The GST Network (GSTN) on Saturday started providing auto-drafted input tax credit (ITC) statement GSTR-2B to taxpayers. The newly launched initiative would assist the taxpayers in determining their ITC liability. GSTR-2B will be generated on GST portal for every registered person on the basis of the information furnished by his suppliers. It will be made […]
Tag Archives: Goods and Services Tax (GST)
Delayed GST Payment: Govt Changes Interest Liability Rules, Interest to Be Charged on Net Tax Liability From September 1, 2020
New Delhi, August 26: The government on Wednesday changed the interest liability rules and said that the interest on delayed payment of Goods and Services Tax (GST) will be charged on net tax liability with effect from September 1. Reports inform that the industry had earlier this year raised concern over the directive of recovery […]
Ministry of MSME Issues Circular Stating RBI’s Criteria for Classification of Enterprises Under MSMED Act, 2006, Here Are the Details
New Delhi, August 24: The Ministry of Micro, Small and Medium and Medium Enterprises on Monday issued the Reserve Bank of India’s notification for clarifications of small and medium and medium enterprises in the country. The re-classification of MSMEs have been done by the Union government under the Micro Small and Medium Enterprises Development Act, […]
Aadhaar Authentication to Help Businesses Get GST Registration Within 3 Days
In what is believed to be a major boost for businesses in India, the businesses that provide Aadhaar number while applying for registration under the Goods and Services Tax (GST) will get the approval in three working days. Last week, the Central Board of Indirect Taxes and Customs (CBIC) had notified Aadhaar authentication for GST […]
GST Council Likely to Meet on August 27 to Discuss Compensation Payout to States
New Delhi, August 19: The Goods and Services Tax (GST) Council is likely to meet on August 27 to discuss the compensation pay-out to states. The council will also discuss the opinion of the Attorney General on the legality of market borrowing to meet revenue shortfall. This will be the 41st meeting of the GST […]