GST application

Changes in GSTR-1 applicable from 1st April 2021

Panel recommends structural changes to boost GST revenues

The central government has declared the impending alterations in GSTR-1 Table-12 on GST Portal. The government has instructed that from 1st April onwards, it will become compulsary to report minimum 4 digit or 6 digits of HSN (Harmonized System of Nomenclature) Code in Table-12 of GSTR-1 and in Tax Invoice. In this article, we will … Read more

Mistakes to avoid in Charging or Reversing of GST

Mistakes to avoid in Charging or Reversing of GST

As we know GST presently has no such provision to revise or modify a return once it has been filed. While the current system for amending returns is proposed. Therefore, he has to be incredibly alert while filing his GST returns to avoid the suffering of unnecessary reconciliations. In this article, we will discuss the … Read more

GST Compensation Shortfall released to States reaches Rs. 1.06 lakh crore

GST compensation shortfall released

The Ministry of Finance has announced the 19th weekly instalment of Rs. 2,104 crore to the States to engage the GST compensation shortfall. Out of this, an amount of Rs. 2,103.95 crore has been acquitted to 7 States and a proportion of Rs. 0.05 crore has released to the Union Territory of Puducherry. In this … Read more

CBIC Issues Deadline- File your Return to Avoid a Late fee and Interest

CBIC Issues Deadline

The Central Board of Indirect Taxes & Customs has issued an alert for taxpayers. The alert is for various divisions of taxpayers who have not filed their taxes for February. In this article, we will discuss the CBIC Issues Deadline for file GST Return filing. CBIC Issues Deadline The Central Board of Indirect Taxes & … Read more

GST collections February 2021 rise 7% to ₹1.13 lakh crore

GST collections February 2021

For one more time, GST collections have increased Rs 1 lakh crore mark for the fifth month in a row in February, rising 7 per cent yearly to over Rs 1.13 lakh crore, symbolising economic recovery, the finance ministry stated. In this article, we will discuss the GST collection in February 2021. GST Collection February … Read more

 File GSTR-9 & GSTR-9C for FY 2019-20 by February 28, 2021

File GSTR-9 & GSTR-9C

The Central government has extended the deadline for filing the annual return of the Goods and Services Tax (GST) for 2019-20 by two months after businesses and tax authorities demanded respite on grounds of complexities in agreement and disruptions due to the Covid-19 pandemic, government officials said. In this article, we will discuss File GSTR-9 … Read more

Quarterly Return Monthly Payment (QRMP) Scheme Analysis

GST Law for NRTP

The QRMP scheme came into existence to reduce the burden of monthly GST returns on the taxpayer. The central board of indirect taxes and customs has launched this Quarterly Return Monthly Payment. Also, Any registered taxpayer who has a turnover of less than 5 crore INR can participate in the same. In this article, we … Read more

GST compensation shortfall released to States reaches Rs 1 lakh crore

GST compensation shortfall released

The finance ministry issued the notification that released the 17th weekly instalment of Rs 5,000 crore to 23 states including Jammu and Kashmir. The total amount issued as the portion of the special borrowing window set up in October 2020 to Rs 1 lakh crore. In this article, we will discuss the GST compensation shortfall … Read more

GST on Gold

GST on Gold

The Government of India introduced the Goods & Services Tax in July 2017. The introduction of GST is the beginning of a new tax regime in India. By shifting to a single taxation rule for all goods and services, the government aims to provide uniformity and solve multiple or compounded tax rate issues. In this … Read more

GST on Marble and Granite

GST on Marble and granite

After the implementation of GST in India, the GST Council introduced new tax slabs for all the products produced, imported or exported. The GST rates in India are determined by the GST Council from time to time. GST rates will be levied in 5 rates, specifically, NIL, 5%, 12%, 18% and 28%. In this article, … Read more