Tag: GST
List of items that become cheaper and expensive items after budget 2023
Cheaper and expensive items after budget 2023: The Union Budget 2023–24, presented by the Union Finance Minister, Nirmala Sitharaman, proposed a number of changes to the Customs Duty regime with the goal of promoting exports, boosting domestic manufacturing, and enhancing value addition. These changes are likely to raise the price of bicycles, toys, and certain […]
Read moreGST collection at nearly Rs 1.56 lakh crore in January, second highest ever
GST collection: The gross GST revenue collected in the month of January 2023 till 5:00 PM on 31.01.2023 is Rs 1,55,922 crore of which CGST is Rs 28,963 crore, SGST is Rs 36,730 crore, IGST is Rs 79,599 crore (including Rs 37,118 crore collected on import of goods) and cess is Rs 10,630 crore (including Rs 768 crore collected on import of goods). The […]
Read more10 GST Amendment proposed in Union Budget 2023
GST Amendment: The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on February 01, 2023. The highlights of the changes made in GST law through the Budget are as follows: 1. Decriminalisation Section 132 and section 138 of CGST Act are being amended, inter alia, to raise […]
Read moreGST wing told to identify tax defaulters : Officers
GST Wing Chandigarh: The Finance Secretary-cum–Secretary Excise & Taxation, UT, reviewed tax collection under GST and efforts made under the GST Act during an extensive review meeting on GST and Excise issues at Chandigarh. He applauded the GST wing for growth in GST collection by 23 per cent up to the month of December as compared […]
Read moreGST Department: Revamp of Kerala State GST dept completed
Chief Minister Pinarayi Vijayan of Kerala said that an attempt was being made to create the impression that Kerala was heavily dependent on financial assistance from the Centre. Announcing the completion of the reorganisation of the State Goods and Services Tax (GST) department, Mr. Vijayan said the Central share accounted for only 36% of the State’s revenue. […]
Read moreGST Rate on helmets: Road safety body IRF urges FM to waive GST on helmets
GST Rate on helmets: Road safety body International Road Federation (IRF) wrote a letter to Union Finance Minister Nirmala Sitharaman, demanding removal of GST on life saving device helmets for safety of the two-wheeler riders in the forthcoming Union Budget 2023-24. “India accounts for about 11 per cent of road accident deaths worldwide and the […]
Read moreGSTR-3B: GSTN advisory on taxpayers facing issue in filing GSTR-3B
Issue in filing GSTR-3B: According to Hon’ble Supreme Court’s directive filing of TRAN forms was made available for aggrieved taxpayers during 01.10.2022 to 30.11.2022. It has been observed that, in the process of filing TRAN forms, few taxpayers have submitted their forms on the portal but did not finally File it within the specified time. After submitting the Tran Forms, […]
Read moreGST collections in December jumps 15% to nearly Rs 1.5 lakh cr
GST Collections in December: The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and Cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods). The Government has settled Rs […]
Read moreGST Amendment: Changes in GST Form notified by CBIC
Notification Nos. 26/2022 and 27/2022 – Central Tax dated 26 December 2022 have been issued by the Ministry of Finance to give effect to the recommendations made by GST Council in their 48th meeting held on 17 December 2022. Following amendment have been in GST Forms: 1. Form GST Reg-19 :Order for Cancellation of GST […]
Read moreITC mismatch: GST officers to seek details of invoices in mismatch
GST officers will have to seek details of all invoices on which input tax credit (ITC) has been availed of by erring business in cases of mismatch in GSTR-1 and GSTR-3B before initiating recovery action for short payment or non-payment of taxes. The Central Board of Indirect Taxes & Customs (CBIC) issued circular clarifying guidelines […]
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