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GST Revenue collection for December 2020 recorded all-time high since the implementation of GST at ₹ 1,15,174 crore

The gross GST revenue collected in the month of December 2020 is ₹ 1,15,174 crore of which CGST is ₹ 21,365 crore, SGST is ₹ 27,804 crore, IGST is ₹ 57,426 crore (including ₹ 27,050 crore collected on import of goods) and Cess is ₹ 8,579 crore (including ₹ 971 crore collected on import of goods). The total number of GSTR-3B […]

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e-invoicing

Goods and Service Tax has been rolled out from 1st of July 2017 and has completed two years. During this period there were many changes introduced as part of the tax ease of doing business and also to curb the menace of tax evasion. Once such measure to curb tax evasion is the introduction of ewaybills. As a next step now, […]

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GST Tip – 387

A goods and services tax practitioner attending on behalf of a registered or an unregistered person in any proceedings under the Act before any authority shall produce before such authority, if required, a copy of the authorisation given by such person in FORM GST PCT-05.

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GST Tip – 183

The tax rate for Cess under GST as part of the Goods and Services Tax (Compensation to States) Act, 2017, starts from 15% to 190% in case of sin goods on ad valorem basis and in the case of goods, it is on per ton basis like coal, peat etc at the rate of Rs 400 […]

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GST Tip – 182

Input tax credit for cess being levied under Goods and Services Tax (Compensation to States) Act, 2017,  is eligible only for the making the output tax liability of the Cess under the same act and not for payment of any other taxes output liability under GST.

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GST Tip – 181

Under the Goods and Services Tax (Compensation to States) Act, 2017, Cess will be levied on all interstate and intra-state transactions on the supply of goods and service notified by the GST council from time to time. Cess is not applicable to be paid by persons who have opted for registration under composition scheme.

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GST Tip – 175

Input tax credit with respect to a banking company or a financial institution including a non-banking financial company, engaged in supplying services by way of accepting deposits, extending loans or advances have an option to claim only 50% of the GST taxes paid as Input Tax Credit. Alternatively, they can avail input tax credit to the extent […]

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GST Tip – 166

Union Territory GST is applicable for the supply of goods and services within the Union territories. It applies in the following places (a) the Andaman and Nicobar Islands, (b) Lakshadweep, (c) Dadra and Nagar Haveli, (d) Daman and Diu, (e) Chandigarh & (f) other territory. With the addition of the clause “f” in the definition, […]

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GST Tip – 163

Goods and Service Tax is applicable whole of India except in the state of Jammu and Kashmir. Definition of India is added in section 2 and it is as per article 1 of the Constitution of India.

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GST Tip – 160

The tax invoice numbering under GST should be alpha or numeric or alpha-numeric. It should not contain any special characters like “/” or “-” etc., and for each year the number should be a unique number and the length of the invoice number less than or equal to 50 characters.

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