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Tag: Goods and Service

September GST Collection records lowest in last 19 months

September GST Collection records lowest in last 19 months

Once again the GST Collection dropped below Rs 1 lakh crore limit. In the month of September, full of ups and down in the market, the GST collection stood at Rs. 91,916 crore. It was the lowest since last 19 months. The total gross GST revenue collected in the month of September, 2019 is Rs. 91,916 crore of which CGST is Rs. 16,630 crore, SGST is Rs. 22,598 crore, IGST is  Rs. 45,069 crore (including Rs. 22,097 crore collected on imports) and Cess is Rs. 7,620 crore (including Rs. 728 crore collected on imports). The total number of GSTR 3B Returns filed…

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Everything about Section 194N- TDS on Cash Withdrawal

Everything about Section 194N- TDS on Cash Withdrawal

A new section 194N introduced which increased the stress level for many. The Section came in effect on 1st September, 2019.  It brings good for Government but on the other hand problem for the common people. Let’s understand the new section. Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during a financial year. This section will apply to all the sum of money or an aggregate of sums withdrawn from a particular payer…

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No GST Annual Return for businesses upto Rs 2 crore Turnover?

No GST Annual Return for businesses upto Rs 2 crore Turnover?

The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs 2 crore from filing gst annual return. Senior officials said that despite three extensions for filing the returns, the number has been unsatisfactory. “It is ranging from 25-27 per cent despite extension of deadlines. The GST Council will discuss the issue in its meeting on September 20,” said an official. Sept 20 Goa meet, GST Council to look into inverted duty…

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Goa meeting Sept 20, GST Council to look into inverted duty structure issue

Goa meeting Sept 20, GST Council to look into inverted duty structure issue

The Goods & Services (GST) Council is expected to resolve issues related with inverted duty structure for various sectors in its 37th meeting scheduled to take place in Goa on September 20. The inverted duty structure, where there is higher duty on inputs and lower duty on output, has caused two problems. First is the refund in the GST regime, and second such a structure encourages imports hurting the domestic industry. There are at least seven industries including textiles and…

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GST Fitment Committee Opposes Tax Rate Cut On Automobiles

GST Fitment Committee Opposes Tax Rate Cut On Automobiles

The Indian Automobiles industry is going through a turbulent period and one of the ways in which a temporary reprieve can be obtained is by reducing the GST rate on automobiles from the current 28 per cent to 18 per cent, even if temporary. But the GST Fitment Committee (a panel of officials from the GST Council, which discusses requests from various industries for GST reduction), says that reduction on GST rates for automobiles will lead to a major loss…

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Goods and Service Tax on Buying Houses

Goods and Service Tax on Buying Houses

Goods and Service Tax is like air everywhere it can be discovered as it is charged for every item. It applies to the house regardless of whether you bought it or built it. Based on the current conditions and situations, distinct steps are taken by the government to benefit both customers and sellers. Let’s comprehend the information of Goods and Service Tax on the new house. Following the new schemes being initiated by the government, the demand for housing properties…

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