GST Council Recommendations Accepted: The government has exempted registered people with aggregate revenue of up to Rs 2 crore in the fiscal year 2021-22 from filing the annual return for the fiscal year. According to an official statement issued on Wednesday, the Unified Payments Interface (UPI) and IMPS payments mechanisms have also been introduced to…
Chandrajit Banerjee wrote this. On June 30, 2022, the unified Goods and Services Tax (GST), hailed as a historic and game-changing reform, will complete five years of effective implementation. GST, widely regarded as one of the most significant tax changes in Indian history, is viewed as a shining example of cooperative federalism aimed at moving…
The Agricultural Purchase Marketing Committee (APMC), commission agents, buyers, dealers, and labor unions are protesting the introduction of a 5% GST on rice, wheat, pulses, and other foodgrains in Karnataka on Friday. APMC and the state’s rice mills will stay closed. The State Rice Mill Owners’ Association has halted all operations and urged that the…
The GST Council has formed a Group of Ministers, led by Haryana Deputy Chief Minister Dushyant Chautala, to make legislative modifications necessary to establish the GST Appellate Tribunal (GSTAT). The GST Council, led by Finance Minister Nirmala Sitharaman and comprised of state ministers, resolved last week to form a Group of Ministers (GoM) to address…
Those hoping for a cheap vacation might expect to pay extra for their hotel accommodations starting July 18, 2022. Because the Goods and Services Tax (GST) Council declared on July 18 that hotels charging less than Rs 1,000 per day would be subject to GST. According to a news release made on June 29, 2022,…
The deadline for submitting an income tax return (ITR) for the Fiscal Year 2021-22 (Academic Years 2022-23) is July 31, 2022. Due to the unique coronavirus outbreak and problems in the newly created income tax site, the government prolonged ITR filing and other income tax-related deadlines in the preceding two years. However, with everything returning…
If you forget to specify high-value transactions in a specific year, you may receive a notification from the authorities, and with the deadline for submitting income tax returns rapidly approaching, it is advisable to be aware of the facts. The Income Tax Department monitors high-value cash transactions over a certain threshold, and if you fail…
The panel of state finance ministers tasked with bringing online gambling and casinos under GST failed to achieve an agreement on Tuesday and decided to submit its report by August 10. According to officials, the Group of Ministers (GoM) convened virtually on Tuesday and reviewed alternative methods of taxes for casinos, horse racing, and internet…
Myntra Designs Pvt Ltd addressed the AAR seeking clarification on whether giving advertisement space on its platform to foreign firm Lenzing Singapore Pte Ltd was subject to GST. The sale of internet advertisement space will be subject to 18% Goods and Services Tax, according to the Karnataka bench of the Authority for Advance Ruling. Myntra…
According to the organization, 7,300 agricultural produce market committees (APMCs), 13,000 pulse mills, 9,600 rice mills, 8,000 flour mills, and 30 million retail enterprises would protest and remain closed in opposition to the application of GST on pre-packaged and marked food goods. The GST Council has ruled that pre-packaged and labeled food goods (excluding frozen)…