Page-2 of CBIC
What is 1% Cash Payment Norm in GST?
The Department of Revenue recently announced that the GST tax payers should compulsorily pay at least 1% of their tax in cash. This is to come into effect from January 1, 2021. 1% Cash Payment Norms The 1% Cash Payment ..
Month: Current Affairs - December, 2020
What is HSN Code?
The Central Board of Indirect Taxes and Customs (CBIC) has made it mandatory to mention the 8 digit HSN code in tax invoices for 49 chemical-based products while issuing GST invoice. The move is expected to reduce tax evasion. HSN ..
Month: Current Affairs - December, 2020
Safety of explosives at warehouses in India being checked
The Central Board of Indirect Taxes and Customs has directed the field offices to verify within 48 hours that all explosive materials lying in Customs warehouses and ports are compliant with the safety standards as required and also that they ..
Month: Current Affairs - August, 2020
CBDT and CBIC Sign MoU for Exchange of Data
A memorandum of understanding has been signed between the Central Board of Direct Taxes and the Central Board of Indirect Taxes and Customs in order to ensure the smooth exchange of data between the two organizations. This was signed in ..
Month: Current Affairs - July, 2020
Second National GST Conference of Central and State Tax Commissioners held
On January 7, 2020, the second National GST Conference and Central and State Commissioners was held to streamline the Goods and Services Tax. The Revenue Secretary of Ministry of Finance Dr Ajay Bhushan Pandey was the Chairman of the conference ..
Month: Current Affairs - January, 2020
7 December: GST Stakeholder Feedback Diwas
The central and state authorities organised GST (Goods and Services Tax) Stakeholder Feedback Diwas on 7 December 2019. The aim of organizing this event was to get an on-the-spot response and suggestion to the new system for filing GST Returns ..