The 43rd GST Council’s meeting held via video conferencing on 28th May 2021, headed by Union finance minister Mrs. Nirmala Sitharaman and other states’ finance ministers. The 43rd GST council meeting took place at a time when India is going through hard times due to Coronavirus second wave that has not only impacted the citizens but also derailed the …
A GST invoice proves the supply of goods or/and services. GST invoices also help in claiming eligible Input Tax Credit (ITC), transport goods, and IRN generation. Notwithstanding, in various situations, various types of GST invoices are generated. So, we will discuss different types of GST invoices issued in different scenarios: What are the Different Types …
In typical scenarios, any registered taxable person can claim a refund of excess tax or interest paid by furnishing GST RFD-01 under GST. However, in case if the authorities reject the claim, the ITC of such taxpayers is re-credited to their electronic cash or credit ledger with the help of the GST PMT-03 form. So, …
GST rate and HSN code of dairy-related products and other edible products procured from animals are mentioned in Chapter IV of GST Act 2017. So, in this blog, we will see GST rates and HSN codes of different dairy-related products, including products that are procured from animals such as eggs or honey. HSN Code Product …
As we already know every goods or/and service supplied under GST has a defined GST Rate. However, there are certain cases when the supply of goods or/and services are inter-related or inter-dependent on each other. For instance, a water purifier is purchased and installation of the same is provided along with it. So, to help …
As per the recent announcement made by NIC, the e-way bill system can now be successfully integrated with the FASTAG and RFID. This will help in tracking vehicles moving from one border or toll nakkas to another. Did You Know? Daily more than 25 Lakhs of vehicles moving goods crosses 800 tolls and are reported on the e-way bill system. …
The service sector plays a significant part in the economy as it helps in the dispersion of technology to different industries. This blog would help people who have foreign clients or subsidiaries located outside India to know whether reverse charge mechanism (RCM) under GST will apply to the services rendered. Concept of Import of service under GST Under GST, import of service includes: When …
The Ministry of Finance (MOF) has recently announced that, on 28th May 2021, the 43rd GST Council meeting will take place through video conferencing. The 43rd GST Council Meeting will be chaired by our Union Finance Minister Nirmala Sitharaman. The other members will be Finance Ministers of States and Union Territories and Senior officers from …
GSTR-1 is a type of GST return that contains every detail regarding sales made by a taxpayer. In this blog, we will try to cover all the aspects related to GSTR-1. What is GSTR-1? GSTR-1 is a monthly/quarterly GST return that needs to be filed by every registered GST taxable person. GSTR-1 consists of all …
