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Revision Post – 44th GST Council Meeting

In light of our previous blog, the government of India on a spree of reducing the tax rate again reduced the tax rate substantially after the council meeting held on 12.06.2021. In the council meeting, the tax rate on the covid-19 medical essential reflected a major reduction. Despite that, the government again on 14.06.2021, vide … Read moreRevision Post – 44th GST Council Meeting

44th GST Council Meeting

The GST Council met again today on 12th June, 2021 to convene the 44th GST Council Meeting through video conferencing. The meeting was chaired by the Chairman of the Union Finance & Corporate Affairs Minister, Smt. Nirmala Sitharaman. It was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur … Read more44th GST Council Meeting

Summary of Notifications – Central Tax (under the CGST Act) issued on June 1, 2021

1. Notification No. 27/2021 – Central Tax  With this notification, the Central Goods and Services Tax Rules, 2017 stand amended. A registered company during the period of 27th April, 2021 to 31st August, 2021 shall be allowed to furnish GSTR-3B and GSTR-1 using IFF, verified through electronic verification code (EVC). The details using IFF for … Read moreSummary of Notifications – Central Tax (under the CGST Act) issued on June 1, 2021

43rd GST Council Meeting

After a long hiatus, the GST Council finally met and convened the 43rd GST Council Meeting on 28th May, 2021 through video conferencing. The meeting was chaired by the Chairman of Union Finance & Corporate Affairs Minister, Smt. Nirmala Sitharaman and was also attended by Union Minister of State for Finance & Corporate Affairs Shri … Read more43rd GST Council Meeting

CBIC launches a special ‘Refund and Drawback Disposal Drive’

The worst affected people from the pandemic have been the businessmen. The imposed lockdown has brought several financial and fiscal challenges. However, the Ministry of Finance has constantly endeavoured to support taxpayers by introducing various initiatives that facilitate compliance. Several measures have been introduced by CBIC including, 24×7 Customs functioning, introducing single window helpdesk, nodal … Read moreCBIC launches a special ‘Refund and Drawback Disposal Drive’

FM Sitharaman to chair 43rd GST Council Meeting on 28th May 2021

The Ministry of Finance announced that they would be conducting the 43rd GST Council meeting on 28th May via video conferencing in New Delhi at 11 am. The last meeting, the 42nd GST Council Meeting, was held on 5th October 2020. Finance Minister Nirmala Sitharaman will be chairing the meeting, where notable attendees include Anurag … Read moreFM Sitharaman to chair 43rd GST Council Meeting on 28th May 2021

Covid Relief Measures Introduced for GST Taxpayers

The finance ministry hit an impressive gross GST revenue collection for the month of April 2021, setting a record high at Rs. 141,384 crores. However, the covid wave has hit a rough patch and there are no signs of any improvement and hence, the Central Board of Indirect Taxes and Customs (CBIC) has decided to … Read moreCovid Relief Measures Introduced for GST Taxpayers

GST On Milk And Related Products

In India, GST rates are fixed by the GST Council. There are five GST slabs: NIL (0%), 5%, 12%, 18%, and 28%, and these are mapped to specific HSN codes for harmonisation of levy of GST across the nation. Note: HSN is the abbreviation for Harmonized System of Nomenclature code. It is used for the … Read moreGST On Milk And Related Products