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The state of Jammu & Kashmir has been bifurcated into two Union Territories – Union territory of Jammu and Kashmir and Union territory of Ladakh. According to the Table II, in column (3), in serial number 51, of the concerned notification by the government of India, dated 19th July, 2019, the words “State of Jammu […]
As the deadline for filing GST returns under the new, revised mechanism is approaching, many taxpayers are still confused regarding the new rules for claiming a refund of input tax under GST. So, they are now waiting for some kind of clarification from the government’s side over the revised mechanism, which limits the maximum amount […]
Lowest rate offered by the supplier may not be heart balm for you if you dig his yesteryear tax payment deeper. Low rates offered by your supplier turn into a piece of unfortunate news for you if you are a GST registered businessman and your supplier is a defaulting taxpayer or he doesn’t pay taxes […]
Uttar Pradesh has presented its expenditure plan for the next five fiscal years to the 15th Finance commission. The plan estimates a loss of Rs 13,500 crore when revenue also did not remain untouched. Losses germinating since the implementation of Goods and Services Tax (GST) will ripe itself to approx Rs 13,500 crore in 2022-2023. […]
Government is all rendered to support the honest taxpayer starting with the assurance that they will not be unnecessarily harassed by the tax officers also the wealth creators would be respected. Adhering to its goals, government-owned indirect tax body – Central Board of Indirect Taxes and Customs (CBIC) has made a decision to appoint an […]
Experts have recommended the unification of multiple tax rate slabs under the indirect taxation system in India, quoting the example of Singapore – an island city-state which has one tax rate under GST. Multiple tax rates in India leads to ambiguity and upsets the compliance whereas one tax rate simplifies the adherence to the tax-related […]
The notification released by the Central government on 26th December, 2019 stats that, effective from the 1st January, 2020, “20 per cent” ITC for non-invoice GST returns will be replaced with “10 per cent” ITC. The notification proposes a few changes in the Central Goods and Services Tax Rules, 2017. According to the new rule, […]
The scheme of E-invoice was officially approved by the GST Council in the 37th Council Meeting. If you are looking to generate an e-invoice under GST, this is the step-by-step guide to help you. What is GST E-invoice? E-invoice is not an invoice that you can download or generate through the GST Portal, but it […]
As anticipated the GST collections for the month of October the collection took turns for the INR 95,380 crores only which is less than the normal peak stable fo 1 lakh crore of targets. The same collections for the month of October from the previous year were 1,00,710 crore. The central GST was evaluated at […]
