An Unbiased View of GST News
An Unbiased View of GST News
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a for taxpayers with the annual combination turnover greater than Rs 5 crore from the past monetary calendar year, Should the file further than 15 times from the initial because of dates but inside of particular dates in June-July 2020. For the remainder of the taxpayers, curiosity will not be levied. For futher looking at within the dates, undergo our post on GST reduction measures in the course of COVID-19 outbreak.
four. Inclusion of gasoline costs less than GST: Inspite of a desire for this for long, petrol and diesel rates feel unlikely to be integrated under the ambit of GST. amongst An important thought could well be inclusion of belief from all states and each condition needs to unanimously comply with this.
linked finance ecosystem for course of action automation, higher Manage, better price savings and efficiency
Connected finance ecosystem for course of get more info action automation, increased Handle, higher savings and productiveness
50th GST Council meeting is happening on 11th July 2023. study the latest news and the very best expectations listed here.
studies also advise the GST Council may possibly settle on lowering GST premiums for each of the millet solutions to your nil classification. Further, the GST level on wellbeing insurance coverage for sure categories, like senior citizens, might be lowered from eighteen% to 12%.
There was no choice around the taxation of on the net gaming, casinos, and horse racing, since the GoM that reviewed The difficulty has been asked to make a ultimate recommendation by July 15, next a representation from Goa on casinos.
“The rupee has depreciated noticeably towards the US greenback. because we keep fewer than 5% income margin for all our hardware solutions, we have no choice aside from to raise costs,” Manu Jain, India head at Xiaomi, India’s main handset maker, said in the note to consumers.
fiftieth GST Council meeting took place on 11th July 2023. determination was taken to deliver intimations for extra ITC statements in GSTR-3B when compared with GSTR-2B earlier mentioned a particular Restrict by means of DRC-01C to seek response. even further, GST on online gaming was mounted at 28% on entire confront price.
It applies to these taxpayers who definitely have regular monthly worth of taxable materials much more than Rs.fifty lakh (not currently being exempt or zero-rated provides). the next taxpayers are exempted from this restriction:
The GST Council may possibly deliberate on the recommendation to amend the Act at its future Conference on June 22, Based on a news report.
Majority of financial institutions levy company charges for dollars transactions (deposits and withdrawals) performed by a shopper if a specified amount of money is crossed inside a month.
(2) The officer can concern observe below area seventy four to several individuals for tax quick compensated or excessive ITC promises by fraud. Now, it is amended the officer can confiscate and seize goods or autos even soon after concluding proceedings towards all people liable to pay for distinct or normal penalties.
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