Benefits of GST Benefit to Government A unified common national market to boost Foreign Investment and “Make in India” campaign; Boost to export/manufacturing activity, generation of more employment, leading to reduced poverty and increased GDP growth; Improving the overall investment climate in the country which will benefit the development of States; Uniform SGST and IGST
Silent Features of GST Silent Features of GST 1 Applicability GST is applicable to whole of India including Jammu and Kashmir.. 2 Levy GST would be applicable on “supply” of goods or services as against the present concept of tax on the manufacture of goods or on sale of goods or on provision of services.
40th GST Council Meeting The 40th GST Council Meeting was held today. This was the first Council Meeting after the outbreak of COVID-19.Here are the key decisions that were taken in the 40th GST Council Meeting: No Late fee on GSTR3B for Nil Tax Liability: For all those who have no tax liability but have
GST May 2020 Updates l Notifications l Case Laws l Council Meetings l GST (Goods and Service Tax) GST Compliance Calendar – Returns for the M/O May 2020 to be filed in June 2020 Return Returns Original Date Revised Date GSTR-1 Outward supply for the month of May 2020 11thJune 2020 30th June 2020 GSTR-5
Direct Tax May 2020 Updates Recent circulars Notifications Rules Clarifications News CBDT notifies new form for 26AS which shall also include information relating to assessee’s specified financial transaction (Information of property and share transactions etc.), payment of taxes, demand/ refund and pending / completed proceedings(Notification No. 30/2020-Income Tax/G.S.R. 329(E) dated 28.05.2020) CBDT amended Guidelines for application
Goods and Service Tax – GST GST March 2020 Updates l Notification l News l GST Compliance Calendar – Returns for the M/O March 2020 to be filed in April 2020 Return Original Date Revised Date GSTR-1 Outward supply for the month of March 2020 11th April 2020 30th June 2020 (Announced in post 39th
Direct Tax Updates March 2020 Recent Circulars / Notifications/ Rules/ Clarifications/ News Due to the outbreak of Novel Covid-19, Finance Minister has announced several relief measures- Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020. Aadhaar-PAN linking date to be extended from 31st March, 2020 to
Indian banks to appeal for relief on bad loans amid coronavirus concerns : The coronavirus pandemic has sparked concerns about a fresh surge in bad loans at India’s lenders, and the industry body representing the banks plans to appeal to regulators to provide some reprieve in bad-debt classification, two sources told Reuters on Tuesday. “Discussions