- 09 Jun 2022 06:05 PM
- New
Indian economy likely to be $20 trillion by 2040: Chief Economic Advisor
CEA V Anantha Nageswaran said that the structural reforms of Prime Minister Narendra Modi government, such as GST and the IBC will manifest their advantages and potential in the coming decade
Read More
- 09 Jun 2022 06:26 PM
- New
CAs authorised to Appear before GST Authorities- Gorakhpur Commissioner clarifies
On meeting with DM and Commissioner by the Chartered Accountants of Gorakhpur, Finally Clarification issued by the GST Addl Commissioner of Gorakhpur that CAs are authorised to Appear before GST Authorities.
Read More
- 08 Jun 2022 12:22 PM
- New
Income from property rented out: GST AAR makes an important ruling
In an advance ruling under GST, the Maharashtra AAR has ruled that the amount received under lease rental services for residential purposes will be outside the ambit of GST.
Read More
- 08 Jun 2022 05:55 PM
Sitharaman says India’s fundamentals sound because of steps taken by govt
Finance minister Nirmala Sitharaman on Wednesday said India’s fundamentals are sound due to several steps taken by the government such as reducing corporate tax, ensuring that the economy is greatly digitized and bringing in the Goods and Service Tax (GST) and bankruptcy code.
Read More
- 07 Jun 2022 01:54 PM
New Functionalities for Taxpayers on GST Portal (May, 2022)
Source: https://taxguru.in/goods-and-service-tax/functionalities-taxpayers-gst-portal-may-2022.html
To establish correctness of the bank account and to verify whether it matches with the PAN of the business, validation of the bank account details provided at the time of GST Registration/ Creation of Temp ID by the taxpayers is being done with CBDT database.
Read More
- 06 Jun 2022 01:47 PM
GST E-Invoice System User Manual for Tax Payers
Source: https://taxguru.in/goods-and-service-tax/gst-e-invoice-system-user-manual-tax-payers.html
The GST Council has approved introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System.
Read More
- 06 Jun 2022 02:06 PM
e-Invoice services not available for GST taxpayers of Few States today
Source: https://taxguru.in/goods-and-service-tax/e-invoice-services-gst-taxpayers-states-today.html
There is a maintenance work being scheduled on the e-Invoice System on 5th June 2022 between 9pm and 10pm. During this interval, the e-Invoice services will not be available for the GST taxpayers of the following states ONLY.
Read More
- 06 Jun 2022 02:15 PM
GST collections consistently crossing ₹1 lakh crore every month: PM Modi
NEW DELHI: Prime Minister Narendra Modi on Monday said goods and services tax (GST) has replaced the web of many taxes at the Centre and state level and the GST collections are crossing one lakh crore rupees every month.
Read More
- 03 Jun 2022 12:46 PM
States should focus on the quality of public expenditure
Under India’s Goods and Services Tax (GST) law, states were guaranteed bi-monthly compensation for any loss of revenue in the first 5 years of GST implementation from 1 July 2017. The shortfall is calculated assuming a 14% annual growth in GST collections by states over the base year of 2015-16. The 5-year period will end on 30 June and there is a growing demand from many states to extend the GST compensation mechanism beyond that. The amount to be paid from the compensation fund is obtained by levying a cess on top of the highest tax slab on luxury, demerit and sin goods.
Read More
- 03 Jun 2022 12:54 PM
Restaurant's service charge row: Taxes, charges you pay on your food bills
Restaurants' service charges have become an arguable point with the Centre looking to design a legal framework to abolish the service charges completely. According to the Union Ministry of Consumer Affairs, restaurants charging for services is an "unfair trade practice" and therefore cannot be enforced on consumers.
Read More