gst

GST Latest Notifications: GSTR-1 and 3B can be filed through EVC

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In the GST latest Notifications, the government has allowed businesses to verify through electronic verification code monthly GST returns filed till May 31. In a GST latest notifications, the Central Board of Indirect Taxes and Customs (CBIC) said any registered person during the period from April 21, 2021, to May 31, 2021, will be allowed …

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GST compliance Burden on MSMEs by Digitisation

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Small and medium-sized businesses make significant contributions to the GDP and employment generation in the country. Therefore, it is important that their health and growth are nurtured equally. However, MSMEs have been experiencing an increasing burden of compliance under GST. In a country like India, most small businesses are unable to quote a price on …

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GST on Milk | GST on Flavoured Milk

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Flavored milk has found different flavors with different Authorities for Advance Rulings (AAR). While Gujarat AAR followed its counterparts in Tamil Nadu and Andhra Pradesh to hold GST at the rate of 12 percent, the Karnataka AAR went for 5 percent. The latest rulings from Gujarat are related to two famous milk product brands, Amul …

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Haryana ranks 4th in GST fraud

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Recently, Gurugram Zonal Unit of Directorate General of GST Intelligence arrested one Ravinder Kumar in connection with input tax credit (ITC) fraud worth Rs 43 crore. This is not a lone example, but Haryana has the fourth-highest cases in GST Fraud from July 2017 to December 2020. As many as 3,852 fraud cases were unearthed across the …

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Tax on Exempted Goods in Composition Scheme

In this blog, we will be discussing payment of Tax on Exempted Goods in Composition Scheme under section 10 of GST Act 2017. Do read the complete blog for complete information. GST Composition Scheme Turnover Limit 2021-22 A taxpayer whose aggregate turnover* is up to Rs 1.5 crore can opt for Composition Scheme.  In case of …

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Payment of Tax by Taxpayers under QRMP Scheme

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Payment of Tax by Taxpayers under QRMP Scheme, for the month of March, 2021: All taxpayers having aggregate turnover up to Rs 5 crores, under QRMP Scheme (w.e.f. 01.01.2021 onwards), are required to furnish return on a quarterly basis, along with payment of tax on a monthly basis. Persons availing QRMP Scheme are required to …

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GST Portal Features New | GST Registration and Returns

GST Portal latest features with respect to GST Registration and GST Return filings brings many considerable change which a taxpayer must know. Here are the changes: GST Portal Features on New GST Registrations 1. Assignment of new applications of registration, in certain cases, with same PAN and in same State/ UT GST Portal Features New …

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54,000 crores recovered from Vivad se Vishwas Scheme

54,000 crores recovered from Vivad se Vishwas Scheme, 1.48 lakh cases and recovered 54% of about ₹1 lakh crore amount under litigation, Central Board of Direct Taxes (CBDT) chairman Pramod Chandra Mody said on Tuesday. Vivad se Vishwas Scheme Introduction “The scheme has been successful as its objective was to reduce pending income tax litigation, …

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Supreme Court: “The Parliament had intended the GST to be a citizen-friendly tax structure”

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The Parliament had intended the GST to be a citizen-friendly tax structure. The purpose of the Act is lost by the manner in which tax law is enforced in our country. The bench of Justices Chandrachud and M. R. Shah were dealing with contours of the power of provisional attachment of property, including bank accounts, …

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Sinking fund receipts by RWA subject to 18% GST: AAR Karnataka

Summary the AAR held that the GST is triggered on receipt in view of the time of supply as determined under Section 13(2)(a) of the CGST Act, 2017. In other words, the applicant RWA would have to collect and pay GST against the contributions to the sinking fund. The AAR held that said services are …

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