GST

Punjab GST collection rises by 20.41% in August 2021

Punjab GST collection rises by 20.41% in August 2021

In August this year, the GST (goods and services tax) revenue income for the State of Punjab increased at Rs 1,188,70 crore by 20.41% compared to Rs, 987,20 crore by August 2020. Thus, it is indicating a quick economic rebound following the second COVID-19 wave. In this article, we will read about the latest update … Read more

GST collection in August 2021 crosses ₹1 Lakh Crore

GST collection in august 2021 crosses ₹1 lakh crore

GST Collections set a record as collections stood at above Rs. 1.12 trillion-mark. The GST collection in August has crossed the crucial mark and the collections are 30 percent higher than the collection in the year-ago period. In this article, let’s discuss the latest update by the Ministry of Finance on GST Collection in August. … Read more

GST Annual Return Filing- How to File GSTR- 9, Types & Eligibility

GSTR 9 Return Filing

The GSTR 9 is documentation submitted once per year by a taxpayer having GST Registration. This record will include all resources in the form and received underneath the several headings of tax (CGST, SGST, and IGST) throughout the whole year, including sales and audit information. In this article, we’ll learn about GSTR 9 Return Filing. … Read more

CMP-08 Return Filing for Composite Taxpayers

CMP-08 Return Filing for Composite Taxpayers

CMP-08- The CBDT has listed all taxpayers having GST Registration who pay tax following section 10 of the CGST Act 2017 or who receive benefits from Notification No. 2/2019-Central Tax (Rate) issued on 07th March 2019 as a “special category of persons”. The CBDT has established a specific method for these kinds of people for … Read more

No GST on hostel fees if less than Rs 1k per day

No GST on hostel fees if less than Rs 1k per day

The ruling states that each learner’s hostel payment below Rs thousand each day would be subject to a ‘zero’ rate underneath Entry Number fourteen. The article gives information about No GST on hostel fees and the significance of. In this article, you’ll learn about No GST on hostel fees if less than Rs 1k per … Read more

GST Amnesty Scheme Extended

GST-Amnesty-Scheme

Good news for taxpayers amid COVID-19 as the Finance Ministry extends the last date for availing the GST Amnesty Scheme. After a long wait and a delay in GST return filing caused by complexity in GST return filing compliances, GST Council capped the late fees on GST return filing in the 43rd GST Council Meeting. … Read more

Government unlikely to trim GST on automobiles

Government-unlikely-to-trim-GST-on-automobile

The Automobile Industry is seeking lower GST rates. However, the government is unlikely to trim the GST on Automobiles. The Center has pondered on reducing GST for automobiles for some time. But currently, because sales are on the rise and the inventory has not been built up as a result of the shift from BS4 to BS6 emission standards, it does not appear likely to be. In this article, we will discuss the government’s decision and the latest updates related to GST on Automobiles in detail.

GST Rates on Automobiles

All automobiles in India attract a GST rate ranging between 18% and 28%. This rate excludes electric vehicles and ambulances.

GST is 5% for electric vehicles. On the other hand, the GST for the period up to 30 September is reduced to 12% for ambulances.

Under the current Tax Regime, A cessation is imposed between one and twenty-two percent, and State governments, in addition to this, collect a tax on roads.

Government unlikely to trim GST on Automobiles

Finance Minister Nirmala Sitharaman had stated this was certainly an excellent idea to trim GST Rates for two-wheelers at a meeting held at the chamber for the industry. She said it in response to a query regarding the requirement to decrease the GST rate on two-wheelers since this class was not either a sin goods category or a luxury.

But till now this subject didn’t make it to the GST Council. The Revenue Secretary Tarun Bajaj stated, however, that the administration is ready to consider a tariff review but has not undertaken any cutbacks.

Bajaj said in his conference organized by the Society of Indian Auto Manufacturers (SIAM) on Wednesday.

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Automobiles Industry on trimming GST Rates

The tax problem was one of the major topics of debate during the current SIAM meeting.

“With ICEs, CNG, biofuels, or EVs I do not think the auto sector could return if we don’t address the customer’s affordability issue,” said RC Bhargava, Chairman, Maruti Suzuki.

The high tax structure and additional expenditures incurred in complying with the new pollution and safety standards have made cars more costly and inexpensive for many.

Similarly, Hero MotoCorp NSE’s largest two-wheel automobile manufacturer requested the government to explore a phase-by-phase reduction in GST beginning with the tax rate on motorcycles of up to 150 cc in an 18% GST slab.

Lastly, Venu Srinivasan, Chairman of TVS Motor Company also states the same opinions. As per his opinion, The two-wheelers, which are the primary means of mobility in the country, attract GST at 28 percent, the highest level in comparison with luxury goods.

In addition, he mentions that the car industry has shifted from importing to assembly and manufacturing in India, with both local and MNCs making huge investments in design infrastructure, which offers direct and indirect employment to 30 million jobs. Thus, the Government should consider trimming GST Rates.

GSTR 8 Return Filing

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GSTR 8 Return Filing

GSTR-8-Return-Filing

The GSTR8 is a statement or document that should file e-commerce workers (persons who construct and run online markets that enable another retailer to sell their goods to clientele) monthly. It should have the information of provisions made to clients throughout the taxpayer’s e-commerce portal by unregistered people or registered chargeable people, client’s basic details, … Read more

GST Compliance Rating- An Overview

GST Compliance Rating

GST (Goods and Services Tax) is an indirect tax. Established in India in 2017. This tax is collected at the point of sale and is split between the state and the federal government. It is a comprehensive method of taxing. For both commodities and services at a uniform rate. Businesses with a turnover of more … Read more

GST Chargeable on Transfer of Leasehold Rights: AAR

GST chargeable on Transfer of Leasehold Rights AAR

All stakeholders must note GST is chargeable on Transfer of Leasehold Rights. As per the latest notification by AAR(Authority for Advance Ruling), GST should be levied while transferring Leasehold rights. Thus it is an important notification as many people aren’t aware about the GST Rate and its applicability on transfer of Leasehold Rights. In this article, … Read more