Not known Facts About GST News
Not known Facts About GST News
Blog Article
Section of The rationale for dipping revenues, in addition to a slowing economic climate in recent times, was the repeated reduction in numerous goods’ GST charges forward of critical elections. on the other hand, officers concede that inflation worries will not make this an opportune time for finishing up broader level hikes.
a different GST amnesty plan continues to be introduced to rationalise late fees for delay in filing of GSTR-3B return. It provides a conditional waiver of late fees for delay in submitting get more info GSTR-3B return from July 2017 to April 2021. Simply click here to understand more.
The Council will satisfy once more in August to finalise the GST rates for on-line gaming, horse racing and casinos — a call it put off this time for fresh new stakeholder consultations. It could also kick off the method to type an appellate tribunal for resolving GST disputes, envisaged since its launch in July 2017. With more than a dozen States urging the Centre to carry on the GST payment compensated to them for the primary five years of the GST regime as profits flows are strike with the pandemic, it is hoped that clarity arrives by way of on this issue via the August Conference.
curiosity and late price reduction have been presented for the taxpayers who couldn't file GST returns by the due dates for March, April and should 2021. Check out the relaxation in this article.
The CBIC's circular clarifying the levy's validity faces legal worries, with modern stays giving short term reduction to afflicted providers. The matter's resolution will influence corporations and tax revenues.
related finance ecosystem for process automation, better control, better discounts and productiveness
In a statement issued on Wednesday, IRF reported getting rid of GST on helmets is likely to make common helmets additional inexpensive for that masses and will discourage them from obtaining helmets of substandard high quality, thus lowering chances of head injury and Demise among two-wheeler riders during a road incident.
Offshore entities of Indian genuine funds gaming applications try to entice customers with social websites adverts, promising their bets gained’t be taxed underneath the 28% slab of the products and expert services tax (GST). This and even more in today’s ETtech early morning Dispatch.
Using the announcement of financial limits for the government to file GST litigation, the NDA federal government has strike the bottom jogging on two guidelines in the last two months to lessen litigation.
4. just how long does just one need to wait around to sign-up? An unregistered person has thirty days to complete its registration formalities from its day of legal responsibility to obtain registration.
The GST Council is likely to deliberate on many important concerns, including taxation on on the internet gaming, an amendment to overrule retrospective tax demands and examining a doable exemption for reinsurance.
It could revise the Integrated merchandise and companies Tax (IGST) Act to amend the position of source provision involving goods transportation to your ‘site on the recipient’ instead of the current ‘location of goods’.
comprehensive source chain Remedy for final Management, easy collaboration, and assured compliance
A registered taxpayer in which a lot more than Rs.one lakh is paid as money tax in the last two FY in belated IT returns of himself or his proprietor or any two partners or controlling director, trustee or board, etcetera.
Report this page