Goods and Service Tax Current Affairs, GK & News

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 norms is applicable to all the 45,000 taxpayers. This is being introduced to curb tax ..

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Businesses, with an annual turnover of up to Rs 40 lakh are exempted from GST

The Finance Ministry of the Government of India has declared in a series of statements that Businesses with an annual turnover of up to Rs 40 lakh will enjoy GST exemption. Previously the threshold limit was Rs 20 lakh. Key highlights During the commemoration ceremony of the first death anniversary of former Finance Minister Arun ..

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Aadhaar authentication for new GST registration activated

Aadhaar authentication has been activated by the Government for the registration of new goods and services tax, which will provide an impetus for the enhancement of ease of doing business. Physical verification is not needed for new registration but the GST registration without Aadhaar authentication needs physical verification that may take a longer time period. ..

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Govt. notifies e-invoicing for companies with Rs 500-crore turnover

The government has notified an e-invoicing system under the Goods and Services Tax regime which makes it compulsory for the large-scale businesses with a turnover of more than Rs 500 crore to submit the invoices on electronic mode only. Impact This notification is a relief for small businesses as the turnover threshold has been hiked ..

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Government approves Monthly Pension Scheme for Traders

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved Rs.3000 monthly pension scheme for small retail traders and shopkeepers after they attain the age of 60 years. Salient Features of Scheme About: Under the scheme all small shopkeepers, retail traders and self-employed persons are assured a minimum of Rs.3,000 monthly pension after ..

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