News & Update

March 16, 2020
39th gst council meet

Major Updates and Highlights on 39th GST Council Meet

The 39th GST Council meeting held on Saturday 14 March under the chairmanship of Union Finance & Corporate Affairs Minister Mrs. Nirmala Sithraman. Along with the finance minister, Union Minister of […]
February 20, 2020
GST News

Is GST paid on insurance premium eligible for tax benefit?

Source: livemint As the season for submitting proof of investments in tax-saving products nears, your employer might soon ask to furnish them. Tax benefit on premiums paid for life and […]
February 19, 2020
GSTIN

Taxpayers required to quote GSTIN on EXIM declarations: CBIC

Source: Economic Times The Central Board of Indirect Taxes and Customs (CBIC) issued a circular clarifying that registered taxpayers are required to declare GST Identification Number (GSTIN) on their EXIM […]
February 18, 2020
Vivad se Vishwas scheme

Vivad se Vishwas scheme introduced to settle income tax disputes

Source: Business Standard To provide a procedure for taxpayers to settle pending income tax disputes, Vivad se Vishwas scheme was announced in the Union Budget 2020. Under the scheme, taxpayers […]
February 17, 2020
GST Tax Structure

GST Council to discuss states compensation, review tax structure

Source: India Today The Goods and Services Tax (GST) Council is likely to meet soon to discuss the compensation paid to states for the loss of revenue after the implementation […]
February 13, 2020
GST Payment

Officials to recover ₹46,000 crores as late GST payment interest

Source: The Economic Times The Central Board of Indirect Taxes and Customs (CBIC) has asked tax officials to collect almost ₹46,000 crores as interest on account of delayed GST payment. […]
February 12, 2020
GST Compensation

GST compensation of ₹81,043 crore given to states for April-Sept

Source: The Hindu In a written reply to Rajya Sabha, Minister of State for Finance Anurag Singh Thakur said that the Centre has released ₹81,043 crore as GST compensation to […]
February 11, 2020
pre-GST-era

Amnesty scheme for taxpayers to settle dues of the pre-GST era

Source: telegraphindia.com To collect disputed taxes of pre-GST era such as VAT, central sales tax and entry tax, the Bengal government has introduced an amnesty scheme. According to the industry […]
February 10, 2020
GST-Council-to-revise-GST rates

Finance Minister: GST Council to revise GST rates once in a year

Source: Times of India The Finance Minister Nirmala Sitharaman on Sunday said that the Goods and Services Tax (GST) Council is set to revise tax rates of goods and services […]
February 5, 2020
GST-compliance

Government to introduce a lottery system to boost GST compliance

Source: Economic Times In order to encourage customers to ask for bills while making purchases, the government is planning to introduce a lottery system under the Goods and Services Tax […]
February 4, 2020
due-date-for-filing-annual returns

CBIC has extended the due date for filing annual returns

Source: Economic Times The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for filing the annual GST return forms – GSTR-9 and GSTR-9C for the financial […]
February 3, 2020
GST-revenu

GST revenue mop-up in January crosses ₹1 trillion-mark

Source: Business Standard Goods and Services Tax (GST) revenue mop-up in January has crossed the ₹1 trillion-mark for the third month in a row thanks to the anti-evasion measures taken […]
January 31, 2020
budget-2020

What are the common expectations from the budget 2020?

Source: The Hindu The finance minister Nirmala Sitharaman is going to present the Union Budget 2020 at a time when the economy is struggling with the worst period of slowdown. […]
January 29, 2020
audit-conciliation-statement

Assessees yet to submit audit conciliation statement for the FY18

Source: The Hindu BusinessLine As the submission date for filing FY annual return is around the corner – January 31, still 3 out of 4 assesses still need to submit […]
January 28, 2020
input-tax-credit

CBIC blocks input tax credit due to mismatch of returns

Source: Times of India The Central Board of Indirect Taxes and Customs (CBIC) has blocked tax credits of about ₹40,000 Crore due to the mismatch of returns, uncovering more than […]
January 27, 2020
e-Invoicing-under-GST

E-invoicing under GST will have a positive impact on businesses

Source: Economic Times Following the decision by the GST Council in its 37th GST Council Meeting, taxpayers registered under Goods and Services Tax (GST) having an annual turnover of above ₹500 […]
January 24, 2020
low-GST-mop-up

Modest revenue target expected in Budget 2020 due to low GST mop-up

Source: The New Indian Express Due to the ongoing economic slowdown, lower than expected mop-up in GST and direct taxes, a cut in corporate tax, the government is likely to […]
January 23, 2020
Filing of GSTR 3B

Finance Ministry staggers filing of GSTR-3B to ease system load

Source: pib.gov.in After constant complaining from taxpayers of technical glitches in filing the monthly summary GST returns (GSTR-3B), the Finance Ministry on Wednesday said that it would allow the filing […]
January 22, 2020
GST Returns Filing

Over 65 lakh GST returns filed till January 20: GST Network

Source: Economic Times On Tuesday, the Central Board of Indirect Taxes and Customs (CBIC) said that a total of 65.65 lakh GSTR-3B returns have been filed for the month of […]
January 15, 2020
GST Compliance

Anti-profiteering body to start GST compliance drive

Source: Livemint In the next three months, the National Anti-profiteering Authority (NAA) is expected to issue a wave of orders, in line with the Centre’s drive to boost Goods and […]

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