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Here we are to discuss all the major points on the inward supply transaction under the GSTR 9. We will go through all the particulars and the respected financial year with the reporting in the GSTR 9: Particulars Financial Year 2023-24 Financial Year 2024-25 —————–Reporting in GSTR 9—————- GSTR 3B GSTR 3B FY 2023-24 Table […]
The income tax department is digging the records for the traders who come under the grid of GST but are not filing ITR. The information is also shared with the municipal co-operation of Madhya Pradesh and Chattisgarh (as it comes under the tax zone of MP). As a result of long scrutiny of the trader’s […]
Last four months from February to May have witnessed continuous drop-off in the number of return filings. The data count total decline of approx 8 lakh, i.e. 10% of the total GST return filed in India, in return filings in these months. The total number of GSTR-3B filed in the month of May this year […]
The GST Council has set different tax rates for various goods and services, divided into categories such as 0%, 0.25%, 3%, 5%, 18%, and 40%. These rates may change based on government announcements in response to economic needs. All goods and services are linked to the Harmonised System Nomenclature (HSN) code, based on which the […]
Providing a sigh of relief to exporters, the centre announced to pay the input tax credit (ITC) refunds of state taxes which will translate into lesser transaction time and costs. while the manual interface is being said under processing. As the industry claims, there is a huge difference between the amount claimed for ITC to […]
GST practitioner is personnel who is approved by the government (state or central) to take charge of all the tax-related activities on behalf of taxpayers and business firm. GST practitioner is a person concerned for fresh registrations under GST, applying for amendments or cancellation of registration. No shells of GST are left uncovered for a […]
BJP government is eyeing on lowering down the GST rate on multimodal transport operators from 12% to 5%, as the Assembly elections are nearing. The government is likely to make recommendations for the same to the Goods and Services Tax (GST) Council. The state is stepping ahead for providing a bundle of concessions to the […]
The 56th GST Council meeting fixed tax rates to align with economic requirements, public demand, and industry needs. Following the meeting, the tax structure was simplified. All goods and services are now tax under a few specific slabs across different categories. These rates are linked to the Harmonised System of Nomenclature (HSN) for uniformity and […]
The Modi-led government has recently announced that it will sort out all the major issues or glitches in the new GST system, which was also the key reason for the decline in indirect tax revenue. At the time when the GST regime was launched, the government has promised that the full benefits of GST reform […]
