These GST updates are designed to improve transparency and ease the tax burden on businesses while ensuring better tax collection. Here’s a roundup of the top GST news for September 2024 and their potential impact on businesses across the country. Latest GST Updates: GST Notifications Released ...
GST collection for December 2023 amounted to INR 1,64,882 crore, exhibiting a notable growth of 10.3% as compared to the previous month. For more detailed information, you can refer to the read press release. The new functionalities related to the filing of online declaration in Annexure V ...
The same rise was noted in all categories- Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess.In the previous year, the gross GST revenue collected in August 2023 was Rs 1,59,069 crore.In July GST collection was at Rs 182,075 crore. Till now in 2024, the ...
In the realm of GST, the preceding month was notably eventful. There were several new GST Notifications that have also been released. You can read all the updates here: Top GST News of the Month. Also, the 54th GST Council Meeting was held in September and the FM announced some key GST...
Nirmala Sitharaman on September 9, after the 54th GST Council meeting, according toan INC 42 report. Collections have jumped five times to Rs. 6,909 crore in only six months, from Rs. 1,349 crore in the preceding six months. This GST spike is for the October 2023 to ...
July 2023 (50th GST Council Meeting): In its 50th meeting in July 2023, the GST Council decided to impose a 28% tax—the highest slab—on the full face value of online gaming, aligning it with the taxation of casinos and horse racing. The Council also ruled out any distinction between ...
21/2017 dated 20th September 2017, here’s how the division is determined: Taxpayers with Turnover Below ₹1.5 Crore: In this category, 90% of taxpayers whose total turnover falls below ₹1.5 crore are under the jurisdiction of the state administration, while the remaining 10% fall under...
Travelex No.1 was decided in September 2010. Before the decision, Travelex had on 16 December 2009 notified the Commissioner in a GST return forming part of its Business Activity Statement for its November 2009 tax period of a positive net amount for that period of $37,751. Travelex had so...
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TCS on the collection of payment from the customer against a sales consideration: The CBDT clarification states, "It may be noted that this TCS applies only in cases where the receipt of sale consideration exceeds Rs. 50 lakh in a financial year." For example, a seller made sales of Rs...