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A proposal to draw the electricity under the GST regime will make a loss of Rs 5780 cr towards both centre and state. In the report, a 5% GST rate would be recommended for electricity. In the case when all the current electricity duties are included in GST the losses surge to Rs 59000 cr […]
In the month of Dec quarter GST collection place with an extraordinary number concerned to the receipts from the tax given people of the country for center and states. Towards the Centre and states with an average monthly gross collection of Rs 1.3 trillion, the October-December quarter of 2021-22 (FY22) was the most promising since […]
Under GST the new year 2022 is going to draw the important amendments in the way of claiming the GST ITC via assessee. Another condition to claim the GST ITC via the recipient of goods and services made by the Finance act 2021 would get effective from 1st Jan 2022. Through the forthcoming amendments, the […]
The Central Board of Indirect Taxes and Customs (CBIC) has reported different GST amendments in tax Law effective from January 1st, 2022. Below are the mentioned top 10 changes that you are urged to find out. Rectification in GST Inverted Duty Structure in Textiles Sector GST official has decided to initiate the amendments in the […]
The government has detailed the e-form CRA-4 and its relevant guidelines with due dates as well as the threshold limits of form applicability. The post also includes the annexures with the dates as part of overall compliance. Check out in detail below: e-Form CRA-4 Rules and Sections Under Company Act Part I – Law(s) Governing […]
E-commerce operators (ECOs) such as Swiggy and Zomato shall be subjected to furnish 5% GST upon the restaurant services supplied from 1st January may be heckling with the generation of invoices on their own excluding the restaurants and third parties. In September 2021 it was circulated that the tax liability shall be on ECOs for […]
Recently the AAAR again held the decision on the fact GST not applicable on notice payment and allowed canteen services ITC. The judgement of the AAAR Madhya Pradesh has been done in the regarding of M/S. Bharat Oman Refineries Limited [Advance Ruling No. MP/AAAR/07/2021 dated November 8, 2021]. The reversed fact is done on multiple […]
The government, through the approval of GST officials, made a group of ministers beneath the leadership of the Karnataka chief minister so as to build the recommendations upon the GST rate rationalization. The motive behind this is to make a balance between GST revenue collection with respect to industrial competition effectiveness. The effective GST design […]
GST requires a change in its rate structure, the government is urged to take the harder political decision soon or in the times to come. This is seen after the effective GST collections improvement from the previous fiscal year. The requirement to change the GST structure emerges from the concern that the revenue-neutral rates which […]
