India’s Goods and Services Tax (GST) revenue for August 2023 totalled Rs 1,59,069 crore, marking the eighteenth consecutive month that collections surpassed Rs 1.4 lakh crore. While this represented a decrease from July 2023’s collection of Rs 1,65,105 crore, it still showed robust 11% year-on-year growth compared to August 2022’s Rs 1,43,612 crore. August 2023
Compounding of offences under GST lets a taxpayer pay a compounding amount to the Commissioner to avoid or end criminal prosecution for certain offences under Section 138 of the CGST Act. Once compounding is allowed and the amount is paid, proceedings for that offence are dropped, though the option is not available for every offence
A GST advance ruling is a written decision from the Authority for Advance Rulings (AAR) that clarifies how GST applies to your transaction, such as classification, rate or applicability. An applicant files Form GST ARA-01 with the prescribed fee; the ruling binds the applicant and the jurisdictional officer, and can be appealed to the Appellate
Whether GST on hostels and PG accommodation applies depends on the rent and length of stay. From 15 July 2024, hostel or residential accommodation up to Rs 20,000 per person per month is exempt, provided the stay is for a minimum continuous period of 90 days; accommodation above that value is taxed at 12% GST.
If you disagree with a GST demand order, you have the right to appeal against the GST demand order. The first appeal is filed with the Appellate Authority in Form APL-01 within 3 months of the order, along with a pre-deposit of 10% of the disputed tax. From there the matter can move to the
The enrollment period for the Goods and Services Tax (GST) was slated to reopen on June 25, 2017, for companies that missed previous registration deadlines. Despite 6.05 million entities having already enrolled with the Goods and Services Tax Network since November 2016, approximately two million businesses had not yet completed their GST registration. This reopening
GST rate changes directly shape how manufacturers price products and protect margins. This guide explains how anticipated GST rate revisions affect product pricing, input costs and manufacturer strategy — with practical steps to stay compliant and competitive. Before the announcement of definitive GST rates on goods and services, manufacturers across India initiated their own financial
In the run-up to GST, central excise collections were expected to dip as businesses ran down inventory and deferred clearances. This article explains why excise revenue softened before the GST rollout and what it signalled for the transition. The impending finalization of Goods and Services Tax (GST) rates was expected to lead to a significant
The Goods and Services Tax (GST) framework initially required composition scheme taxpayers to file an annual return known as GSTR-9A. This return was introduced alongside GSTR-9 for regular taxpayers. However, GSTR-9A was discontinued from FY 2019-20 onwards and replaced by a revised GSTR-4 as the annual return for composition taxpayers. This guide provides comprehensive historical
GSTR-4 is the annual return that GST composition dealers under Section 10 must file, in addition to the quarterly CMP-08 challan used to pay tax. It summarises the year’s turnover and tax; the due date is 30 June after the end of the financial year (from FY 2024-25), and a late fee applies if you
GSTR-9 and GSTR-9C are the annual GST filings. GSTR-9, the annual return, is mandatory for taxpayers with aggregate turnover above Rs 2 crore, while GSTR-9C, a reconciliation statement between the returns and audited accounts, is required above Rs 5 crore and is now self-certified. Both are generally due by 31 December of the following financial
A higher GST rate on chit fund commissions changes the economics for both foremen and subscribers. This guide breaks down how increased GST affects chit fund commissions, member returns and the small savers who rely on them. The Indian government increased the Goods and Services Tax (GST) on chit funds from 12% to 18%, a
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