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The government exchequer collected from Goods and Services Tax (GST) has been on the peak/pinnacle since its journey started in July 2017 across the entire nation. The revenue collection from GST was a whopping Rs 1.24 trillion in a single month of March 2021 — a historical and a mammoth figure in the history of […]
The simplicity of implementing the business for MSMEs: it will not affect the businesses whose turnover is Rs 50 cr to generate the e-invoices however towards the micro and small businesses who do not invest in technology and do not have the digital systems, as per the President, Federation of Indian Micro and Small & […]
The Comptroller and Auditor General of India (CAG) has reported technical glitches in the entire mechanism of Goods and Services Tax (GST) even after 3 years of its implementation and further advised computerisation of legal processes and legal procedures in addition to fixing the roll-out plan of a simplified GST regime. Starting from the legal […]
The parliamentary panel has recommended to the finance ministry that the government needs to make breakthrough /structural changes in the mechanism of goods and services tax (GST) and should step up the compliance procedure to boost revenues and fill up the gap in states GST revenue receipts. Due to the CORONA pandemic, several states have […]
Hoteliers, for stand-alone restaurants, have requested the government to reduce the hiked Goods and Services Tax (GST) on commercial liquefied petroleum gas (LPG) cylinders, otherwise, it would lead to an unwanted hike in the prices of food items. Recalling history in a hurry, Between December last year(2020) and March(2021) this year, the price of a […]
CBIC said to the field officer to do prudence as well as maximum caution in attaching the assessee’s property and directed that these are the precautions that are to be acknowledged for GST evasion. Bogus invoicing and lateness of more than 3 months in depositing the tax received. Through some regulations, the CBIC had come […]
The tax council was checking out the country’s biggest Pvt hospital to find that they have to file the GST on food provided to get admitted the patients. As per the present guidelines GST will not be applied towards any service which is given by the hospitals except they are concerned with cosmetics, including cosmetic […]
India is said to induce natural gas in the goods and services tax (GST) regime to mark prices lower and uniform all over the country, commented PM Narendra Modi. “We are committed to bringing natural gas under the GST regime; I want to tell the world come invest in India’s energy sector,” he commented. He […]
At present time, GST at 5% applicable on Rice bran (before oil extraction) and crude rice bran oil but de-oiled rice bran oil are out of the GST radar. However, now the Department of Food and Public Distribution is suggesting North Block to levy GST at 5% on de-oiled rice bran (DORB). As per a […]
