45th Meeting of the GST Council – Key Proposals
Covid Relief measures by extending and adding some more drugs under GST concessional rate till 31st December 2021. Changes in GST rates will be applicable from 1st October 2021 unless otherwise not specified. GST rate changes in order to correct inverted duty structure, in footwear and textiles sector, as was discussed in earlier GST Council […]
Recommendations of 43rd GST Council meeting dated: 28th May, 2021
The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing on 28th May, 2021. The GST Council has made the following key recommendations relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure: COVID-19 […]
Recent Updates & Compliance Calendar – Direct and Indirect Tax
DIRECT TAXES RECENT UPDATES Extending time for payment under VSV (Vivad Se Vishwas Scheme) to 30.06.2021 including timelines for assessment (Notification No. 39/2021 & 38/2021) Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income and Dividend Income (Notification No. 1 & 2 of 2021-DGIT ) CBDT notifies new Provisions of […]
GST calendar for April 2021 at a glance
*Due date Purpose Period Description 10th April 2021 GSTR-7 (Monthly) March’21 Summary of Tax Deducted at Source (TDS) and deposited under GST laws GSTR-8 (Monthly) March’21 Summary of Tax Collected at Source (TCS) and deposited by E-commerce operators under GST laws 11th April 2021 GSTR-1 (Monthly) March’21 Taxpayers having an aggregate turnover […]
GST Update – | Utilisation of ITC | Cash Payment |
The biggest GST amendment of 2020 was announced by the Government by the CGST Notification to restrict the use of 100% ITC balance for payment of monthly output liability. The summary of said provisions is given hereunder for your immediate reference and consideration. [Introduction of Rule 86B] With effect from the 1st day of January […]
GST Update – || E-Invoice ||
Now, the Government has further extended the E-Invoicing provisions to businesses exceeding Rs.50 crore turnover limit with effect from 1st April 2021. Vide Notification no. 05/2021 dated 8th March 2021. E-Invoicing provisions were made effective in the following phases. from October 1, 2020, issuing E-invoice was made mandatory for businesses with a turnover of Rs […]