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It was cited by Chief Minister Sukhvinder Singh Sukhu that the state government has restructured the Excise and Taxation Department by making two distinct wings the GST wing and the excise wing. He mentioned that the same step has the motive to ease the functionality and effectively serve the public. The decision to make a […]
To make petrol and diesel cheaper for the public and to ensure the constant price in the nation, a lawyer has moved to Madras High Court asking for direction from the Union government. The decision could be opted merely by the related government and these orders cannot be in the hands of the court to […]
In a decision by the GST council, the universities, and research centres established under the Central & State government Act or those claiming the income tax exemption would waived from filing GST on research funds. In the last meeting of the council the same ruling has been made that assures that these institutions would not […]
The article outlines the penalties for not obtaining a new GST registration number within the specified time frame. The business is mandated to follow the Goods and Services Tax (GST) involved in the particular forms of trade and supply or surpass the established turnover limit in India. The organization needs to get the new GST […]
Deputy Chief Minister Mallu Bhatti Vikramarka offered a GST exemption for health insurance premiums for senior citizens and for reduction or exemption on health insurance premiums based on the access to effective healthcare of their choice to ensure the middle and lower middle-class groups who have high medical expenditures. In the 54th GST Council meeting […]
The 54th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman and attended by state finance ministers and tax officials, concluded with several key recommendations. Additionally, the GST rate on small digital transactions (PAs) is to be discussed at the next meeting. Additionally, the current 18 per cent GST rate on life and health […]
An advisory has been issued by the Government of India for the recent amendment under Notification No. 12/2024 Central Tax, dated 10th July 2024, that lessens the threshold limit for the reporting of inter-state taxable outward supplies to unregistered dealers. From Rs 2.5 lakh to Rs 1 lakh the limit to report the invoice-wise information […]
The council that suggests the GST rates may suggest a lower levy on health and life insurance policies with annual premiums up to Rs 50,000 to lessen the cost for lower and middle-income groups. The fitment committee might suggest placing a cap on the maximum amount assured to lower the GST levy or a combination […]
The GST portal has enabled a new invoice management system (IMS) to facilitate invoice corrections and revisions from October 14th, 2024. The IMS enables recipients to review and approve or reject invoices submitted by vendors in GSTR-1, IFF, or 1A. Need IMS GST Software What is an Invoice Management System Under GST? Recipients can accept, […]
