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According to reports from Maharashtra’s Appellate Authority for Advance Ruling (AAAR), Charges imposed on dishonoured or bounced cheques will also include Goods and Service Tax (GST). The decision is further confirmed by the Authority of Advance Ruling (AAR). The law is currently effective and is applicable only for the applicants and jurisdictional assessee officers associated […]
Implementation of GST in July 2017 was a major and transformation step towards reformation in the indirect taxation system in India with a vision of “One Nation, One Tax”, after revolutions such as Make-in-India and Digital India by the BJP-led government to bring in comprehensive growth and economic evolution throughout the nation. Under GST – […]
In a recent announcement, the Finance Ministry has said that no GST invoice will be required for the goods that were taken abroad for exhibitions or other kinds of export promotion events and are brought back to India within six months. The ministry further said that most of the exporters were having problems due to […]
Valid for taxpayers whose annual aggregate turnover exceeds ₹5 Crores for FY 2024-25. The GSTR-9C is a self-certified reconciliation statement to be filed on or before 31st December 2025. GSTR 9C is now a Self-Certified form from FY 2020-21 onwards before that, it was an audit form for taxpayers. Now Taxpayer may self-certify his/her annual […]
In the budget 2019, several GST related rules and regulations have changed which have been presented in the Finance Bill. Finance Minister Nirmala Sitharaman presented the budget 2019 on July 5, 2019. The budget promulgates the tax payment facilities in addition to the changes made in composition schemes. Most of the things presented in the […]
GST is an indirect tax that is collected on all goods and services in India. In the educational sector, there are certain educational courses and training programmes which are devoid from GST since the government is focused on providing education to each and every child in the country. On the flip of the coin, the […]
Here we are to discuss all the major points on the inward supply transaction under the GSTR 9. We will go through all the particulars and the respected financial year with the reporting in the GSTR 9: Particulars Financial Year 2023-24 Financial Year 2024-25 —————–Reporting in GSTR 9—————- GSTR 3B GSTR 3B FY 2023-24 Table […]
By generating employment for 100 million people, MSME is the biggest job opportunities creator in the nation besides contributing essentially in the National economy with its deep-rooted power and potential to flourish. But MSMEs in India have been addressing numerous issues such as the sub-optimal scope of operations, outmoded technology, disorganised and inept supply chain, […]
What is GST PMT 09? Earlier launched by CBIC via notification no. 31/2019 CT on 28th June 2019, PMT 09 is the prescribed challan for relocating the falsely or erroneously paid ITC. For example, if you have paid CGST instead of SGST, you can rectify it by using this challan which is known as GST […]
