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Recommendations of the 42nd GST Council Meeting

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of […]

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GST collections for the month of July 2020

₹ 87,422 crore gross GST revenue collected in July The gross GST revenue collected in the month of July, 2020 is ₹ 87,422 crore of which CGST is ₹ 16,147crore, SGST is ₹ 21,418 crore, IGST is ₹ 42,592 crore (including ₹ 20,324 crore collected on import of goods) and Cess is ₹7,265 crore (including […]

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e-invoice updates

In the recent past we were seeing a lot of reports in the secondary media that the threshold for e-invoicing will be increased to Rs 500 crores from the existing Rs 100 Crores. Now the same has been notified wide Notification No. 61/2020 – Central Tax dated 30th July 2020 The Schema for the e-invoice […]

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Centre Released Rs. 1,65,302 Crore as GST Compensation to States/UTs for the FY 2019-20 against cess collection of Rs. 95,444 crores

Central Government has recently released GST Compensation of Rs. 13,806 crore to States for March’2020. Taking this amount into account, entire compensation upto 2019-20 has been released to States. The total amount of compensation released for the year 2019-20 is Rs. 1,65,302 crore whereas the amount of cess collected during the year 2019-20 was Rs. […]

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Synopsis of the GST Notifications & Instruction issued on 24th June 2020

No. 49/2020 – Central Tax Many provisions of the CGST Act 2017, has been amended in the Finance Bill 2020 and some of the same have been notified and the effective date is 30th Jun 2020. Section – 118 of Finance Act 2020:  This amendment eases the provision for claiming input tax credit on debit […]

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GST Impact on Transactions During COVID

A virus which is invisible to the human eye has brought in lot of disruptions in the economies of the world and in many lives. This presentation is on the impact of GST on transactions during the period of lockdown and post lockdown. Effective planning and small change in buisness process can help to optimize […]

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38thGST Council Meeting – Presentation on GST Revenue Trends

The 38th meeting of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today. The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of Ministry […]

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Over Simplified GST Annual Return & GST Audit

Apart from the monthly filing of returns by the taxpayers in GST, all taxpayers have to file GST Annual Return and taxpayer with turn over above Rs 2 Crores have to file GST Audit Report yearly.  Annual Return under GST has to be filed through GSTR – 9 by all the taxpayers who have registered […]

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Say Hi-Five to Input Tax Credit Reconciliation in GST

One of the notifications issued recently talks about the input tax credit to be availed by taxpayers on a provisional basis up to 20% of the eligible credit available in the GSTR – 2A. This is notified wide Notification No 49/2019 – Central Tax, dated 9th Oct 2019. What does it mean? It means that […]

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GST Rate on Services as Recommended by The GST Council in Its 37th Meeting

Posted On: 20 SEP 2019 10:04PM by PIB Delhi The 37thGST Council met in Goa today under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman  . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Chief Minister of Goa Shri PramodSawant,  […]

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