The CBEC issue Amendment in GST Rate on Goods wef 18th July, 2022 The CBIC amended the Goods Rate Notification No. 06/2022, dated July 13, 2022 in the following ways in Schedule I – 2.5% S. No. Chapter/ Heading Description of Goods GST rate applicable w.e.f 18.07.2022 65 3006 Pharmaceutical goods specified in Note 4 …
Limit for GST E-Invoices for Firms dropped to Rs 10 crore Sales as of Oct. 1, 2022 Every registered Businesses who has an annual turnover more than Rs. 10 Crores it is required to send an electronic invoice as of October 1, 2022. Presently for e-invoice is mandatory for the firms with yearly turnover of …
Now on pay GST @ 18% on rent (Impact & Practical aspects) Any person who makes supply of goods over INR 40,00,000/- & a supply of service over INR 20,00,000/- will be liable for compulsory required to be take the GST registration. New GST rules are all set to unsettle rentals, too. The Finance Ministry’s …
Why B2C is Taxable but B2B is Exempted? – A Clever Step by Govt on GST levy? The pre-packaged and labelled food items (up to 25kg packing) were included in the scope of the GST, making some food items taxable when sold to B2C customers but remaining exempt when sold to B2B customers. ultimately increasing …
Option provided to GTA to opt either for 5% (without ITC) or 12% (with ITC) under Forward charge Previously, the Central Board of Excise and Customs vide Notification No. 13/2017- dated June 28, 2017 (“Services Reverse Charge Mechanism Notification”), to notify the kind of categories of services on which tax will be payable under the Reverse Charge …
New GST Rates are effective from 18th July- Let’s take a view of Updated Rates: While the GST council recommend to remove some tax exemptions and adjust some rate structures, many other exemptions were eliminated. Beginning from Monday, Customers will pay extra for variety of commodities, including furniture, lodging and banking services as new GST …
New GST Number Registration in Delhi Flexibility in the systems via online regime makes the GST registration very easy by following the certain easy steps altogether in one go. GST registration is mandatory for the holder whose turnover is more than 20 lakh. After making the application online, the business applicant will get the unique GSTIN number …
Main Changes wrt 47th GSTC meetings have been notified : GSTN the GST Council altered the GST rates for several commodities, which may have an impact on average people’s wallets. The new Goods and Services Tax rates will be in w e. f starting on July 18, 2022. The modifications were made at the 47th …
Who are the top Goods and Services Tax (GST) consultants in India? The GST has been the Indian economy’s most significant game-changing development. With the adoption of this single tax, many other taxes—including the luxury tax, central excise duty, state sales and use taxes, entertainment taxes, purchase taxes, service taxes, surcharges and cess are replaced. …
What is process to add Additional Trade Name under the same GST No ? The Goods and Services Tax Network recently implemented a new feature that allows you to add a “Additional Trade Name” (not the same as the ordinary trade name) to the same Goods and Services Tax Number. Having various trade names under …