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 ..

Month: Current Affairs - December, 2020

Category: Economy & Banking Current Affairs

Topics: CBIC • Department of Revenue • Goods and Service Tax • GST • input tax credit

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 or Harmonized System of Nomenclature code is a system for classification of goods across the ..

Month: Current Affairs - December, 2020

Category: Economy & Banking Current Affairs

Topics: CBIC • Central Board of Indirect Taxes and Customs • Globally Harmonised System for classification and labelling • Goods and Services Tax (GST) • GST • HSN • World Customs Organization (WCO)

Union Cabinet approves Mechanism for Procurement of Ethanol

On October 29, 2020, the Union Cabinet chaired by PM Modi approved the Mechanism for the public sector oil companies to procure ethanol. Key Highlights Under the new mechanism, the prices of ethanol obtained from sugarcane based raw material has been increased for the forth coming sugar cane season. This is between December 2020 and ..

Month: Current Affairs - October, 2020

Category: Economy & Banking Current Affairs

Topics: Ethanol • Ethanol Blended Petrol PRogramme • GST • Sugarcane • Union Cabinet

GST Compensation: Rs 6,000 crores tranfered to 16 states

On October 23, 2020, the Government of India transferred Rs 6000 crores to 16 states and two union territories as the first tranche. The interest rate has been fixed at 5.19 %. Key highlights Over 21 states had opted for the borrowing scheme. And five other states did not have revenue shortfall to claim compensation. ..

Month: Current Affairs - October, 2020

Category: Economy & Banking Current Affairs

Topics: GST • GST collection • GST Council • GST council meet • GST revenue collection • GST shortfall • Nirmala Sitharaman

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 ..

Month: Current Affairs - August, 2020

Category: Economy & Banking Current Affairs • Government Schemes Current Affairs • India Nation & States Current Affairs

Topics: Arun Jaitley • Goods and Service Tax • GST • GST rate • Ministry of Finance