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Search results for: GST benefits

SAC Code Under GST with Several Benefits

Easy Explanation of SAC Code Under GST with Benefits

SAC code is a nomenclature that is used in the GST system. The Central Board of Indirect Taxes and Customs created the SAC code under GST. Such codes help in recognizing services and their corresponding GST rates in order to compute the appropriate tax amount. What Do You Understand by SAC Code in GST? The […]

Deep Summary of Zero-rated Supplies Under GST with Benefits to SEZ

Full Details of Zero-rated Supplies in GST with SEZ Benefits

In 2017, the GST which is a destination-based consumption tax was incorporated. As per the GST framework, particularly for the businesses that are involved in the exports and supplying the Special Economic Zones (SEZs), the concept of zero-rated supply poses influential importance. The provision of goods or services that are either exported or provided to […]

18 percent GST Rate ON Health and Term

18% Tax on Term & Health Insurance! Lower GST Rate Has Many Benefits

Particularly in the rise of medical cases during and post-pandemic, the insurance sector was in demand. Experts see that the 18% GST is higher on health and term insurance and the same must be reduced. Much more people shall take health and term insurance for their medical security if the government cancels the 18% GST […]

Insight View of GST for MSMEs

GST for MSMEs: Benefits, Business Management & Govt Actions

There are more than 7.9 million MSMEs in India dated 27th March 2022, as per the Ministry of Micro, Small, and Medium Enterprises. Nearly 30% of the country’s manufacturing production comes from MSMEs. In the 2022 Statista report, there are nearly 110 million Indians who worked in MSMEs in the financial year 2016. As compared […]

Rajasthan High Court's Order for M/s Sonjoli Construction Co

HC: GST Notice U/S 125 Can’t Reject Amnesty Scheme Benefits

The Rajasthan High court ruled that the advantage of the amnesty scheme beneath the Sabka Vikas Legacy Dispute Resolution Scheme, 2019 would not get refused only on the basis of the inquiry notice under section 125 of the GST Act issued to the taxpayer. The applicant, M/s Sonjoli Construction Co, before the court comprises the […]

No GST Levy on Perks to Employees

CBIC Releases Clarification About GST on Employees’ Benefits

Various advantages such as free beverages, canteen facilities, free parking space, journal subscriptions or even group medical insurance furnished via businesses to its employees for the contractual agreement between the two, are not for Goods and Services Tax (GST). The same GST circular on the taxability of the perquisites to the employees would be provided […]

KGST Dept Opens GST Amnesty Scheme Applications

KGST Department Allows GST Amnesty Scheme Benefits for Traders

From the traders to claim the amnesty scheme announced in the state budget 2022, the Kerala state GST department has invited applications from the traders. The application would get submitted online. The businesses would submit the options to settle the arrears of several taxes such as Kerala Value Added Tax (KVAT), General Sales Tax, Central […]

Madras HC's Order for Bharat Electronics Limited

Madras HC Orders Authority to Open Filing for GST ITC Benefits

The Madras High Court ordered the GST Authority to permit for furnishing the amended Form TRAN-1 by beginning the GST portal as an advantage of Input Tax Credit (ITC) would not be disappointed on the basis of technicalities. The respondent, M/s.Bharat Electronics Limited had filed a claim for Input Tax / CENVAT Credit via filing […]

FM Manish Sisodia Meets Delhi Traders for GST Amendment Bill

Delhi FM Meets Traders for Telling Benefits of New GST Amendment Bill

Delhi’s deputy chief minister Manish Sisodia managed the finance portfolio. In the meeting through his representatives of the market unions who had thanked the government for passing the GST amendment bill 2021, in Delhi assembly. As per the government, the bill is aimed at simplifying the tax filing process which leads to strong accountability and […]

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