Tag: itc
Budget at a glance: What it means for taxpayers, economy and business
FM Nirmala Sitharaman on Wednesday presented the Union Budget 2023, the last full-fledged Budget OF Modi government before the general elections next year. The FM…
GST Exemption | International Freight: Exporters may have great festive season amid withdrawal of GST exemption on outbound international freight
There is a lot hue and cry happening in the exporter circle about the withdrawal of exemption of goods and services tax (GST) on international…
GST: Amendment in GST return format: Why changes regarding ITC will increase complexity for taxpayers
The implementation of the GST law in India has been prefaced with the narrative of national ambition and that of a global exception. The government…
e-Invoice GST: E-invoice mandatory for turnover above 10 crore from October 2
The centre has made E-invoicing mandatory for businesses with aggregate turnover exceeding Rs 10 crore from October 1, a move which will further plug in…
gst council: From canteen to medical insurance, GST Council provides much-awaited relief on employee perks
In the last meeting, the GST Council promised to issue clarifications relating to various Input Tax Credit (ITC) issues under GST. Keeping its promise, the…
Draft paper released on changes to GSTR-3B
The Central Board of Indirect Taxes and Customs (CBIC) has released a concept paper, suggesting comprehensive changes in the GSTR-3B – a self-declared summary of…
GST rules: Govt notifies procedural changes in GST rules, interest to be charged for wrongful credit availment
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold…
zero rating GST: FICCI bats for bringing healthcare under zero-rating GST
The exclusion of healthcare from the goods and services tax regime is leading to stranded input tax credit (ITC) according to the Federation of Indian…
GST Council meeting: Key developments at the GST Council meeting
The 47th GST Council meeting was held on 28 and 29 June 2022, almost coinciding with the fifth anniversary of GST. The discussions of the…
gst news: 5 years of GST: The irritants that we need to iron out
The noble intention of GST legislation was to replace multiple indirect taxes into single uniform tax law across the nation so as to relieve tax…