Page-4 of GST

Union Cabinet approves Mechanism for Procurement of Ethanol

October 29, 2020

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 ..

Month: 

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

October 23, 2020

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 ..

Month: 

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 ..

Month: 

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 ..

Month: 

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 ..

Month: 

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 ..

Month: