The Goods and Services Tax Network (“GSTN”) has enabled a new feature to show return filling frequency on GST Portal for the Taxpayers. Now anyone can check the return filling frequency of any GST registered person. This feature will help you to identify the Quarterly Returns Monthly Payment (“QRMP”) and Non QRMP dealers. The frequency...
The GST Council’s 47th meeting was held in Chandigarh on 28th and 29th June, 2022 under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The key highlights are as under: 1. Exemption from filing annual return in FORM GSTR-9/9A for FY 2021-22 to be provided to taxpayers having AATO upto Rs. 2...
A fee of Rs 1,000 would be required, if the PAN-Aadhaar link is completed on or after July 1, 2022. If you link your PAN to your Aadhaar on or before June 30, 2022, you will be charged Rs 500. Further, if the PAN is not linked with Aadhaar by March 31, 2023, then next...
The introduction of CENVAT removed to a great extent cascading burden by expanding the coverage of credit for all inputs, including capital goods. CENVAT scheme later also allowed a credit of services and the basket of inputs, capital goods, and input services could be used for payment of both central excise duty and service tax....
The salient features of GST are as under: (i) GST is applicable on ‘supply’ of goods or services as against the present concept on the manufacture of goods or on sale of goods or on provision of services. (ii) GST is based on the principle of destination-based consumption taxation as against the present principle of...
In the discussion that preceded the amendment in the Constitution for GST, there were a number of thorny issues that required resolution and agreement between the Central Government and State Governments. Implementing a tax reform as vast as GST in a diverse country like India required the reconciliation of the interests of various States with...
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