GST return filing

GST on fuel: A price vs revenue trade-off

GST on fuel

The Central government has declared the new notification on Bringing petrol and diesel under GST will not lower fuel oil prices by itself, unless both Union and state governments are inclined to take deep revenue cuts. In this article, we will discuss GST on Fuel and its significance. Know About GSTĀ  GST is an indirect … Read more

Government releases Rs 30,000 cr to states as GST compensation

Govt releases Rs 30,000 cr to states as GST compensation

The Centre has circulated Rs 30,000 crore to the states as GST compensation on March 27, and about Rs, 63,000 crores is pending for the current fiscal, the Finance Ministry announced on Tuesday. In this article, we will discuss Govt releases Rs 30,000 cr to states as GST compensation. In this article, we will discuss … Read more

GST collections March 2021 at nearly Rs 1.24 trillion, an all-time high

At almost Rs 1.24 trillion, the GST revenue collections in March 2021 were the highest since the tax system’s introduction in July 2017, government explained. Also, the collections were up 27 per cent when compared with the year-ago period. In this article, we will discuss on GST collections March 2021. GST Collections March 2021 GST … Read more

HSN Code / SAC mandatory on GST Tax Invoices from 1st April 2021

HSN Code & SAC mandatory on GST Tax Invoices

With effect from the 1st April 2021, it has been made necessary for a GST taxpayer, having turnover of more than Rs 5 crore in the preceding financial year, to provide 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) on the invoices published for … Read more

Non-tax filing on increase in state since GST rollout

Non-tax filing on increase in state since GST rollout

Ever since the Goods and Services regime was executed on July 1, 2017, the commercial tax department has seen an 85% rise in the number of taxpayers who have halted filing returns. In this article, we will discuss Non-tax filing on increase in state since GST rollout. Non-tax filing on increase in state since GST … Read more

Lending based on GST information improves MSME access to credit

GST information improves MSME

Digital lending based on GST data can enable near the credit gap of around $250 billion for SMEs and furnish finance at shorter rates to reduce their borrowing costs, according to Vayana Network, a supply chain financing platform. In this article we will discuss on GST information improves MSME. GST information improves MSME Vayana Network … Read more

GST technical glitches behind ITC frauds: CAG report

The Comptroller and Auditor General (CAG) of India has found that the goods and services tax (GST) system is inclined to input tax credit (ITC) frauds due to complexness in the compliance system. In this article we will discuss on GST technical glitches behind ITC frauds. GST technical glitches behind ITC frauds The Comptroller and … Read more

GST collections top Rs 1 lakh Cr for 5 straight months since Oct 2020: MoS Finance

GST collections top Rs 1 lakh Cr for 5 straight months since Oct 2020: MoS Finance

The Central Government has announced the notification on Increased economic activities have resulted in bigger GST collection which stood above Rs 1 lakh crore for five months in a row since October 2020, Minister of State for Finance and Corporate Affairs. In this article, we will discuss GST collections top Rs 1 lakh Cr for … Read more

Finance Ministry makes an important announcement for GST collections

Finance Ministry makes an important announcement

The Finance Ministry notified the statement on not allocated any instructions to administrators to inquire taxpayers to pay maximum GST liability in cash. In this article, we will discuss the Finance Ministry makes an important announcement. Finance Ministry makes an important announcement According to a latest growth, the Finance Ministry on Saturday declared it has … Read more

GST on Automobile

GST on Automobile

As we know the automobile industry in India is one of the fastest and fastest-growing sectors and constitutes 27 per cent of the industrial gross domestic product (GDP) and 49 per cent of manufacturing GDP. The auto industry furnishes jobs to approximately 37 million people directly and indirectly. In this article, we will discuss GST … Read more