Tag: GST
E-way bills in October may exceed September figures due to festive season
Experts estimate that e-way bills will exceed September levels in October 2021, as production ramps up to meet increased demand throughout the festive season. The increase will boost tax collections and economic recovery trends even further. The current daily average of over 2.17 million implies that the overall month’s e-way bills may well reach 67 […]
Read moreGSTN Advisory for taxpayers on Form GSTR-2B
1. Form GSTR-2B is an auto-drafted ITC statement which is generated for every normal taxpayer on the basis of the information furnished by their suppliers in their respective GSTR-1/IFF, GSTR-5 (non-resident taxable person) and GSTR-6 (input service distributor). This statement indicates availability and non-availability of input tax credit to the taxpayer against each document filed […]
Read moreGST ITC advisory by GSTN: Availability of Input Tax Credit (ITC) for FY 2020-21
GST ITC: 1. As per Section 16(4) of CGST Act, 2017, no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021. The due date for […]
Read moreGST: Textile sector demands 5% GST for the sector
GST on Textile sector: Industry insiders fear that if the idea to impose a standard slab of 12 percent for GST on textile sector passes, it will hurt the ‘already devastated’ industry and lead to job losses. Currently, there are two tax brackets: 5% for bills under 999 Rupees and 12% for bills over that […]
Read moreGST Returns: 5 mistakes to avoid in Sept 2021 GSTR 1 and GSTR 3b
The September 2021 GST Returns are very important for every Registered Person under GST. Any changes or modification in the sale or purchase transactions done between April 2020 to March 2021 may be done only in the GST returns of September 2021. The last date for GSTR-1 of tax period September 2021 is 11th October 2021. The last date for […]
Read moreGST Rates Industry wise changed from 1st October 2021
GST Rates: On the basis of recommendation in 45th GST Council Meeting, several notifications issued to notify the changes in the applicable GST rates (including exemptions). Following changes are applicable to some industries from 01.10.2021 on the basis of notifications issued- 1. GST Rates as per Notification no. 06/2021-CT (Rate) 1. Job-work (alcohol) The relevant […]
Read moreGST collection for September crosses Rs 1.17 lakh crore, up by 23%
GST collection: The gross GST revenue collected in the month of September 2021 is Rs 1,17,010 crore of which CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and Cess is Rs 8,754 crore (including Rs 623 crore collected on import of goods). […]
Read moreTextile Sector GST Rate changes disappointing says, clothing association CMAI
The Clothing Manufacturers Association of India (CMAI), one of the largest and oldest Association representing the domestic garment industry, expressed its disappointment and anguish over recent GST Council announcements indicating that, in order to address the issue of inverted duty structures in the textile sector, it has been decided to change the GST Rates. Although no […]
Read more45th GST Council meeting: Decoding Clarification issued on intermediary status
In the 45th GST Council meeting, government has decided that services outsourced to India and those provided domestically for foreign entities will not be treated as intermediary services, allowing them to avoid paying the 18 percent Goods and Services Tax (GST). This decision that will strengthen the country’s back office industry and relief for the […]
Read moreGSTN introduced on demand fetching of Bill of Entry details from ICEGATE
To help importers of goods, and recipients of supplies from SEZ, search Bill of Entry details, which did not auto-populate in GSTR-2A, a self-service functionality has been made available on the GST Portal that can be used to search such records in GST System, and fetch the missing records from ICEGATE. Please note that it […]
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