GST

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

RTI Reveals- CBIC Collects GST Penalties in 7 digits!!

CBIC Collects GST Penalties in 7 digits

It is a surprising fact that taxpayers are finding GST Compliances complicated, and they are facing many difficulties in timely GST Return filing. As a result, the taxpayers have to face heavy penalties. This fact was revealed when CA Ram Bajaj from Rajasthan filed an RTI to CBIC (Central Board of Indirect Taxes and Customs). … Read more

GST Council likely to declared an amnesty on delayed gst return filing

GST Council likely to declared an amnesty on delayed returns

In what may bring further huge relief to businesses affected by Coronavirus, the GST Council is likely to announce an amnesty scheme. The GST council is meeting after the lockdown has been ordered about the amnesty scheme. This lockdown has influenced state authority GST interests with various reposting dramatic falls in 80 to 90 % … Read more

E-way bill integration with FASTag, to deliver real-time commercial vehicle data

E-way bill integration with RFID, FASTag to deliver real-time commercial vehicle data

In a move that is exacted to assist curb tax evasion, Goods and Services Tax (GST) authorities will now be able to track real-time data of commercial vehicle (CV) movement on highways by integration of the e-way bill (EWB) system with RFID. In this article, we will discuss E-way bill integration with FASTag. What is … Read more

Small Businesses requesting to extend the time for GST Compliance due to lockdown

Small Businesses requesting to extend the time for GST Compliance due to lockdown

Due to the Covid-19 pandemic, the compliance relaxations offered by the central government under the Goods and Services Tax (GST) regime are inadequate, according to a survey of small and medium businesses affected by the lockdown and mobility limitations in maximum States. In this article, we will discuss Small Businesses requesting to extend the time … Read more

Concept of Composite and Mixed Supply under GST

Concept of Composite and Mixed Supply under GST

Composite and Mixed Supply under GST is a new concept that is used to make a smooth tax process. However, Composite Supply is more or less similar to the bundle’s service enclosed in the Service Tax law. But, mixed supply is completely a new concept and there is a small margin of difference between composite … Read more

CBIC Launches Drive To Clear All Pending GST Refund Claims

CBIC Launches Drive To Clear All Pending GST Refund Claims

The destination-based Goods and Services Tax (GST) was launched in the year 2017 to make India a unified market. Since its launch, there has been a surge in the collection of indirect taxes in the country to clear all pending GST refund claims. However, it also had its own challenges in the journey down the … Read more

Date of GSTR-2B (Details of ITC) for April 2021 extended

Due to the Covid-19 pandemic, the Goods and service Tax Network (GSTN) department announced that the GSTR-2B for April 2021 will be generated after the Due dates. In this article we will discuss on Date of GSTR-2B (Details of ITC) for April 2021 extended. What is IFF and GSTR-1? The Invoice providing Facility (IFF) is … Read more

GST on Sale and Leaseback transaction

Nowadays, the Business houses are entering into sale and lease back transaction of capital assets to meet the working capital provision of the transaction. The Sale and lease back transaction requires to be carefully analysed to deduce the correct tax implications.A humble attempt to list down the GST implication on sale and lease back transaction. … Read more

Covid-19 Vaccine chargeable to GST tax or not ?

Since last year or so, the whole country is going through tumultuous patches for society as a whole. Present second wave of COVID-19 has put the resources of country at greater strain wherein the entire humanity is struggling to keep their hope float leave alone the prospects of future. The problem is increased manifolds in … Read more