GST council is a governing body to regulates and directs every step for the implementation of goods and service tax in the nation with decisions over tax rates and further implementation measures.GST councilassimilates suggestions and regulations into one form and improvises the changes formally throu...
Can it be argued that the OC who is retaining a higher proportion of interest as compared to its proportion of funding of the principal amount of loan is actually providing services to the arrangement, and therefore, should be paying GST on the services to the other lenders? The analysis It...
GST Circular 235/29/2024-GST dated 11-10-2024: Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 54th meeting held on 9 th September 2024 at New Delhi GST Circular 234/28/2024-GST dated 11-10-2024: Clarifications regarding appl...
GST rates are divided into four main slabs: 5%, 12%, 18%, and 28%. There are also some special rates, such as 0%, 0.25%, 3%, and cess, for certain items. The GST Council periodically revises theGST Ratesbased on various factors, such as revenue collection, economic growth, inflation...
The GST Council recently held its 55th meeting in Jaisalmer, Rajasthan. It was chaired by Union Finance Minister Nirmala Sitharaman. The GST Council announced several important GST Updates. These updates are aiming at simplifying compliance, reducing tax burdens, and streamlining GST-related processes....
GST (Goods and Services Tax) is charged by the government in slabs. The present slabs are 5%, 12%, 18%, and 28%. GST is managed by the Goods and Services Tax Council and is governed by the Goods and Services Tax Act, of 2017. GST is levied on all types of goods and services ...
Goods and Services Tax (GST) What is the GST Council, and what does it do? Explained | Economics | Mains Paper 3: Indian Economy Note4Students From UPSC perspective, the following things are important : Prelims level: GST Council Mains level: Powers and Functions of GST Council Why ...
These systems are assigned to manage functions related to tax administration, including registration assessment, approval, adjudication, and audit. Despite all such initiatives and steps, there are so many issues and loopholes in implementation. The GST Council has started the GST helpdesk and other ...
The Engineering Export Promotion Council (EEPC) has proposed the introduction of afaceless GST audit system. This proposal is expected to be included in the upcoming Budget 2025. By implementing this system, MSMEs can reduce compliance costs, fostering their growth and innovation. ...
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