Page-2 of Topic: GST
Fin Min to issue appreciation certificates to GST payers
Union Finance Ministry has decided to issue certificates of appreciation to over 54,000 GST payers. Why certificates will be issued? Certification of appreciation will be issued for timely...
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...
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...
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...
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...
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...
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...
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...
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... 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...
GST Council meet
On June 12, 2020, the Finance Minister Nirmala Sitaraman chaired the 40th GST Council Meet. Highlights The minister at the meet announced that no late fee will be...
