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Punjab has Reported a 29% YOY Rise in GST revenue in July The revenue consists of the state GST, central GST, and Integrated GST raised to Rs 1533 cr in July 2021 with respect to the same month of the last year which was Rs 1188 cr as per the tax department. The SGST and […]
GST PMT 06 has been a popular way of tax-paying in registered taxpayers for one month after bearing in mind the availability of input tax credit completely that may be a straightforward administration on own of the second and third month in which additional input tax credit amount available compared with the tax liability going […]
Since July 2017, the One Nation One tax i.e. Goods and Services Tax (GST) has been introduced in India. Apparently, it looks simplified; however, the entire accounting mechanism has been overhauled. Nevertheless, the concept of GST has its own advantages in the long run. As Per the Indian Accounting Standards State-based Registration and Consequent Accounting […]
There is various assessee who is seeing the issues and is not able to furnish the CMP and create the challans because of shadowing the negative liability in GST CMP 08 on the GSTN portal. What Do You Mean by Form GST CMP 08? Form GST CMP-08 Get to know the step by step guide […]
The Authority for Advance Ruling, Karnataka has recently held that the difference between the buying price and the selling price of second-hand jewellery shall be the base value for levying the Goods and Services Tax (GST). Experts believe that the aforesaid ruling shall bring a lot of clarity on various aspects of taxation and shall […]
Rs 92849 cr is the gross GST revenue collected in June 2021 for which CGST is ₹16,424 crore, SGST is ₹20,397, IGST is ₹49,079 crore (including ₹25,762 crores collected on import of goods) and Cess is ₹6,949 crore (including ₹809 crores collected on import of goods). The mentioned figure states that GST collection through domestic […]
Amidst the second corona pandemic wherein the life of hundreds of people, constituting a large proportion of people was ruined and devastated and consequently, the economy was hit, The GST revenue exchequer of the government for May 2021 was nearly Rs 1,02,709 lakh crore.— It slipped from April 2021 which was Rs 1.41 lakh crore. […]
Case Name Vandna Pharma Industries Vs Commissioner of Goods and Service Tax (Delhi High Court) Appeal Number W.P.(C) No. 5228/2021 Date of Judgement/Order : 07/05/2021 In this writ petition, the petitioner has asserted that its application for the refund of tax credit Get to know about official GST refund process under GST regime as finalized […]
The Tripura High Court passed a ruling that the GST shall be levied on the sale of rice even if the Brand name is not registered. Here in this case the petitioner is Messrs Sarvasiddhi Agrotech Pvt. Ltd. which is a registered company and is in the trade of the supply of rice in the […]
