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GST - Latest News & Updates

Key updates from the 42nd GST Council Meeting

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the ..

Posted in news |   38814 Views

Expectations from 39th GST Council Meeting

The 39th GST Council meeting will be held on the 14th March 2020, at Vigyan Bhawan, New Delhi. Taxpayers and practitioners have huge expectations from the meeting as the meeting is being held just two weeks before the last date of filing Annual Returns for FY 18-19 and the implementation of the New Return System. Below are some expectations from the 39th GST Council Meeting: 1. Deferment and relaxation of e-Invoicing under GST : The GST Council in its 35th GST Council Meeting ann..

Posted in articles |   17 comments |   21765 Views

Tax evasion under GST and measures to curb it

1. Introduction Goods and Services Tax (GST) was implemented in the Indian economy from 1st July 2017 to replace the multiple indirect taxes and surcharges which were levied before 1st July 2017 with a single customized tax structure and also with the objectives of eliminating the cascading effects of taxation through the input tax credit mechanism and levying the tax only on the value-added. In the main objectives of GST's implementation, one broader objective of combating tax evasion in..

Posted in articles |   2 comments |   2256 Views

Clarification on GST on certain goods and services

The GST Council in 43rd meeting held on 28th May, 2021 at New Delhi had recommended some clarifications to be issued on GST Rate of certain goods and services. Now, CBIC has issued circulars on 17th June, 2021. The summary of the said important circulars are given below - Circulars issuing clarifications on GST rate of certain goods and Services   S. No Circular No & Date Circular Summary 1 149/0..

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Analysis of GST Notifications Issued on 17th June 2021

1. Applicability of GST on supply of food in Anganwadis and Schools. (Circular No. 149/05/2021-GST) Key Points The CBIC vide Circular No. 149/05/2021-GST dated June 17, 2021clarified that services provided TO an educational institution by way of serving of food ( catering including mid- day meals) is EXEMPT from levy of GST irrespective of its funding from government grants or corporate donations. Educational institutions as defined in the notification include aganwadi Hence, No GST..

Posted in articles |   1 comments |   5865 Views

GST Era & Cost Records and Cost Audit Applicability on the basis of HSN

All About Cost Audit Applicability and its disclosures in other statutory documents The pandemic has again brought the focus on the importance of cost management of resources in the most effective and most efficient manner. The government of India had already mandated the maintenance of Cost Records and Cost audits under Companies Act 2013. Through this article, we are trying to answer most of queries which a company can have with regard to cost records applicability or cost audit. The rel..

Posted in articles |   4185 Views

GST Rate Applicability at the rate of 5% on Educational Institution/Universities

Introduction As per Gazette notification no. 45/2017 - Central Tax (Rate) and notification No. 47/2017 - Integrated Tax (Rate) dated 14th November 2017, issued by Ministry of Finance, Government of India, the 5% GST rate is applicable for the following items used particularly for research purpose Specified Purchase as Per Notification Scientific and technical instruments, apparatus, equipment (including computers); Accessories, parts, consumables and live animals (experimental purp..

Posted in articles |   1659 Views

Fictitious firms under GST: Busting the Racket

Introduction Nearing half a decade since its inception, this flawed yet functional indirect tax, GST, has become a matter of the moment in the world of tax professionals. Introduced with the aim to bring a positive change in the economy, it has a long way to go keeping in mind the current state of affairs. The poor implementation of GST has created a big hurdle for the new and migrated taxpayers in adapting the new system and on the other side as well, the Govt. is also struggling to clear..

Posted in articles |   3048 Views

Ultimate Revelation Of The GST Software Industry

Every business now a days does not matter how big or small, They comply with the GST law and It is the simplest GST software which is helps to create an invoices, track expenses and manage inventory as per the GST guidelines. GST software automates the return generation and provides single login for all the GSTINs and offers extensive support which is reduce to return filing time. File GSTR 1. Reconcile Sales & Purchase. File GSTR 3B as well. Important features to have in your GST Softwar..

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Did you know all about e-way bill concept and related provision under GST?

The author in this article has covered the following points as mentioned below Why E way bill is required? What is an E Way Bill? When should E-Way bill be generated? What If supply is Intrastate? Who has to generate E-Way Bill? Does E-Way Bill to be generated even if Value less than 50000? How many E-Way bill to be issued in case of Bill To Ship To model? What details to be furnished in E-Way bill? What is Form GST EWB-02? What is Validity of E-Way Bill? What E-Way bil..

Posted in articles |   6 comments |   7170 Views

GST Rate reduction related to Covid related goods

Pursuant to the GST Council recommendations in their 44th meeting held on 12th June 2021 via video conferencing, CBIC has issued notifications relaxing GST rate on goods being used in Covid 19 relief and management. The changes are summarized in below for ease of understanding –   A. Reduction in GST rates for goods used in Covid-19 relief and management CBIC, vide Notification No. 05/2021-Central Tax (Rate), dated 14th June, 2021 including corrigendum issued on 15th June ..

Posted in articles |   666 Views

An insight into Composition Levy: Sec 10 of CGST Act 2017

An Introduction GST has been a game changer because, with its implementation, there is a tremendous outflow of benefits. Earlier in India, there were numerous taxes such as Service Tax, VAT, Excise and many others that were ultimately borne by consumers leading to double taxation or having cascading effect. Post GST, around 17 taxes are subsumed under one tax regime. GST applies to almost every assessee in business, thereby it has boosted the revenues for the government. While purchasin..

Posted in articles |   708 Views

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