Three opposition-ruled states stated on Sunday that the compensation sum guaranteed by the Centre is expected to be more than the Rs 1.58 lakh crore anticipated by the Centre and that a special session of the GST Council will be summoned to debate it. The finance ministers of Kerala, Punjab, and Chhattisgarh claimed during the…
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1. New Invoice Series: Ensure the creation of a set of new/unique invoices to be raised from 01 April 2021. The set should contain serial numbers. You can create multiple layers according to your convenience. 2. Physical Stock Check: The physical stock needs to be reconciled with the stock according to books of account. This…
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The composition scheme was created specifically for small taxpayers to help them avoid the complexities of the GST framework and compliances. Small registered taxpayers should pay a flat rate of tax based on their annual revenue. For the financial year 2021-22, the Goods and Service Tax Network (GSTN) has released an advisory on opting into…
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In Budget 2021, Finance Minister Nirmala Sitharaman proposed a host of reforms to the goods and services tax system aimed at assisting small and medium enterprises in weathering pandemic-related disruptions. This includes easing the audit requirement for registered companies, assessing the amount of interest owed on outstanding tax liabilities, and identifying the conditions under which…
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A senior finance ministry official said that the central government is in favour of combining the 12% and 18% goods and services tax (GST) rates into a single slab, acceding to a proposal first made by some states and endorsed by the Fifteenth Finance Commission (FFC). At its meeting in March, the GST Council, India’s…
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Latest GST News – Updates – Announcements Extend the maturity date of the GSTR-3b file! GSTR-3B’s maturity date for April 2018 was extended to May 22, 2018, from 20 May 2018. Last updated as April 10, 2018 In the state, the implementation of electronic trend bills starts to Telangana, Gujarat, Uttar Pradesh, Andhra Pradesh and…
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