055 former year, rendering the […]
Some important GST work would need to be done as the end of the financial year has been arrived which entails some essential ramifications. The GST chores to be completed have been classified as: A. Related to Tax Compliance B. Related to GST Input Tax C. Related to Reconciliation D. Related to Law A. Tax […]
Recently the GST revenue has been collected for March 2022 month with a superb collection of INR 1,42,095 crores under which CGST is ₹ 25,830 crore, SGST is ₹ 32,378 crore, IGST is ₹ 74,470 crore (including ₹ 39,131 crores collected on import of goods) while the amount of cess is around INR 9417 crores […]
The taxpayers are considered to be very important by the GST authorities as the department has offered notification based circulars with complete due dates with the particularly mentioned tax rates of every particular tax base, Central Tax and rates, Integrated Tax and Rate, Union Territory Goods and Services Tax (UTGST) and rates. Below you can […]
