The Indian Government has introduced Goods and Services Tax in 2017, which is popularly known as GST. It is a tax implemented to bring all the indirect taxes and service charges under one shed. Every supplier with earnings of more than INR 20 lakhs per annum has to register under GST. Once an individual obtains […]
On 14th March 2020, the Finance Minister, Nirmala Sitharaman chaired the 39th GST Council Meeting in New Delhi to make certain amendments in GST Law. As per the proposed decisions, there is an increase in the tax rate on mobile phones and specified parts from 12% to 18%. Moreover, GST on machine-made and handmade matchsticks […]
Goods and Service Tax is the full form of GST which is an indirect tax that came into effect from 1st April 2017 substituting all the other indirect taxes such as service tax, VAT, Central State Tax, Central Excise Tax etc. As per GST Rules, every business whose annual turnover exceeds INR 40 lakhs shall […]
The GST Council has approved an introduction of ‘E-invoicing’ or ‘electronic invoicing’ on September 29, 2019, for reporting business to business (B2B) transactions to the GST system. The new system will get implemented on January 1, 2020. Earlier, no standard prototype existed for e-invoice in India; however, the New GST return has set a standard […]
In an endeavour to encourage the adoption of electric vehicles, the GST council on 27th July 2019, Saturday, decided to cut the tax rates on electric vehicles. The GST on Electric Vehicles has been slashed from 12% to 5% and will be effective from 1st August 2019. The 36th GST Council took place through video […]
Whether you are a manufacturer, distributor, service provider or any other, you need to file GST returns within the stipulated time. The GST returns are filed online as per the procedure prescribed by the Government of India. In this blog, we will discuss various GST returns and their due dates. To know more about types […]
Eventually, the aim of ‘One Nation, One Tax’ regime turned into reality when GST, the much-anticipated tax, came into effect on 1st July 2017. As a result, the whole tax structure on the supply of goods and services got revised. All indirect taxes combined to become one tax currently known as GST .i.e., Goods and […]
Goods and Services Tax, is one of the most reforming tax schemes ever introduced in the Indian economy and constitution. The reason why GST is the most-talked taxes is that it has replaced all the indirect taxes levied on the supply of goods and services. With the introduction of GST, there have been many changes […]
Goods & Service Tax Identification Number (GSTIN) is a unique identification number allotted to business enterprises and taxpayers when they get themselves registered under the Goods & Services Act. It’s a state-specific number consisting of 15 digits. These 15 digits are comprised of the ten digits PAN no. of the enterprise or individual, two digit […]
We are well aware that GST is levied on the supply of goods and services. And hence, travel agencies are no exception. Therefore, GST on Travel Agents and Tour Operators are also imposed since they offer travel services to the people. In this blog, we will educate you about the GST on Travel Agents as […]
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