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Due to COVID-19, the Punjab government has collected 38% Goods and Service Tax (GST) in its first four months as compared with the last year. According to the Taxation dept, the total collection of both the SGST and IGST Get the brief introduction of SGST, IGST and CGST. We have mentioned their full forms, meanings […]
The GST (Goods and Services Tax) Council had decided to provide a late fees waiver facility for the assessees who have not paid their GST returns from July 2017 till March 2020 on the condition that all such assessees will file their returns from 1st July 2020 till 30th September 2020. A lot of assessees, […]
The government launched a feature for filing the NIL GST Returns in Form GSTR 3B through SMS on Monday. The feature was added to make the tax compliance easier for the assessments. The assessees can now file their return through SMS instead of filing them online by logging in to their accounts on the common […]
Capital Good – Defined Under CGST Act 2017 As mentioned under section 2(19) of the Central Goods and Service Act 2017, Capital Goods under GST are termed as goods whose value is capitalized (recorded as an asset) in the Books of Accounts which can either be claimed by the assessee as the Input Tax Credit […]
Central Board of Indirect Taxes and Customs (CBIC) on 31st March 2020 released a circular with No.135/05/2020 in Subject of Clarification on refund related issues-Reg. The Circular actually provides clarification on some of the issues relating to GST refunds which have been received by Various representations. In order to clarify all the reported issues and […]
The Centre has come up with amendments in the laws under section 164 of the CGST Act 2017 widely acclaimed as ‘The Third Amendment Rules 2020’ Modifications in the Rules made by the government: Mandating the Aadhaar Authentication Aadhaar authentication is mandatory for the grant of registration to businesses in India. As per the memorandum […]
On Saturday, the GST Council asked Infosys to upgrade the IT system of GST by July 30, 2020, and extended the launch date of the e-invoicing system till September 30, 2020. Nandan Nilekani, the non-executive chairman of Infosys, suggested in a presentation that for the ease of roll-out of the new tax system, a progressive […]
Businesses dealing with the levy of around Rs. 46,000 crores as interest on delayed GST payments are expected to get some relief as the GST council is proposing to calculate interest on their net tax liability and with a retrospective effect. Finance Ministry has not yet concluded how much shall be accumulated from the assessee. […]
What is GSTR 9? GSTR 9 is filed mentioning the complete information of the transactions done by the taxpayer in a particular Financial year. The form is a consolidated annual form and has details of the inward and outward supplies made/received by the taxpayer in the previous year under tax heads like CGST, SGST, IGST […]
