Page-4 of GST Current Affairs, GK & News

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

August 25, 2020

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

August 1, 2020

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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GST Council meet

June 12, 2020

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 ..

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GoI facilitates filling of NIL GST Return through SMS

June 9, 2020

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 ..

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“Special Corona Fee” imposed on Liquor by Delhi Government

May 5, 2020

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 ..

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1 Trillion INR Package for MSME

April 28, 2020

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 ..

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