Tag: GST

Piyush Goyal: Decision to allow firms below GST limit to indulge in e-commerce to help small businesses: Piyush Goyal

New Delhi: The decision to allow the below firms GST threshold to join e-commerce A big decision that will help small businesses benefit from rapid growth online areaMinister of Commerce and Industry Piyush Goyal said on Thursday. The minister said that this decision will be a game-changer for the success of the government’s Open Network […]

GST Compensation: Government notifies extension of GST Compensation Cess till March 2026

government Goods and Services Tax (GST) has notified the Compensation Cess extension March 2026, Through gazette notification, Finance Ministry Confirmed the extension period till March 2026. The extension will also help states pay compensation for the month of May and June 2022. The extension has been notified as per the agreed repayment schedule in the […]

CBIC releases detailed procedure for approval, post-audit and review of refund claims under GST

The Central Board of Indirect Taxes and Customs (CBIC) has released a detailed procedure for the approval, post-audit, and. review With regard to refund claims under Goods and Services Tax, in the light of receipt of reports of various practices being followed by the authorities creating confusion for the taxpayers. CBIC clarified that while passing […]

GST dispute: Center working on GST dispute resolution system

The Finance Ministry is working on a comprehensive mechanism that can resolve Goods and Services Tax (GST) disputes raised by states while avoiding distortions in the tax regime. The mechanism can be further discussed with the states GST The council meeting is expected sometime in June. The scheme includes a Disputes Redressal Bench which will […]

Economy booming: GST collection in May also exceeds Rs 1.4 lakh crore

Goods and Services Tax (GST) collections crossed the 1.4-trillion mark for the third consecutive month in May 2022 and fell to the fourth highest level since the launch of the comprehensive consumption tax nearly five years ago. The steady jump in GST receipts over the past few months indicates that the economic momentum has not […]

GST collection in May drops 16% from record level in April; Tax revenue collection crosses Rs 1.40 lakh crore

The Finance Ministry on Wednesday announced that the Gross GST (Goods and Services Tax) revenue for the month of May has crossed Rs 1.40 lakh crore, down 16.6 per cent as compared to April, when GST collections were at a record high. The total GST collection of the government in the month of April stood […]

Important changes in GST amendment in Budget 2022

Top Changes made under GST Amendment in Budget 2022 Under Budget 2022, certain exemptions were introduced by the Finance Minister for GST registered taxpayers with some strictness. Starting with the discount provided – The government has proposed to extend the time limit for claiming ITC. Now to make such amendments, section 16(4) of the CGST […]

GST change on ITC will affect company’s cash flow

The GST change on ITC will affect the cash flow of the company. Significant adjustments were made, requiring the supplier to file returns and communicate… Post GST change on ITC will affect company’s cash flow first appeared Rajput Jain & Associates – Chartered Accountant in Delhi, Source link

GSTN Enabled LUTs Facility on GST Portal for FY 2022-23

GSTN Enabled Capability to File LUT on GST Portal for FY 2022-23 MoU application needs to be submitted before 31st March, 2022 on or before supply for special… Post GSTN Enabled LUTs Facility on GST Portal for FY 2022-23 first appeared Rajput Jain & Associates – Chartered Accountant in Delhi, Source link

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