An explanation was added to the said sub-section by Finance Act, 2021 wherein the expression “self-assessed tax” included tax payable in respect of details of outward supplies furnished under section 37 (GSTR-1), but not included in the return furnished under section 39 (GSTR-3B). The...
The GSTN department has added a new option for document uploads in the GST registration and amendment procedures. Exporters can breathe a sigh of relief as the GST Council has approved a mechanism to refund excess IGST paid on goods exported at higher prices. This move addresses a long-standin...
Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and compressed them into a single tax. GST...
Taxpayers eligible for various applications (such as new registration, core amendment, or cancellation) can track their application status after logging in to the GST portal using the ARN or submission period. Note:First-time GST registration applicants do not have access to this feature. ...
GST is a value-added tax levied on supply. GST offers an extensive and continuous chain of tax set-offs. The supplier at each stage can use the input tax credit of GST paid on the purchase of goods and services. The business can set off this Input Tax Credit (ITC) against the GST ...
The Goods and Services Tax Bill or GST Bill, officially known as The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, proposes a national Value added Tax to be implemented in India from June 2016. "Goods and Services Ta... S Gupta,Sarita,MK Singh,... 被引量: 1发表:...
, comprising senior central and state tax officers, would also discuss the GST fake invoice frauds, further tightening of the GST registration process and work out other legal measures including necessary law amendment required in the GST Act to curb the menace of fake invoicing, they added. ...
The main objective of utilising GST is to eliminate tax on tax, or double taxation, which cascades from the manufacturing level to the consumption level. 3. What type of tax is GST? The goods and services tax (GST) is an indirect, value-added tax levied on most goods and services sold...
GST was introduced through the 101st Constitution Amendment Act, 2016. It is one of the biggest indirect tax reforms in the country. It was introduced with the slogan of ‘One Nation One Tax’.The GST has subsumed indirect taxes like excise duty, Value Added Tax (VAT), service tax, luxur...
“The identification number can later be used to roll out social security benefits to gig workers by implementing a tax/cess (either on the company, or on the customer or both)”, he added. Who is a gig worker? Currently, gig workers are addressed under the Code on Social Security, 20...