In April the total GST has risen to a record high of Rs 2.10 lakh crore.The collection of the August 2024 GST shows the stronger tax framework of India. The consistent y-o-y rise of nearly 10% shows the effectiveness of the current GST reforms and the compliance measures. ...
GST collection report for November 2024 revealed a revenue of ₹1.82 lakh crore. Advisory released on the GST E-Invoice glossary and guide. Top GST News for the month of November 2024 November 2024 has been a dynamic month for GST updates in India, with significant updates shaping the compl...
17/2024. View More 03rd December 2024 The new advisory is related to the entry of RR No./eT-RRs and the integration of E-way bills with FOIS. Read PDF 02nd December 2024 The GSTN department shared the GST collection report, showing ₹1.82 lakh crore in November 2024. Read PDF The...
April 8, 2024 Goods and Services Tax (GST) GST collections up 12.54% in February 2024 Explained | Economics | Mains Paper 3: Indian Economy Note4Students From UPSC perspective, the following things are important : Prelims level: Goods and Services Tax (GST) Mains level: GST Collection In...
GST Compliance Calendar – December 2024 The month of holiday cheer and Christmas celebrations throughout the world, December 2024 is here! December in India marks the chill of winter and vibrant Christmas celebrations. For businesses, it’s a critical period of year-end planning, balancing festive...
The letter claimed that the GST would “encourage offshore gambling operators, drive Indian users to them, and ultimately lead to neither optimal tax collection nor the growth of the legitimate industry.” Lawyer Abhishek Malhotra, Managing Partner at TMT Law Practice, hadpreviously...
Collection failures: ([212]-[214]) The Commissioner seeks to uphold an assessment disallowing ITCs of nearly $73m, and a penalty of over $30m, in circumstances where; it is the Fraudulent Suppliers, not the applicant, that profited from the scheme by fraudulently retaining the cashflow pro...
course of business of the taxable person. A taxable person may not charge GST on a personal transaction if the supply is made in the course of his or her personal business. For example, GST is not imposed on the sale of a GST-registered trader’spersonallimited edition toy collection). ...
GST has brought about a single, seamless national market, facilitating easier and more transparent transactions. Its comprehensive IT system has enhanced compliance, made tax collection more efficient, and reduced tax evasion. Furthermore, GST has fostered a business-friendly environment, attracting both...
Checksum Digit: Verifies the validity of the GSTIN. Importance and Use of GSTIN in GST Compliance For businesses, having a GSTIN is essential for fulfilling legal obligations, including tax collection, invoice issuance, and return filing. It promotes accountability and transparency in financial trans...