The 5-Second Trick For GST News
The 5-Second Trick For GST News
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The council may also just take up suggestion with the fitment committee on inverted obligation framework of 15 products, officials conscious of the matter told ET. nonetheless, a broader technique of level rationalisation can be pushed for afterwards, they mentioned.
a completely new GST amnesty plan has actually been released to rationalise late service fees for hold off in filing of GSTR-3B return. It provides a conditional waiver of late expenses for delay in filing GSTR-3B return from July 2017 to April 2021. Click the link to find out much more.
A taxpayer has not filed GSTR-1 because of GSTR-3B not getting filed for a lot more than two consecutive months (a person quarter for many who opt in to the QRMP plan).
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45th GST Council Assembly are going to be held on seventeenth September 2021. Tax concessions on COVID-19 Necessities can be prolonged, issue on GST compensation to states can be taken up, correction of inverted tax construction, and so forth are about the agenda.
Connected finance ecosystem for process automation, better Command, increased financial savings and productivity
Erstwhile gross sales tax legal guidelines and The existing Central Excise and Customs acts give federal government space to accommodate rising enterprise versions. GST requirements an analogous provision
The Reserve Bank of India's directive to levy penalties only in the shape of 'penal rates' is posing a tax Predicament for banks. financial institutions worry the indirect tax on such levies would appeal to the goods and providers tax (GST).
GST Council customers achieved via video clip conferencing to debate and move the circulars drafted for charge cuts on reasonably priced and non-reasonably priced housing beneath building.
Anytime the heritage of Indian GST is prepared, the affect of know-how in its implementation and execution would invariably be An important highlight.
The GST Council is probably going to deliberate on several critical concerns, like taxation on on line gaming, an Modification to overrule retrospective tax needs and examining a probable exemption for reinsurance.
The new rule, which came into drive from April 1, 2024, was introduced in because of the check here central bank to ensure "reasonableness and transparency" in disclosure of penal desire. However, banking institutions have asked the tax authorities to spell out their stand on The difficulty.
She is ready to chair the 53rd GST Council Assembly to debate tax charges, coverage modifications, and administrative challenges, very important for shaping India's oblique tax procedure. The agenda for your meeting is yet to become disclosed.
Now, interest shall be computed on the web tax liability following lessening eligible ITC from the entire legal responsibility. it truly is for being noted the fascination shall be debited within the electronic cash ledger.
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