Mumbai, October 1: The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday announced a 30 day grace period for those businesses which are not yet ready for GST e-invoicing. In a notification on Wednesday evening, CBIC noted that even after more than nine months of the first notification in this regard, some of […]
Tag Archives: GST Collection
GST Network Starts Providing Auto-Drafted ITC Statement GSTR-2B to Assist Taxpayers in Determining ITC Liability
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 […]
GST Council Meet: Compensation Gap Stands at Rs 2.35 Lakh Crore for FY 2020-21 Amid COVID-19 Pandemic, Centre Places 2 Options Before States
New Delhi, August 27: Union Finance Minister Nirmala Sitharaman on Thursday chaired the 41st Goods and Services Tax Council Meeting. During the meeting, the council estimated the compensation gap at around Rs 2.35 lakh crore in GST collections due to COVID-19 pandemic. Addressing the press conference, Revenue Secretary Ajay Bhushan Pandey stated that the total […]