Page-4 of GST Current Affairs, GK & News
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 - 2022 • Government Schemes Current Affairs • India Nation & States Current Affairs
Topics: Arun Jaitley • Goods and Service Tax • GST • GST rate • Ministry of Finance
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 ..
Month: Current Affairs - August, 2020
Category: Economy & Banking Current Affairs - 2022
Topics: E-Invoicing • Goods and Service Tax • GST
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 charged from the taxpayers (small taxpayers) that had filed GST returns between July 2017 and January 2020. This is being done as there is lot of GST ..
Month: Current Affairs - June, 2020
Category: Economy & Banking Current Affairs - 2022
Topics: Central GST • CGST • GST • GST collection • GST Council • IGST • nirmala sitaraman
GoI facilitates filling of NIL GST Return through SMS
The Government of India has allowed taxpayers to fill their NIL GST monthly reurn form through SMS. This will improve ease of GST compliance to more than 22 lakh taxpayers. Highlights The facility of filing the NIL form through SMS has been made available in GSTN portal. The portal also allows the users to track ..
Month: Current Affairs - June, 2020
Category: Economy & Banking Current Affairs - 2022
Topics: CGST • Constitutional amendment • GST • GST Council • GSTN • Simplified Tax Return Filing System • Union Finance Minister
“Special Corona Fee” imposed on Liquor by Delhi Government
On May 4, 2020, the third phase of lock down began in India. Under the third phase, the liquor shops were opened in selected regions with certain restrictions. Highlights With the liquor shops opening after a long gap, there were long queues at store all over the country. The Delhi Government acted swiftly on the ..
Month: Current Affairs - May, 2020
Category: India Nation & States Current Affairs
Topics: Alcohol • Alcohol Ban • Delhi Government • GST • Liquor Ban • Reserve Bank of India (RBI) • Revenue • Value-added tax
1 Trillion INR Package for MSME
The government is working on a 1 trillion INR package for aiding the MSME sector. In addition to this, the GST refunds and the change in definition of MSME are to be expedited. About the Package The Union Minister of MSME announced that the government is working on a 1 trillion INR package for MSME ..
Category: Economy & Banking Current Affairs - 2022 • India Nation & States Current Affairs
Topics: GST • Ministry of MSME • MSME