FADA : Rs. 2,500 Cr Loss Risk from Compensation Cess Credits in GST 2.0 Transition The Federation of Automobile Dealers Associations has sounded the alarm over a potential INR 2,500 crore loss to auto dealers due to the impending removal of compensation cess without clear transitional guidelines. These credits, currently lying in dealers’ books, are …
5 Common Mistakes Startups Make During GST Registration Starting a new business? That’s exciting! But before you start your brand or sell your product, there’s one important thing you shouldn’t ignore: getting your legal and tax work sorted. One of the first things every startup in India needs is GST registration. It’s not just a …
Critical concerns faced by MSMEs & Exporters under GST A parliamentary panel flags issues faced by Micro, Small & Medium Enterprises, exporters under Goods and Services Tax. Micro, Small & Medium Enterprises and exporters face several critical concerns under the Goods and Services Tax Regime, affecting their compliance, cash flow, and operational efficiency. This report …
PVC raincoats 𝘁𝗼 𝗔𝘁𝘁𝗿𝗮𝗰𝘁 𝟭𝟴 percentage 𝗚𝗦𝗧 – West Bengal 𝗔𝗔𝗥 𝗥𝘂𝗹𝗶𝗻𝗴 This West Bengal Authority for Advance Ruling highlights the importance of correctly classifying products under Goods and Services Tax. It reinforces that plastic-based products like PVC raincoats fall under Harmonised System of Nomenclature (HSN) 3926, attracting 18% goods and services tax instead of …
GST collections rose by 9.1 percentage points to about INR 1.84 lakh crore in Feb 2025 Basic Key Insights from February 2025 GST Collections The 9.1% YoY rise in gross GST collections to ₹1.84 trillion in February 2025 reflects sustained domestic consumption and a potential economic revival. However, the collections are lower than ₹1.96 trillion …
GST on sale of all used cars, including electric vehicles The 55th GST Council meeting held on December 21, 2024, in Jaisalmer, Rajasthan, introduced a uniform 18% GST rate on the sale of all used cars, including electric vehicles (EVs). This decision standardizes GST on second-hand cars, as previously, EVs were taxed at 12%, while …
Amendments to arrest & bail procedures under CGST Act The Goods and Services Tax Investigation Wing’s Instruction No. 01/2025- Goods and Services Tax introduces important amendments to arrest and bail procedures under the Central Goods And Services Tax Act 2017, focusing on transparency and procedural fairness, particularly in light of recent judicial pronouncements. Below is a concise breakdown of …
India’s GST Collections Surge in December 2024 to INR 1.77 Trillion India’s GST collections for December 2024 reached a record ₹1.77 trillion, marking an 8% year-over-year increase. This growth reflects India’s robust economic performance and improved tax compliance, affirming the efficacy of the GST framework. The December 2024 GST collections exemplify India’s economic progress and …
FAQs on e-Invoice QR Code Verifier Mobile App The e-Invoice QR Code Verifier Mobile App is an essential tool for businesses to ensure the authenticity of e-invoices and maintain compliance with GST regulations. Goods and services tax E-Invoice QR Code Verifier App is an innovative tool developed by the GSTN to streamline the verification of …
Introduction of Form DRC-03A for Voluntary Payment Adjustments- Adjust Tax Demand Amount Goods and Services Tax Network introduction of Form DRC-03A on the GST portal is a significant update, enabling taxpayers to efficiently manage voluntary payment adjustments. This update, brought in by Notification No. 12/2024, is part of ongoing efforts to improve the GST compliance …