GST Registartion

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

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

GST collections March 2021 at nearly Rs 1.24 trillion, an all-time high

At almost Rs 1.24 trillion, the GST revenue collections in March 2021 were the highest since the tax system’s introduction in July 2017, government explained. Also, the collections were up 27 per cent when compared with the year-ago period. In this article, we will discuss on GST collections March 2021. GST Collections March 2021 GST … Read more

HSN Code / SAC mandatory on GST Tax Invoices from 1st April 2021

HSN Code & SAC mandatory on GST Tax Invoices

With effect from the 1st April 2021, it has been made necessary for a GST taxpayer, having turnover of more than Rs 5 crore in the preceding financial year, to provide 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) on the invoices published for … Read more

Lending based on GST information improves MSME access to credit

Due Date for GST Return extended

Digital lending based on GST data can enable near the credit gap of around $250 billion for SMEs and furnish finance at shorter rates to reduce their borrowing costs, according to Vayana Network, a supply chain financing platform. In this article we will discuss on GST information improves MSME. GST information improves MSME Vayana Network … Read more

GST collections top Rs 1 lakh Cr for 5 straight months since Oct 2020: MoS Finance

GST collections top Rs 1 lakh Cr for 5 straight months since Oct 2020: MoS Finance

The Central Government has announced the notification on Increased economic activities have resulted in bigger GST collection which stood above Rs 1 lakh crore for five months in a row since October 2020, Minister of State for Finance and Corporate Affairs. In this article, we will discuss GST collections top Rs 1 lakh Cr for … Read more

Panel recommends structural changes to boost GST revenues

Panel recommends structural changes to boost GST revenues

The panel’s reference to structural alterations to GST comes in the imprint of plans by the central government to merge the 12% and 18% GST slabs, an idea that has to create support among some states. In this article, we will discuss the Panel recommends structural changes to boost GST revenues. Panel recommends structural changes … Read more

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

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