As per GST Law, any person who fails to furnish the information required by the notice served under sub-section (10) shall, without prejudice to any action that is or may be taken under section 66, be liable to a penalty which may extend to rupees twenty-five thousand. Explanation— For...
01 June 2021:GST Notification 24/2021– Relaxations under section 168A of the CGST Act: Time limit for completion of various actions, by any authority or by any person, under the GST Act, which falls during the period from 15th April, 2021 to 29th June, 2021, to be extended upto 30th...
Recently, on June 22, the GST Council held the 53rd GST council meeting, and introduced a conditional waiver of interest and penalties under Section 128A, and reduced pre-deposit amounts for appeals to ease taxpayer compliance. It also extended the GSTR 4 filing deadline and introduced FORM...
The GST registration threshold limits that apply to ordinary taxpayers also work the same to gold mining and distribution enterprises. Additionally, enterprises selling gold can use the composition system under section 10 of the CGST Act. Many gold merchants, sellers, and jewelers hire goldsmiths and...
The GSTN (Goods and Services Tax Network) will soon allow metal scrap dealers to register for TDS (Tax Deducted at Source) under section 51 of the GST Act. View more 11th October 2024 GSTN has been enabled in four new states Odisha, Kerala, Nagaland, and Telangana, for the verification...
What is HSN code under GST?HSN stands for Harmonized System of Nomenclature which was developed by the World Customs Organization (WCO) with the vision of classifying goods all over the World in a systematic manner.WCO has 181 members, three-quarters of which are developing countries that are ...
RCM is applicable under Section 9(4) of the CGST Act when the value of intra-state supplies of goods or services (or both) exceeds Rs. 5,000 per day. 7. How do I claim reverse charge on GSTR 3b? Recipients must report their GST liability under RCM in Table 3.1 D of GSTR-3B. ...
(i) Such input stock used for taxable supply under this Act (ii) Registered Person is not covered under section 10 (composition scheme) of this Act (iii) Registered Person is eligible for ITC under this Act (iv) Registered Person is in possession of the invoice or other duty payment ...
UnderSection 7 of the CGST Act, the supply of gold (without any job work) is considered the supply of goods. GST on gold is as follows: GST Rate on Purchase of Gold in India The GST rate on gold in India is set at3% (1.5% CGST + 1.5% SGST)on the value of gold. For example...
(E), dated the 13th October, 2017, except as respects things done or omitted to be done before such supercession, the Central Government, on the recommendations of the Council, hereby notifies the registered person who did not opt for the composition levy under section 10 of the said Act ...