Not known Facts About GST News
Not known Facts About GST News
Blog Article
industry experts emphasise the requirement of transitioning from superior tax premiums to your earnings-concentrated solution by reasonable fees and broadening the tax base to attain 'Viksit Bharat' by 2047.
there isn't a question that the Government has set in its greatest initiatives to explain the problems to avoid confusion prevailing amid taxpayers, having said that, there are various disputes that will need prompt addressing making sure that litigation/disputes is usually prevented.
A taxpayer has not submitted GSTR-1 resulting from GSTR-3B not getting submitted for a lot more than two consecutive months (a person quarter for those who choose to the QRMP plan).
IRF highlighted the vulnerability of two-wheeler riders in highway accidents and emphasised the significance of conventional helmets to lessen fatalities.
keep tuned On this space to learn more in regards to the highlights, hottest updates and news around the 52nd GST Council Assembly.
finish supply chain solution for final Management, easy collaboration, and certain compliance
GST Authorities can look into affairs of taxpayers for a long period of five yrs and nine months. it's prevalent experience that GST Authorities requires particulars and documents for such a very long interval Which far too in really shorter time.
The GST Council is additionally envisioned to go through the progress made by diverse states/UTs in amending the state GST laws for many suggestions passed up to now because of the Council, for example eradicating provision within the required GST registration for e-commerce sellers and e-way Invoice procedures with the intrastate motion of gold and cherished stones e-way Monthly bill for gold to say a few.
fiftieth GST Council Conference took place on 11th July 2023. final decision was taken to ship intimations for surplus ITC promises in GSTR-3B in comparison with GSTR-2B earlier mentioned a specific limit by way of DRC-01C to hunt reaction. additional, GST on on-line gaming was mounted at 28% on full confront price.
The meeting, the first Considering that the new govt took Business office, also dealt with several operational troubles and encouraged uniform GST premiums for milk cans and carton boxes.
"The resilience inside the fiscal effectiveness of your Union authorities continues to be facilitated because of the recovery in economic exercise, buoyancy in revenues from direct taxes and GST, and real looking assumptions inside the finances," the study mentioned.
The committee encouraged a hard website and fast 28% GST rate on horse racing, casinos and online gaming in its initially report. The report also mentioned the foundation price for taxation.
entire offer chain Alternative for final Regulate, easy collaboration, and certain compliance
In basic principle conclusion to prescribe acceptable constraints for passing of ITC by risky taxpayers which includes risky new taxpayers (most likely be program pushed primarily based on their exercise)
Report this page