Raksha Parikh
Summary of the Key Insights of 54th GST Council Meeting The Key Insights of 54th GST Council Meeting are relating to the changes in GST tax rates, provide relief to individuals, measures for facilitation of trade and measures for streamlining compliance in GST.The 54th GST Council met under the chairpersonship of Union Minister for Finance … Read more
Summary of the Circular No 233/27/2024 for IGST Refunds for Exporters The Clarification has been issued by Circular No 233/27/2024 for IGST Refunds for Exporters. This clarification states that even if business initially imported goods without paying IGST and compensation cess using the exemptions under Notification No 78/2017-Customs dated 13-10-2017 or Notification No 79/2017- Customs … Read more
Summary of Clarification on Place of supply for Data Hosting Services Trade and industry groups have asked for Clarification on Place of supply for Data Hosting Services. Specifically, when service provider is located in india and provide service to cloud computing companies located outside india.Therefore, government has issued Circular No 232/26/2024 regarding Place of supply … Read more
Summary of the Clarification on availability of input tax credit on demo vehicles Circular No 231/25/224-GST has Clarification on availability of input tax credit on demo vehicles. The dealers generally purchase the demo car from manufacturer for the purpose to give buyers test drives and to show them the features of the car. After paying … Read more
Summary of Clarification on advertising Services provided to Foreign Clients. The Government has issued clarification on advertising services provided to foreign clients through Circular No 230/24/2024- GST Dated 10-09-2024. The circular gives clarity regarding advertising services provided by indian company to foreign clients. Some authorities are treating these services as if they are provided in … Read more
Summary of the GST Advisory on Registration Process Aadhaar authentication and Document verification for registration in Bihar, Delhi, Karnataka and Punjab GST Advisory on Registration Process Aadhaar authentication, Document verification for registration in Bihar, Delhi, Karnataka and Punjab.The new facility has been provided for booking an appointment to visit a GST Suvidha Kendra (GSK) for … Read more
Summary for Turnover limit to file GSTR-9 for the FY 2023-24- Notification No 14/2024 Government has issued Notification No 14/2024 to inform turnover limit to file GSTR-9 for the FY 2023-24. The GST Council has recommended that the business with an aggregate turnover of up to 2 Crore for the Financial year 2023-24 be exempted … Read more
Summary of the GST Advisory for Reporting of Supplies to Unregistered dealers in GSTR-1/GSTR-5 The Government has issued GST Advisory for Reporting of Supplies to Unregistered dealers in GSTR-1/GSTR-5 on 03-09-2024. As the facility of reporting sales with reduced value of Rs.1 lacs for B2CL transactions in GSTR-1 and GSTR-5 are not available on the … Read more
Summary of the GST Advisory on Invoice Management System Introduction of New functionality called Invoice Management System on the GST Portal for easily handling of corrections and amendment of the invoices issued by the supplier. GST Advisory has been issued on Invoice Management System on 03-09-2024.This functionality further helps taxpayer by matching their records with … Read more
GST Collection August 2024 is Rs.1,74,962 Crore. Here the GST revenue Collection 2024 is compared with the same month of last year. That means, it is compared with GST Collection August 2023. GST Revenue Collection Amount ₹ Gross GST Revenue Collection August 2024 1,74,962 Crore Gross GST Revenue Collection August 2023 1,59,069 Crore GST Collection … Read more