GST Current Affairs, GK & News

How will GST Exemption lead to Price rise?

The West Bengal Chief Minister recently requested the Prime Minister Narendra Modi to exempt COVID medicines and oxygen tanks from taxes. Several other states such as Odisha were also asking for tax exemption on key medicines. The Finance Minister Nirmala Sitharaman recently said that full exemption of Goods and Services Tax (GST) on Vaccines will ..

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0% IGST on Import of Covid-related relief material

The Government of India recently waived the Integrated GST till June 30, 2021. This included Remdesivir, Beta cyclodextrin, medical grade oxygen, oxygen concentrators, cryogenic transport tanks, etc. Conditions The Government of India has provided exemptions under the following conditions: A Nodal Authority should be appointed by the State Government in accordance with the Central Goods ..

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HSN Code: New rules

The Ministry of Finance recently announced that the businesses with annual turn over of more than Rs 5 crores will have to furnish six-digit HSN code on their tax invoices. The businesses with an annual turn over of less than five crores of rupees have to furnish four-digit HSN code. Previously, the requirement was four ..

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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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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 ..

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