GST return filing

Accounts and Records Under GST: All You Need To Know

Accounts and Records Under GST All You Need To Know

Accounts and Records under GST are crucial parts for the understanding of the GST Taxation system. As we all know, The evaluation under GST focuses primarily on taxpayers’ self-assessment. Therefore, each taxpayer is obliged to self-assess the taxes payable and provide a return for specific tax periods, i.e., the reporting period. That’s why, In this … Read more

GST Rate on operating mini AC bus services clarified

GST Rate on operating mini AC buses services clarified

The GST Rate on Operating mini AC bus services is clarified now. Earlier, there was confusion among many people regarding GST Rates. The clarification was done by AAR(Authority for Advance Rulings). The applicant, M.P. Enterprises & Associates Limited, is a ‘supplier’ GSTIN under the Central Goods and Services Tax Act, 2017. Brihanmumbai Electric Supply and … Read more

GST Tax Rate reduced on COVID-related medicines and equipments

GST Tax Rate reduced on COVID-related medicines and equipments

The 44th GST Council meeting was held in New Delhi on 12 June 2021, by video conference call under the chairmanship of SMT Nirmala Sitharaman, Minister of Finance and Corporate Affairs. The virtual meeting took place in order to finalize mechanisms for compensating States for the income deficit of their 2.35 lakh crore Rs in the … Read more

GST on Export of Goods & Services

GST on Export of Goods & Services

GST registration will be levied on all goods and services with 0% exemption as per the constitutional amendment. The total absence of exemptions at any stage in the supply chain makes the GST regime unique in the world. To ensure that there is no reduction of tax at any stage, which may result in cascading … Read more

GST Return filing late fee upper limit reduced

GST Return filing late fee upper limit reduced

Recently RTI reveals CBIC Collects late fee penalties aggregate of hundred crores, which clearly signifies that taxpayers face many difficulties in timely GST return filing compliances. Now considering the complexity in GST compliances and business losses due to covid pandemic, The 43rd GST Council Meeting was held at New Delhi on 28th May 2020 announced … Read more

COVID19 related relief measures for GST taxpayers

COVID-19 related relief measures for GST taxpayers

As we all know, taxpayers face issues in complying with statutory and regulatory compliance under Goods & Services Tax (GST). Furthermore, Taxpayers are suffering due to the second wave of the COVID-19 Crisis. So, the 43rd GST Council Meeting has released notification of different steps to reduce taxpayers’ burden. In this article, we will read … Read more

GST Return Filing extended for May 2021

GST Return filing extended for May 2021

As we all know, COVID-19 second wave had many drastic impacts. The taxpayers faced a major crisis regarding the compliances under GST. To provide big relief for taxpayers, the government has announced several reliefs for taxpayers. In this article, we will read about GST Return filing extended for May 2021. GST Return Filing extended of Form … Read more

GST Late Fee Reduced on GST Late Return filing : New Amnesty Scheme 

GST Late Fee Reduced on GST Late Return filing New Amnesty Scheme 

After a long wait and a delay in GST return filing caused by complexity in GST return filing compliances, GST Council has capped the late fees on GST return filing in the 43rd GST Council Meeting which was held online. It is the first meeting of the GST Council in the financial year 2021-22. In this … Read more

GST Rates Reduced in 43rd GST Council Meeting

GST Rates Reduced in 43rd GST Council Meeting

The 43rd meeting of the GST Council was mainly aimed at offering relief to the taxpayers and patients suffering from Coronavirus Pandemic. The meeting of the GST Council in Delhi took place on 28 May 2020, chaired by Smt. Nirmala Sitharaman, Minister of Finance of the Union. Video conferences were held, and multiple reliefs were presented … Read more

No GST on COVID Relief Products 

No GST on COVID Relief Products

The 43rd GST Council meeting majorly focused on providing COVID-19 relief to the taxpayers and patients suffering from the dreadful coronavirus pandemic. The GST council meeting was held in New Delhi on 28th May 2020, under the Chairmanship of Union Finance Minister Smt. Nirmala Seetharaman. The meeting was held via video conferencing, and the finance minister … Read more