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It’s been a few days left for the Union Budget 2020 presentation to take place in Parliament and the trade body Federation of Indian Chambers of Commerce & Industry (FICCI) has put forth another proposal. FICCI is sighing for excise duty benefits for the producers in the petroleum sector What will the scenario if petrol […]
Recently in a bid to wake up the motivation to go for a clean fuel green vehicle, the oil ministry asked for a rate reduction on the CNG vehicles from 28% to 5%. The lower 5% GST is applicable to electric vehicles as of now and the ministry thinks that the lowered rate may help […]
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 […]
The Goods and Service Tax is going to complete Six years of implementation on Mar 22, 2023. It was introduced in the country with the idea of one nation one tax and succeeded in replacing 17 taxes and cesses with only five tax rate slabs, ranging from 0 to 28 per cent. Introduced with the aim of making […]
Petroleum products have drawn the new government’s eye of TLC onto itself. Now the emphasis is given on encompassing the key petroleum products in the goods and services tax (GST) sphere. At present, five petroleum products — petrol, diesel, crude oil, natural gas and aviation turbine fuel (ATF) — are out of the ambit of […]
After so many hurdles, GST came into effect in India on 1st July 2017 with five slab rates – 0%, 5%, 12%, 18%, and 28%.
It is worth noting that from starting of the GST era, many of the businessmen who had never filed even a single return of GST were exempted from paying any penalty recently made confusion and partiality views on the government by the businessman who had deposited late filing penalty earlier.
The Goods and Services Tax (GST) has been introduced in India on 1 July 2017. Since then it has come across several challenges.
The annual GSTR forms are expected to roll-out in the upcoming GST council meeting as the finance ministry is working hard to complete it as soon as possible.
