The Goods and Services Tax (GST) Council held a meeting 17 December 2022 and recommended changes in GST rates, measures for facilitation of trade, and measures streamlining GST compliance. KPMG observation Even though it was expected, the GST Council did not make any decisions wit...
The GST figures include central GST, state GST, integrated GST, and cess, a revenue-sharing mechanism designed by the GST council in India. Benefits for the Consumers The removal of cascading effects in preceding tax regimes (CENVAT, state VAT, service tax, etc.) has benefited the consumer ...
GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India. The council is headed by the union finance minister Nirmala Sitharaman assisted with the finance minister of all the states of India. The...
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...
Categories GST Tags Benefits of Quick Commerce Business, Documents & Licenses for Quick Commerce in India, How Does the Quick Commerce Business Model Operate? Leave a comment GoM Proposes GST Hike on Tobacco, Drinks to 35% December 4, 2024 by suman The GST Council is considering a significa...
GST council decide the rate of sale of cinema tickets as per following:- - 28% in case of tickets above Rs. 100 & - 18% in case of tickets upto Rs. 100 This value of Rs. 100 including gst or excluding gst? Mukesh K Mishra:On 19 June 2017 ...
The GST council met over 5 times after the implementation to keep on suggesting changes and to resolve existing concerns. Even now, many more concerns are coming to light. This study aims to understand the challenges faced, and changes done during the course of implementation of GST in India....
December 2024 saw a flurry of GST news and updates in India, highlighted by the 55th GST Council Meeting. Key announcements included new measures to enhance the accuracy of GST returns, updates on the E-way bill and E-invoice System, and clarifications on recent amendments in GST laws. As ...
At its 53rd meeting, the Goods and Services Tax (GST) Council proposed inserting a new section to the Central Goods and Services Tax (CGST) Act that would give the Government the power to potentially withdraw retrospective show cause notices in a move that could benefit multiple real money ...
GST council has agreed on rate structure as 0%, 5%, 12%, 18% and 28. These different slab rates have to be defined in system. 5. Calculation of GST i.e, CGST/SGST/IGST/Additional cess In case of Intra-state transactions, Seller collects both CGST and SGST from buyer. In case of ...