Raksha Parikh
Here the new gst collection july 2024 is compared with the same month of last year. That means, it is compared with GST Collection July 2023. GST Revenue Collection Amount₹ Gross GST Revenue Collection July 2024 1,82,075 Crore Gross GST Revenue Collection July 2023 1,65,105 Crore GST Collection July 2024 summary GST Amount₹ Total GST … Read more
Introduction of GST Budget 2024 This article contains all the recent amendments proposed in Finance Bill 2024.Clauses 110 to 153 of this Finance Bill represents gst changes in Budget 2024. All the clauses will come into force on enactment of finance bill in parliament. This article has been prepared topic wise with our detailed analysis … Read more
The Government vide notification No. 12/2024 – Central Tax dated 10.07.2024, has introduced FORM GSTR-1A which is an optional Form/ facility. This has been provided to the taxpayers to add or amend particulars of a supply of the current tax period, which was missed out or was wrongly reported in FORM GSTR-1 of the said tax period, … Read more
Government has issued New GST Advisory on GST Refund of tax paid on Inward supply of goods by Canteen Store Department (FORM GST RFD 10A). In reference to Circular No. 227/21/2024-GST issued by GST policy wing, CBIC on 11th July, 2024 for online processing of refund applications filed by Canteen Stores Department (CSD), GSTN has developed an … Read more
GSTN wish to inform that NIC is releasing the integrated services from e-invoice-1 and e-invoice-2 portals on 18th July 2024 on sandbox portals and 1st Aug 2024 on the production portals. These portals run in parallel and now allow for seamlessly inter-operations. The highlights of the portal are as follows: (https://einvoice1.gst.gov.in and https://einvoice2.gst.gov.in) i. Both the portals (NIC-IRP 1 & … Read more
Summary of Clarification regarding applicability of GST on certain services through Circular No 228-22-2024 Circular No 228/22/2024 provides Clarification regarding applicability of GST on certain services. It is based on the recommendations of 53rd GST Council Meeting which was held on 22-06-2024. This circular mainly consist of following: Keypoints of the Circular No 228-22-2024 1. … Read more
Summary of the IGST Refund Process For Price Revisions After Export Goverment has annouced IGST Refund Process For Price Revisions After Export through the Circular No 226/20/2024.Trade and industry representative have asked the government to create system for refunding the extra IGST paid when the price of exported goods increases after they have already been exported. … Read more
Summary of the Taxability and valuation of corporate guarantee Services between related persons of the Circular No 225/19/2024. The Government has issued Clarification regarding Taxability and valuation of corporate guarantee Services between related persons through Circular No 225/19/2024 dated 11-07-2024.On the recommendation of GST Council a new rule 28(2) to be added on 26-10-2023 through … Read more
Government has issued GST Advisory for Registration. GSTN is pleased to inform that changes have been made in size of document upload in Principal Place of Business and Additional Place of Business for New Registration and Amendment catering to the grievances received in the matter from trade. Taxpayer can now upload following documents up to maximum … Read more
Summary of Amendment in TCS Rate for E-Commerce Operator On Jul 10,2024 – Notification No.15/2024-Central Tax has issued for amendment in TCS Rate for E-Commerce Operator. These will effective from 10-07-2024. Section 52(1) of the CGST Act,2017 states that every electronic commerce operator who is not acting as an agent, must collect a tax @ … Read more