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The Government stands on its resolution to make the GST system robust and efficient. There are a number of changes waiting to be implemented and new formats to be introduced in order to make the system more responsive and taxpayer-friendly. You can check here the list of the new updates under GST 2020, including the […]
Sa-Dhan, an association of Microfinance Institutions (MFIs), has asked the Government to exempt the microfinance industries of GST as this industry offers its services to the low- income group. The Association Executive Director, P. Satish said that imposing GST will be against the government’s policy on financial inclusion. Mr. P Satish Reiterated that in case […]
The department under GST is finally extending notices to on business whose accounts are required to get audited as per the norms. Cordial notices are being sent by the government to businesses for the first year of GST (2017-18). There are three basic kinds of audits under GST, the first one focuses on the business […]
Finance Minister Nirmala Sitharaman at the National Traders Convention of the Confederation of All India Traders (CAIT) spoke in favour of traders, taking cognizance of the problems faced by the traders in the present taxation system. FM highlighted that the traders bring in tax revenue and the government would never want to annoy them with […]
State and Central GST chief commissioners finalized a nine-point plan to nose-dive the revenue leakages under the goods and services tax mechanism, in a meeting that was held on Tuesday under the chairmanship of revenue secretary Ajay Bhushan Pandey. This action plan will include a standard procedure formulated by Centre and State level tax officials […]
Businesses are preparing their systems for the commencement of petrol GST e-invoicing. Amidst the resonance of e-invoicing all over the nation, a specific relaxation to e-commerce companies could be seen. The giant e-commerce hubs such as Amazon and Flipkart might get the grant to upload e-invoices on behalf of their registered suppliers under Goods and […]
The mobile handset manufacturing industry seeks alteration in the GST rates applicable to the Internal Parts and Accessories of mobile phones. A lower GST percentage i.e. 12% is sought by the manufacturing arena on mobile parts and accessories making it go hand in hand with the GST rates on the finished product. According to the […]
The government finally crossed the 1 lakh crore mark of GST revenue from a long time in the month of December 2019 with INR 1,03,184 of gross GST revenue. If we divide the GST revenue as per category than the CGST comes at INR 19,962 crore while the SGST accumulated at 26,792 crores. The IGST […]
Recently in a bid to wake up the motivation to go for a clean fuel green vehicle, the oil ministry asked for a rate reduction on the CNG vehicles from 28% to 5%. The lower 5% GST is applicable to electric vehicles as of now and the ministry thinks that the lowered rate may help […]
