Piyush Goyal: Decision to allow firms below GST limit to indulge in e-commerce to help small businesses: Piyush Goyal

[ad_1] New Delhi: The decision to allow the below firms GST threshold to join e-commerce A big decision that will help small businesses benefit from rapid growth online areaMinister of Commerce and Industry Piyush Goyal said on Thursday. The minister said that this decision will be a game-changer for the success of the government’s Open Network for Digital Commerce (ONDC) platform. “It will bring small retailers into the e-commerce ecosystem,” he said, adding that handicrafts, handlooms, textiles and small retailers would be the major beneficiaries. The GST Council has decided…

GST Compensation: Government notifies extension of GST Compensation Cess till March 2026

[ad_1] government Goods and Services Tax (GST) has notified the Compensation Cess extension March 2026, Through gazette notification, Finance Ministry Confirmed the extension period till March 2026. The extension will also help states pay compensation for the month of May and June 2022. The extension has been notified as per the agreed repayment schedule in the GST Council meeting of September 2021. The states have the extension facility to repay the borrowings made in the past to pay the promised compensation. GST Compensation Cess It is levied by the Goods…

CBIC releases detailed procedure for approval, post-audit and review of refund claims under GST

[ad_1] The Central Board of Indirect Taxes and Customs (CBIC) has released a detailed procedure for the approval, post-audit, and. review With regard to refund claims under Goods and Services Tax, in the light of receipt of reports of various practices being followed by the authorities creating confusion for the taxpayers. CBIC clarified that while passing the refund sanction order, the proper officer is required to upload a detailed speech order along with the refund sanction order in the form. GST RFD-06, “The matter has been investigated with the twin…

GST dispute: Center working on GST dispute resolution system

[ad_1] The Finance Ministry is working on a comprehensive mechanism that can resolve Goods and Services Tax (GST) disputes raised by states while avoiding distortions in the tax regime. The mechanism can be further discussed with the states GST The council meeting is expected sometime in June. The scheme includes a Disputes Redressal Bench which will be represented by states, the Center and independent law and tax experts who are well-versed in the legal and economic implications. There will be detailed guidelines on what matters can be referred for such…

Economy booming: GST collection in May also exceeds Rs 1.4 lakh crore

[ad_1] Goods and Services Tax (GST) collections crossed the 1.4-trillion mark for the third consecutive month in May 2022 and fell to the fourth highest level since the launch of the comprehensive consumption tax nearly five years ago. The steady jump in GST receipts over the past few months indicates that the economic momentum has not been severely affected by external constraints. Expansion of tax base, less evasion and higher price levels in commodities, raw materials and finished goods are also increasing tax collection. According to official data released on…

GST collection in May drops 16% from record level in April; Tax revenue collection crosses Rs 1.40 lakh crore

[ad_1] The Finance Ministry on Wednesday announced that the Gross GST (Goods and Services Tax) revenue for the month of May has crossed Rs 1.40 lakh crore, down 16.6 per cent as compared to April, when GST collections were at a record high. The total GST collection of the government in the month of April stood at Rs 1.68 lakh crore. The government said the total GST collection jumped 44 per cent year-on-year and crossed the Rs 1.40 lakh crore mark for the third consecutive month since March 2022. “Collection…

Important changes in GST amendment in Budget 2022

[ad_1] Top Changes made under GST Amendment in Budget 2022 Under Budget 2022, certain exemptions were introduced by the Finance Minister for GST registered taxpayers with some strictness. Starting with the discount provided – The government has proposed to extend the time limit for claiming ITC. Now to make such amendments, section 16(4) of the CGST Act will be amended and hence, it will allow registered taxpayers to claim input tax credit or file annual return latest by 30th November of the following year. , Earlier, the said due date…

GST change on ITC will affect company’s cash flow

[ad_1] The GST change on ITC will affect the cash flow of the company. Significant adjustments were made, requiring the supplier to file returns and communicate… Post GST change on ITC will affect company’s cash flow first appeared Rajput Jain & Associates – Chartered Accountant in Delhi, [ad_2] Source link

GSTR-2B – GST ITC available when reflected in GSTR 2A/2B

[ad_1] GSTR-2B : Hon’ble Finance Minister, Nirmala Sitharaman, in the Budget 2021-22, proposed changes through the Finance Bill, 202 to include a new condition for availing ITC under the Central Goods and Services Tax Act, 2017 amends. The new condition for availing ITC is as follows: “In section 16(2) of the CGST Act, after clause (a), it was proposed to insert a new clause ‘(AA)’ for claiming ITC on the basis of GSTR-2A and newly introduced GSTR Provides an additional condition.-2B, i.e., ITC on an invoice or debit note can…