GST application

GST Collection April 2021

GST Collection April 2021

According to a report published by SBI ahead of the official GST revenue data release on May 1, the GST collection April 2021 figure is likely to hover around ₹1.15 lakh crore to ₹1.2 lakh crore. It is good news, considering the country has been in a continuous state of multiple lockdowns. In this article … Read more

GST Law for NRTP

GST Law for NRTP

Under GST law, a Non-Resident taxable person (NRTP) has to register for the GST irrespective of the turnover and it is mandatory. And that person must apply for the GST Registration 5 days before launching their business. NRTP are those who do business transactions occasionally but don’t retain any business place in India. Their all … Read more

GST revenue likely to come down

As we know the second wave of Covid-19 pandemic and possible lockdown-like restrictions in several parts of the state are likely to dent the government’s GST earnings in the new fiscal. After the general lockdown, the revenue growth was almost restored to ordinary in the last quarter of 2020-21. In this article, we will discuss … Read more

GST on Food Services & Restaurant Business

GST on Food Services

As we know that, the GST was first inaugurated in July 2017, restaurants could fall into three various rate slabs. If the restaurant did not have air conditioning, the GST indicted was 12%. For a restaurant with AC or a liquor license, 18% GST was applicable. For restaurants within five-star hotels, the GST rate was … Read more

Extend due dates of Income Tax & GST Compliance of April-2021

Extend due dates of Income Tax & GST

Adhering to tax-related compliance introduced by the Indian government is mandatory for taxpayers in India. Such compliance also impresses adhering to the due dates of GST return filing about the complete compliance calendar listed here and specified by the Indian government. The Central Board of Direct Taxes has further extended the due date for ITR … Read more

Carbonated grape juice to face 28% GST, rules AAAR

A taste of fizz has led to grape juice manufactured and distributed by a Tamil Nadu-based company being expelled out of the classification of ‘Fruit pulp or fruit juice-based drinks’, which attracts a lower goods and services GST at 12%. In this article, we will discuss on Carbonated grape juice. GST on Carbonated grape juice … Read more

Short Analysis of Composition Scheme Under GST

As we know Composition Scheme acts as an alternative procedure for levying a tax under GST. Small businesses registered under the GST composition scheme can pay GST at a restricted rate of turnover every quarter and file quarterly GST returns. Also, Composition levy would be commonly related to small taxpayers who are supplying goods and … Read more

Maharashtra CM request for extension of due date of GST Returns

Monthly GST Receipts Set To Be Highest In March

The Chief Minister of Maharashtra has petitioned Prime Minister of India, Shri Narendra Modi to extend the Due Date of filing the GST Returns by three months due to increase in the case of COVID-19 again in Maharashtra. In this article we will discuss on Request for extension of due date of GST Returns. Request … Read more

Hold urgent GST meet to cut tax on key medicines, equipment

Hold urgent GST meet to cut tax on key medicines, equipment

As the country tackles with a stronger second Covid wave, all the states need the Centre to urgently convene a meeting of the Goods and Services Tax (GST) Council, which has not met for the last six months. This arrives after the chorus for rate cuts on key medicines and equipment grows louder. In this … Read more

GST rate tussle over flavoured milk

As we know Flavoured milk has found various flavours with different Authorities for Advance Rulings (AARs). While Gujarat AAR followed its counterparts in Tamil Nadu and Andhra Pradesh to hold GST at the rate of 12 per cent, the Karnataka AAR went for 5 per cent. In this article, we will discus on GST rate … Read more