The 53rd meeting of the Goods and Services Tax (GST) Council convened in Delhi, chaired by Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, on Saturday, June 22nd. What is the GST Council? The GST Council is a constitutional body established under Article 279A of the ...
Categories Business Updates, GST Tags Implications for GST Compliance, Important Dates for the 55th GST Council Meeting, Key Focus Areas of the GST Council Meeting, Looking ahead to Budget 2025, Proposed Exemptions for Insurance Policies under 2025 Budget Preparations Leave a comment GST Rule Change...
Article 279A having provisions regarding the establishment of the GST Council was inserted after Article 279 of THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) ACT, 2016. The Union Finance Minister is the head of the GST Council while the First Meeting of the council was held on 22nd and ...
33rd GST Council Meeting Highlights: A Boost to “Housing for All” by Manoj Jain in GST Council Meeting Publish on June 29th, 2022 The 33rd GST Council Meeting was held on 24th February 2019 under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley...
The GST portal has introduced negative values in Table 4 which comes under form GSTR 3B return. read more The central government has shared a press release related to all updates of the 49th GST Council meeting. Read more 06th February 2023 For Financial Year 2023-24, regular taxpayers can...
In a move that brought relief to many, the GST Council announced a conditional waiver of interest and penalties under certain sections. This initiative is designed to alleviate the financial strain on taxpayers who may have inadvertently missed deadlines or faced challenges in compliance. Uniform 12...
Related Read:An In-depth Look at Input Tax Credit under GST What are GST Rates and Slabs? 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 rev...
The Engineering Export Promotion Council (EEPC) has proposed the introduction of a faceless 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. Export of Goo...
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 ...
In 2014, the new government under Prime Minister Narendra Modi formed a GST council to further refine the GST legislation. After several rounds of negotiations, the GST bill was passed by the Lok Sabha in May 2015 and by the Rajya Sabha in August 2016. ...