Traders to Oppose GST Red Tape: Seek Simplification of Authority and Tax Slabs under New RegimeDhandeo, Keyur
For example, if a manufacturer purchases raw materials costing ₹100 and pays 5% GST, the total cost becomes ₹105. Upon adding ₹50 in value to the product, he sells it for ₹155. The GST on ₹155 is ₹7.75, but he can claim an input tax credit of ₹5 for the GST p...
GST did away with this complex system and introduced uniform tax slabs for both goods and services. The rules applicable on GST have also made the filing process much simpler for taxpayers through the GSTN portal. However, to file your returns under GST, you need a unique GSTIN number. ...
Despite all advantages, some significant implementation flaws include technical glitches, frequent changes in the rules, malfunction of input tax credit claim system, multiple tax slabs and frequent changes in items covered under these slabs, etc. (Financial Express, 2019; The New Indian Express, ...
E-Way Bill under GST E-way bill is an electronic document generated on the GST portal evidencing movement of goods. It has two Components: Part A comprising of details of GSTIN of recipient, place of delivery (PIN Code), invoice or challan number and date, value of goods, HSN code, tr...
What are the GST rates in India? GST rates in India are structured into four slabs: 5%, 12%, 18%, and 28%, applicable to various goods and services based on their categorization. What is the GST exemption limit? Under the GST regime in India, businesses with annual revenue below certain...
We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in public domain from March to April 2023. This issue also covers some of the updates from an indirect tax perspective. ...
The bill widens income tax slabs for individuals. Income between Rs 2 to Rs 5 lakh will be taxed at 10%, between Rs 5 and Rs 10 lakh at 20%, and over Rs 10 lakh at 30%. Companies will be taxed at 30% of business income. Foreign companies shall pay an additional branch profits ...
GST Return Under GST, there are variousGST return forms, which taxpayers can use to file GST returns online. All these forms are required to be e-filed as per the GST return filing process laid down in the GST return rules section of the GST Act. Each of the GSTR form have a differe...
Supreme Court has sought the Indian government's responses in a plea challenging the validity of GST hike on online real money gaming.