GST

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

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

Government releases Rs 30,000 cr to states as GST compensation

Govt releases Rs 30,000 cr to states as GST compensation

The Centre has circulated Rs 30,000 crore to the states as GST compensation on March 27, and about Rs, 63,000 crores is pending for the current fiscal, the Finance Ministry announced on Tuesday. In this article, we will discuss Govt releases Rs 30,000 cr to states as GST compensation. In this article, we will discuss … 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

GST information improves MSME

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 technical glitches behind ITC frauds: CAG report

The Comptroller and Auditor General (CAG) of India has found that the goods and services tax (GST) system is inclined to input tax credit (ITC) frauds due to complexness in the compliance system. In this article we will discuss on GST technical glitches behind ITC frauds. GST technical glitches behind ITC frauds The Comptroller and … Read more