a for taxpayers having an yearly mixture turnover more than Rs five crore inside the previous economic 12 months, If your file beyond 15 times from the original due dates but within specific dates in June-July 2020. For the remainder of the taxpayers, fascination will not be levied. For futher studying to the dates, endure our article on GST Relief steps all through COVID-19 outbreak.
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Another well known 1 is the GST on wellness insurance policies and selected everyday living insurance policies merchandise, which needs to be reduced from 18% for each quite a few insurers' demands. It decreases the premium Price tag and can make it inexpensive for plan buyers to buy wellbeing insurance plan.
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fiftieth GST Council Conference is going on on 11th July 2023. read through the newest news and the highest expectations in this article.
six-thirty day period GST payment freeze for worst-strike sectors, a decreased rate for realty among Covid selections mulled
The latest report issued in the direction of the top of 2022 is most certainly like the primary report, submitted previously that year, apart from the divergent thoughts spelled out earlier mentioned.
The proposed merger of The 2 regulatory bodies may possibly appear sensible provided the perceived commonality involving The 2 – namely, regulation of financial legislation and safety of consumer passions.
GST audit requirement by distinct professionals which include CAs and CMAs is removed from the GST regulation. Section 35 and forty four have been amended During this regard. As per the amendment, only GSTR-nine once-a-year returns with a self-certification foundation have to be submitted within the GST portal by taxpayers, entirely removing the necessity get more info for GSTR-9C, i.
28% GST is relevant on Motor automobiles nevertheless the cess differs from motor capcity and size from the auto.
The reserve recommends the plan steps needed to reform GST hinging on income buoyancy, planet-course dispute resolution, institutional strengthening, and improving the ease of performing business.
Also, reductions in GST charges sectors which can help encourage usage and provide aid to companies can be on many wishlit.
The Modification will allow equivalent taxability for each international and Indian transport lines for exempting or taxing IGST on the transportation of products by shipping vessels into or outside of India.
In such cases 1 doesn't have the choice to claim ITC or input tax credit history (ITC). The eighteen% GST price provides a provision for ITC claims. the speed is generally dependant on The placement on the cafe.