GST

Monthly GST Receipts Set To Be Highest In March

Monthly GST Receipts Set To Be Highest In March

Monthly GST receipts of March month is the highest ever since the introduction of Goods and Service Tax (GST). The value reached Rs 1.23 trillion and in the previous month (February), it was Rs 1.13 trillion, this clearly shows the rise of GST receipt to 10,000 crores. Of Rs 1.23 trillion (1.23 lakh crore), the … Read more

Exempt Covid drugs from GST, transfer Rs 6k to eligible

Exempt Covid drugs from GST

Congress interim president has written a letter to the Prime Minister and asked him to exempt GST from the medicines and equipment compelled for Covid-19 treatment and Rs 6,000 should be transferred every month in the accounts of those who are eligible. In this article, we will discuss on Exempt Covid drugs from GST. Exempt … Read more

Impact Of GST Regime On Common Man

As we know, GST, also named one nation one tax, is an indirect tax that is levied on almost all goods and services. It has a towering presence in the taxation system of India. To date, nearly 160 countries have designed and followed the GST regime. In this article we will discuss on Impact Of … Read more

Natural gas, jet fuel may come under GST

Due Date for GST Return extended

The matter has been inflated by the prime leadership, members of parliament (MPs) and the industry, a proposal to levy GST on petroleum commodities and its dividend implications for the Centre and states would be worked out and placed before the GST Council soon, which will take an ultimate call on this matter, they said … Read more

GST Audit for FY 2019-20: Takeaways for Filing GST Annual Return

As we know a businessman having a turnover of more than 2 crores for FY for filing GST Annual Return. Taxpayers who have an annual turnover of additional than 2 crores in a year have to fill GSTR 9C form along with reconciliation statements and certification of audit in every financial year. In this article, … Read more

Types of GST Return

Types of GST Return

Since the beginning of the Indian Constitution, the earlier in-direct taxation system had faced a shock because of the imposition of multiple taxes before the introduction of GST. The traditional multilayer taxation scheme created a scenario of a double taxation system. Along with its cascading effects, it ultimately led to an equal distribution of revenues … Read more

Government allows further operational flexibility to GST filers

Government allows further operational flexibility

The central government has declared further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of QRMP) scheme of GST.In this article we will discuss on Government allows further operational flexibility. Government allows further operational flexibility The government has enabled further flexibility to tax filers operating under the Quarterly Return Filing … Read more

List of HSN Code with Tax Rates

List of HSN Code

HSN stands for “Harmonized system nomenclature”, it is a 6 digit uniform code that classifies 5000+ products under GST. It is used for the systematic classification of products as well as facilitating international trade. In this article, we will discuss the List of HSN Code with Tax Rates. Criteria for levying HSN code An HSN … Read more

List of SAC Code with Tax Rates

List of SAC Code with Tax Rates

SAC stands for “Service Accounting Code”, It is a 6 digit code which is issued by CBIC to classify the list of services under GST. Each service has a different code and it is mandatory to use in a B2B invoice on your delivered service. In this article, we will discuss List of SAC Code … Read more

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 GST  GST is an indirect … Read more