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On Feb 1, 2022, Finance Minister Nirmala Sitharaman would announce Union Budget 2022-23 MSMEs are urging the government to seek the recovery of the sector GST reduction, relaxation in compliance, discuss the problems of late payments and simplicity of the access to capital. It is to be urged by the central government to focus on […]
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 2 GST notifications are furnished dated 21st Dec 2021 so as to draw the specific GST amendments into the compliance imposed from 1st Jan 2022. GST Central Tax Notification No. 38/2021 The same ask for drawing down the imposition of the particular sub-rules of Rule 2 Central Goods and Services Tax (Eighth Amendment) Rules, […]
The GST council and government had released some of the best and exciting amendments and changes to bring forward the most required features to the GST applicability for the common people as well as organizations alike. Some GST amendments in compliance are late fee relaxation, lowering down of provisions doubts and more. You can check […]
The latest hike in the GST upon the finished goods like apparel, textiles, and footwear shall have a fiscal impact on the Micro, Small, and Medium Enterprises (MSMEs) which are present at a larger scale. GST rate on fabrics rises to 12% from 5% and on any type of apparel held with any value is […]
GST rates revision which is subjected to apply to the textile industry to rectify the tax anomaly dated 1st Jan and this helps in securing the money used as working of businesses and lessens the compliance load and solves the ITC concerning issues the textiles ministry. GST officials decided to amend the tax anomaly known […]
Those people who have the money in the cash ledger to furnish the GST will be able to avail their money post 2 years of the date of filing the tax, the action which makes the flow of cash easier for the businesses. As in the present times, the taxpayers are not able to avail […]
GST council has initiated to provide the notices to various firms post revealing the mismatch in the tax credits when verified deeply via analytics tools made in the GSTN software. The tax department’s analytics department has seen these differences inside the returns furnished through the firms. The GST platform permits the firms to set off […]
The 46th GST Council meeting has been chaired by FM Nirmala Sitharaman in New Delhi with the presence of all states’ finance ministers and other members. The council members have opposed the new 12% GST rate on textile products so they have deferred the hike tax rate and will discuss it in the next meeting. […]
