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New GST Rates! These 147 items have zero GST, but are any shopkeepers not charging any tax? Check the full list.

Pravesh Maurya — Thu, 25 Sep 2025 09:58:01 +0000

New GST rates came into effect on September 22nd, making many food items cheaper. Some items have been exempted from GST and are taxed at 0%. There is a risk that shopkeepers may mislead customers, so it’s important to know which 147 items are subject to zero GST (Zero GST full list).

New GST Rates: New GST rates came into effect on September 22nd. With the implementation of the new rates, most items, from food to everyday use, have become cheaper. Some items are exempt from GST, meaning they have zero GST on some items. However, many shopkeepers can mislead customers.

You too could be cheated. Therefore, it is important to know which items have zero GST. Otherwise, the shopkeeper may cheat you. We have listed 147 items with zero GST in a table. We have also created a category-wise list.

It is important to note that these exemptions may change based on government policies and regulatory updates. Both the central and state governments have the authority to grant GST exemptions.

Which 147 items have zero GST? Full List of Items with Zero GST

Full list of goods with 0 GST
Number	Description of items	New GST rates
1	Fresh milk and pasteurized milk, including separated milk, milk and cream, that is not condensed and does not contain added sugar or other sweeteners, excluding ultra high temperature (UHT) milk	0%
2	Curd	0%
3	Lassi	0%
4	buttermilk	0%
5	Chena or paneer, not packed in unit container and not having a registered brand name	0%
6	Natural honey, not packed in unit container and not having a registered brand name	0%
7	Potatoes, fresh or chilled	0%
8	Tomatoes, fresh or frozen	0%
9	Onions, shallots, garlic, leeks and other garlicky vegetables, fresh or chilled	0%
10	Cabbage, cauliflower, kohlrabi, kale and similar edible brassicas, fresh or chilled	0%
11	Lettuce (Lectica sativa) and chicory (Dithorium spp.), fresh or chilled	0%
12	Carrots, turnips, salad beets, salsify, celeriac, radishes and similar edible roots, fresh or chilled	0%
13	Cucumber and bitter gourd, fresh or chilled	0%
14	Legumes, peeled or unpeeled, fresh or frozen	0%
15	Other vegetables, fresh or frozen	0%
16	Dried vegetables, whole, chopped, diced, powdered, but not further prepared	0%
17	Dried leguminous vegetables, peeled, whether peeled or split, not packed in unit containers and not bearing a registered brand name	0%
18	Manioc, arrowroot, salep, Jerusalem artichoke, sweet potato and similar roots and tubers with high starch or inulin content, fresh or chilled; sago pulp	0%
19	Coconuts, fresh or dried, whether or not peeled	0%
20	Brazil nuts, fresh, whether or not shelled	0%
21	Other nuts, such as almonds, hazelnuts, walnuts, chestnuts, pistachios, macadamia nuts, kola nuts, areca nuts, fresh, whether or not shelled	0%
22	Bananas, including bananas, fresh or dried	0%
23	Dates, figs, pineapples, avocados, guavas, mangoes and mangosteens, fresh	0%
24	Citrus fruits, such as oranges, mandarins, grapefruit, lemons, and limes, fresh	0%
25	Grapes, fresh	0%
26	Melons (including watermelon) and papayas, fresh	0%
27	Apples, pears and japonica, fresh	0%
28	Apricots, cherries, peaches (including nectarines), plums and sloes, fresh	0%
29	Other fruits like strawberries, raspberries, blackberries, mulberries, currants, cranberries, kiwi, durian, persimmon, pomegranate, tamarind, sapota, custard apple, borey, litchi, fresh	0%
30	Citrus fruit or melon (including watermelon) rind, fresh	0%
31	Fresh ginger, not processed ginger	0%
32	Fresh turmeric, not the processed form	0%
33	Wheat and meslin, not packed in unit container and not bearing a registered brand name	0%
34	Maize (corn), not packed in unit container and not bearing a registered brand name	0%
35	Rice, not packed in unit container and not bearing a registered brand name	0%
36	Wheat or meslin flour, not packed in unit container and not bearing a registered brand name	0%
37	Flour of cereals (other than wheat or meslin), such as maize flour, rye flour, not packed in unit container and not bearing a registered brand name	0%
38	Muri, Chivda, Khoi, Murki	0%
39	papad, by whatever name called, except when served for consumption	0%
40	Bread (branded or otherwise), except when served for consumption and pizza bread	0%
41	Water (excluding aerated, mineral, purified, distilled, medicinal, ionic, battery, de-mineralized, and water sold in sealed containers)	0%
42	Coconut water, not packed in unit container and not bearing a registered brand name	0%
43	Salt, all types	0%
44	Live donkeys, mules and hinnies	0%
45	live bovine animals	0%
46	live pig	0%
47	Live sheep and goats	0%
48	Live poultry, such as chickens of the Gallus domesticus species, ducks, geese, turkeys, and guinea fowl	0%
49	Other living animals such as mammals, birds, insects	0%
50	Meat of bovine animals, fresh and chilled	0%
51	Meat of bovine animals, frozen (except packed in unit containers and frozen)	0%
52	Pork, fresh, chilled or frozen (except packed in unit containers and frozen)	0%
53	Meat of sheep or goat, fresh, chilled or frozen (except packed in unit containers and frozen)	0%
54	Meat of horses, donkeys, mules or hinnies, fresh, chilled or frozen (except when packed in unit containers and frozen)	0%
55	Edible remains of bovine animals, swine, sheep, goats, horses, donkeys, mules or hinnies, fresh, chilled or frozen (except those packed in unit containers and frozen)	0%
56	Poultry meat and food scraps, fresh, chilled or frozen (except those packed in unit containers and frozen)	0%
57	Other meat and edible meat offal, fresh, chilled or frozen (except packed in unit containers and frozen)	0%
58	Pork fat, non-lean meat, and poultry fat, not rendered or otherwise removed, fresh, chilled or frozen (except when packed in unit containers and frozen)	0%
59	Pig fat, non-lean meat, and poultry fat, salted, cured in brine, dried or smoked (except when packed in unit containers)	0%
60	Meat and edible meat offal, salted, in salt water, dried or smoked; edible flour and meal of meat or meat offal (excluding those packed in unit containers)	0%
61	live fish	0%
62	Fish, fresh or chilled, excluding fish fillets and other fish meat of heading 0304	0%
63	Fish fillets and other fish meat (whether or not minced), fresh or chilled	0%
64	Crustaceans, whether or not in shell, live, fresh or chilled; crustaceans in shell, cooked by steaming or boiling water, live, fresh or chilled	0%
65	Molluscs, whether or not in shell, live, fresh, chilled; crustaceans and other aquatic invertebrates except molluscs, live, fresh or chilled	0%
66	Other aquatic invertebrates, except crustaceans and molluscs, live, fresh or chilled	0%
67	Human hair, unprocessed, whether or not washed or cleaned; human hair waste	0%
68	Bones and horn-cores, unprocessed, fat removed, merely prepared (but not cut to size), acid-treated or gelatinized; powder and waste of these products	0%
69	Bone meal, horn meal, hooves, claws, nails and beaks; horns etc.	0%
70	semen, including frozen semen	0%
71	Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage	0%
72	Coffee beans, unroasted	0%
73	Green tea leaves, unprocessed	0%
74	Fennel, badian, coriander, cumin, or carom seeds; juniper berries [of seed quality]	0%
75	Rye, not packed in unit container and not bearing a registered brand name	0%
76	Barley, not packed in unit container and not bearing a registered brand name	0%
77	Oats, not packed in unit container and not bearing a registered brand name	0%
78	Cereal sorghum, not packed in unit container and not bearing a registered brand name	0%
79	Buckwheat, millet and canary seed; other cereals such as sorghum, millet, ragi, not packed in unit container and not bearing a registered brand name	0%
80	Cereal grains, meals and pellets, not packed in unit containers and not bearing a registered brand name	0%
81	peeled cereal grains	0%
82	Potato flour, not packed in unit container and not bearing a registered brand name	0%
83	Flour of dried leguminous vegetables of heading 0713, sago or flour of roots or tubers of heading 0714, or of products of Chapter 8 such as flour of tamarind, water chestnut, mango, not packed in unit container and not bearing a registered brand name	0%
84	All items of seed quality	0%
85	Soya beans, whether or not broken, of seed quality	0%
86	Peanuts, unroasted or cooked, whether or not shelled or broken, of seed quality	0%
87	Linseed, whether or not broken, of seed quality	0%
88	Rape or colza seeds, whether or not broken, of seed quality	0%
89	Sunflower seeds, whether or not broken, of seed quality	0%
90	Other oilseeds and oily fruits (such as palm seeds, cotton seeds, castor seeds, sesame seeds, mustard seeds, safflower seeds, watermelon seeds, poppy seeds, ajams, mango kernels, niger seeds, kokum), whether or not broken, of seed quality	0%
91	Seeds, fruits, and spores, which are used for sowing	0%
92	Hop cones, fresh	0%
93	Plants and parts of plants (including seeds and fruits), of a kind used primarily in perfumery, pharmacy or for insecticidal, fungicide or similar purposes, fresh or chilled	0%
94	Locust beans, seaweed and other algae, sugar beet and sugar cane, fresh or chilled	0%
95	Cereal husks and hulls, unprepared, whether cut, ground, pressed or in the form of pellets	0%
96	Swedes, manure grains, fodder roots, grasses, lucerne (alfalfa), clover, sainfoin, fodder kale, lupins, vetches and similar fodder products, whether or not in the form of pellets	0%
97	Lacquer and shellac	0%
98	betel leaves	0%
99	All types of jaggery, including best	0%
100	Contains Anna Jaggery and Palmyra Jaggery	0%
101	Aquatic feed, including shrimp feed and prawn feed, poultry feed and cattle feed, including grass, husk and pulse husk, concentrates and additives, wheat bran and de-oiled cake	0%
102	electrical energy	0%
103	Animal feed grade Dicalcium Phosphate (DCP), conforming to IS Specification No. 5470:2002	0%
104	Human blood and its components	0%
105	All types of contraceptives	0%
106	All commodities and organic manures (except those packed in unit containers and bearing registered brand names)	0%
107	Kajal (except Kajal pencil stick), Kumkum, Bindi, Sindoor, Alta	0%
108	Municipal waste, sewage sludge, clinical waste	0%
109	plastic bangles	0%
110	Condoms and contraceptives	0%
111	firewood or fuel wood	0%
112	Charcoal (including shell or nut charcoal), whether or not aggregated	0%
113	Judicial, non-judicial stamp papers, court fee stamps, when sold by Government treasuries or by vendors authorised by the Government	0%
114	Postal items, such as envelopes, postcards, etc., sold by the government	0%
115	Rupee notes, when sold to the Reserve Bank of India	0%
116	in cheque, loose or book form	0%
117	Printed books, including Braille books	0%
118	Newspapers, magazines and journals, whether or not illustrated or containing advertising matter	0%
119	Children’s picture, drawing, or coloring books	0%
120	Maps and hydrographic or similar charts, including atlases, wall maps, topographical plans and globes, printed	0%
121	silkworm cocoon	0%
122	raw silk	0%
123	silk waste	0%
124	Wool, uncarded or combed	0%
125	Fine or coarse animal hair, uncarded or combed	0%
126	wool or fine or coarse animal hair waste	0%
127	Gandhi cap	0%
128	Khadi Yarn	0%
129	Jute fibre, raw or processed but unspun	0%
130	Coconut, coir fiber	0%
131	Indian National Flag	0%
132	Human hair, dressed, thinned, bleached or otherwise worked	0%
133	Earthen pot and earthen lamp	0%
134	Glass bangles (except those made of precious metals)	0%
135	Manual or animal-powered agricultural implements, such as hoes, shovels, pickaxes, axes, bill hooks, pruning shears, sickles, hedge shears, wooden wedges and other implements used in agriculture, horticulture or forestry	0%
136	Amber Charkha	0%
137	Handloom (weaving machinery)	0%
138	Spacecraft (including satellites) and suborbital and spacecraft launch vehicles	0%
139	Parts of goods of heading 8801	0%
140	hearing aids	0%
141	indigenous handmade musical instruments	0%
142	Mudgha and Phool Bahari broom made from reeds	0%
143	Slate Pencil and Chalk Stick	0%
144	slate	0%
145	passenger luggage	0%
146	Puja materials, such as: (i) Rudraksha beads, Rudraksha beads, Tulsi Kanthi beads, Panchagavya; (ii) Sacred thread (Yagnopaveet); (iii) Wooden Khadau; (iv) Panchamrit; (v) Vibhuti sold by religious institutions; (vi) Unbranded honey; (vii) Diya wick; (viii) Roll; (ix) Kalava (Raksha Sutra); (x) Chandan Tika	0%
147	Supply of lotteries by a person, not being a State Government, Union Territory Government or local authority, provided that the supply of such lotteries is taxed with appropriate central tax, State tax, Union Territory tax or integrated tax, as the case may be, as applicable

Category Wise Product Details. Category Wise Full List Of Items With Zero GST

Social class	List of products	New GST rates
animal products	Live animals: donkeys, cows, sheep, goats, chickens	0%
	Meat: fresh and frozen meat of sheep, cows, goats, pigs, horses	0%
	Fish: fresh or frozen	0%
Natural and agricultural products	Natural products: honey, fresh and pasteurized milk, cheese, eggs	0%
	Living trees and plants: bulbs, roots, flowers, leaves	0%
	Vegetables: Tomatoes, potatoes, onions, carrots	0%
	Fruits: Bananas, grapes, apples, oranges	0%
	Dry fruits: cashews, walnuts, almonds	0%
	Grains: wheat, rice, oats, barley	0%
	Milling industry products: various types of flour	0%
	Seeds: flower seeds, oilseeds, cereal husks	0%
Beverages and condiments	Tea, coffee, and spices: coffee beans, tea leaves, turmeric, ginger, black pepper	0%
Beverages and condiments	Water: Mineral water, coconut water, packaged drinking water	0%
Processed and baked goods	Sugar products: sugar, molasses	0%
Processed and baked goods	Baked goods: bread, pizza base, puffed rice, pastries	0%
Energy and industrial goods	Fossil Fuels: Electrical Energy	0%
Energy and industrial goods	Fertilizers: Manures and Organic Manures	0%
Health and Personal Care Products	Drugs and pharmaceuticals: human blood, contraceptives, vaccines	0%
Health and Personal Care Products	Beauty products: bindi, kajal, kumkum, herbal cosmetics	0%
Waste and Recycling	Waste: sewage sludge, municipal waste, recyclable waste	0%
Accessories and printed materials	Jewellery: Plastic and glass bangles	0%
	Newsprint: judicial stamp paper, envelopes, rupee notes	0%
	Printed goods: printed books, newspapers, maps	0%
Textiles and handicrafts	Fabrics: raw silk, silkworm cocoons, khadi, cotton, wool, synthetic fabrics	0%
	Hand tools: spade, hammer, gardening tools	0%
	Pottery: clay pots, clay lamps	0%

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GST Impact Flat Prices: Will flats become cheaper due to reduction in GST? Know how much benefit home buyers will get

Pravesh Maurya — Thu, 04 Sep 2025 16:17:24 +0000

GST Cut Make Flats Cheaper: The government has recently made a big cut in GST, due to which buying a house is now going to be cheaper and easier. Especially the tax on construction materials like cement, tiles, bricks, and stone has been reduced. Earlier these things were under the purview of 12% or 28% GST, now the tax on them has been reduced to 5% and 18%. This means that the cost of building a house will be reduced and the home buyers will directly benefit from this.

What do real estate developers say?

Officials of big companies believe that this step is very big for the entire sector. They say that the reduction in tax will reduce the cost of building a house, which will not only complete the real estate projects quickly, but will also provide relief in loan installments. This is a good news for home buyers during the festive season as the demand for houses often increases during festivals.

How cheap will it be to buy a house?

According to experts, this GST cut can reduce the total cost of the house by 3-5%. This means that lakhs of rupees can be saved on a house of ₹ 50 lakh or ₹ 1 crore. This saving will prove to be a big relief for home buyers. This change in GST will come into effect from 22 September 2025. After this, the prices of houses in the market will gradually come down.

The GST cut made by the government is a big gift for the middle class and common people. This will make the dream of a house cheaper and closer. In the next festivals, there may be an increase in the sale of new houses and people can easily buy their house. This change will give a boost to the real estate sector of the country and will also boost economic activities.

Aadhaar Card update rules: Know how many times you can change the name, mobile number and address in your Aadhaar card?

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How much does ATM charge in 1 year?

Jyoti — Wed, 23 Apr 2025 05:10:04 +0000

ATM Charges: All the banks providing banking services in the country also provide ATM facility to their customers. If you want, you can also refuse your bank for an ATM card. But many of your online tasks cannot be done without an ATM.

Banks also charge you several types of charges on ATM cards and the government also charges you GST on the use of ATMs. You have to pay a hefty fee along with GST on cash withdrawal after a certain limit from the ATM. For this, all banks also charge you an annual fee on the ATM card, which is called Annual Maintenance Charge i.e. AMC.

AMC of ATM card can be up to Rs 2000

Different banks in the country charge different fees on different categories of ATM cards or debit cards. This charge can range from 0 to 2000 rupees, keep in mind that along with AMC, you also have to pay GST. Actually, customers get many facilities with ATM cards, according to which AMC is charged from you. Apart from this, many private banks also make customized cards for their customers, which has a separate charge. This charge is automatically deducted from the customer’s bank account once a year for availing ATM service.

How to avoid ATM card AMC

Banks inform their customers about this fee by sending them text messages and emails for every card transaction. Apart from this, in return for this fee, your card is kept active and functional. However, banks also have many such options for which you do not have to pay any kind of AMC for ATM services.

Actually, these are basic debit cards, which are used only for cash withdrawal. But, usually banks do not give information about these cards to their customers. For this, customers have to ask the bank themselves whether they want a basic ATM card without AMC.

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Central GST offices will remain open this week, know whether these will be considered working days or not

Jyoti — Fri, 28 Mar 2025 10:28:51 +0000

The Central Board of Indirect Taxes and Customs (CBIC) on Friday said that the field offices of Central GST (CGST) will remain open from March 29 to March 31.

The CBIC’s directive comes days after the Central Board of Direct Taxes (CBDT) issued a similar directive in respect of Income Tax Department offices to facilitate completion of pending departmental work. The current financial year 2024-25 ends on March 31. Income Tax and CGST offices across the country will remain open despite the weekend and Eid-ul-Fitr, which may fall on Monday, PTI reported.

Shall be treated as a working day

According to the news, the Central Board of Indirect Taxes and Customs in its instructions to the Chief Commissioners said that all the regional offices of CGST will remain open on March 29, March 30 and March 31, 2025 and these will be considered as working days. March 31, 2025 is the last day of the current financial year, so all government payments and settlements related to the financial year have to be completed by that day. March 31 is also the last date for filing updated ITR for 2023-24.

Income Tax Department offices will also remain open

A day earlier, the CBDT said in its order that Income Tax Department offices across the country will remain open from March 29 to 31 to facilitate taxpayers in settling pending tax related work for the current financial year 2024-25. Income Tax Department offices across the country will remain open despite the weekend and Eid-ul-Fitr falling on Monday. The last day of the current financial year is March 31, 2025. Therefore, all government payments and settlements related to this financial year have to be completed by the same day. The last date for filing updated income tax returns for 2023-24 is also March 31.

The Reserve Bank of India (RBI) has also issued instructions to banks dealing with government business to remain open on March 31 for the convenience of taxpayers. RBI said that necessary arrangements have also been made to conduct special clearing operations across the country to facilitate accounting of government receipts and payments in the current financial year itself.

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5% GST may be levied on term plans along with input tax credit

Jyoti — Wed, 12 Feb 2025 10:28:40 +0000

The ministerial committee may recommend 5% GST with input tax credit on insurance product term plans. “After resistance from the insurance industry, the fitment panel assisting the GoM has been asked to work on 5% GST with ITC and also work on the revenue impact on it,” said an official aware of the development.

The Group of Ministers (GoM), headed by Bihar Deputy Chief Minister Samrat Choudhary, on Friday asked the Fitment Committee under the Council to examine the tax implication of the proposal, sources told the Economic Times.

Strong opposition to IRDA

The official said the Insurance Regulatory and Development Authority of India (IRDA) has been asked to discuss the pros and cons of the proposal with the industry, which has strongly opposed a blanket exemption, arguing that insurance products would become expensive without input tax credit (ITC) benefits.

Report by the end of this month

The regulator is expected to submit its report by the end of this month, following which the GoM will discuss the matter and submit its recommendations to the GST Council. “IRDAI is working on building a consensus and the GoM will meet again after IRDAI submits its report,” sources said.

What are the objections of the insurance companies

Insurance companies had expressed their objections to IRDAI and Central Board of Indirect Taxes and Customs (CBIC). Insurance companies have expressed their objections by giving a memorandum to IRDAI and Central Board of Indirect Taxes and Customs. The industry has advocated levying 12% GST with ITC for term plans.

“The industry is sceptical about abolition of input tax credit and IRDAI is looking into it,” CBIC chairman Sanjay Agarwal had said in a post-Budget interview to ET earlier this month.

The 13-member group of ministers formed in September 2024 includes Uttar Pradesh Finance Minister Suresh Kumar Khanna , West Bengal Finance Minister Chandrima Bhattacharya, Kerala Finance Minister KN Balagopal, Rajasthan Health Minister Gajendra Singh, Karnataka Revenue Minister Krishna Byre Gowda and Goa Chief Minister Pramod P Sawant.

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GST Portal Down: GST portal suddenly crashed before the deadline, demand to extend last date for filing returns

Jyoti — Fri, 10 Jan 2025 09:58:52 +0000

GST Portal Down: The GST portal suddenly crashed before the deadline, due to which taxpayers across the country are worried. Taxpayers are facing a lot of trouble due to the GST portal being down.

Despite the deadline for filing monthly and quarterly returns approaching, the portal has not been working for more than 24 hours.

The last date for filing returns is Saturday 11 January 2025, but due to the problem of the portal, many traders are not able to file returns. In view of the current situation, traders are demanding the government to extend the deadline from January 11 to January 13.

The technical team is working on resolving this issue

Responding to the issue on Thursday, the official social media handle of GSTN acknowledged that some users are facing issues in preparing and filing their GSTR-1 summary. They also said that their technical team is working fast to resolve the issue.

Dear Taxpayers!📢

GST portal is currently experiencing technical issues and is under maintenance. We expect the portal to be operational by 12:00 noon. CBIC is being sent an incident report to consider extension in filing date.

Thank you for your understanding and patience!

— GST Tech (@Infosys_GSTN) January 10, 2025

A recent update informed users that the website is likely to be active by 12 noon on Friday, giving business owners a limited time to file returns before the deadline. The update also stated that some users were facing problems in preparing and filing GSTR-1 Summary, their technical team is working to resolve the issue quickly.

The portal is not working for a long time

At the same time, many people say that the portal is not working since January 8. According to people, they have been trying to fill the form for the last several hours but the file is not getting updated. This time business owners were hoping that there would be no problem while filing returns, but due to the portal being down, they are facing problems. More difficulties have arisen for those who were planning to file their returns on the last day.

New Rule From 1st Jan 2025: Key Changes in LPG, GST, Visa Rules, Telecom Services, and More from January 1, 2025

Jyoti — Thu, 26 Dec 2024 07:21:09 +0000

Rule Change From 1st January 2025: Now the time has come to say goodbye to the year 2024. At the same time, as soon as the new year starts from January 1, many important financial and social rules (New rules 2025) are going to change.

These changes will have a direct impact on the pockets of middle class people and their budget. These changes related to ration card, LPG cylinder, credit card, and EPFO pension are important for every common citizen.

There will be a change in Amazon Prime

Amazon India has decided to change the rules of its Prime membership from January 1, 2025. From the new year, Prime Video will be streamed on only 2 TVs from one Prime account. To stream on more TVs, you will have to take an extra membership. Earlier, you could connect 5 devices to one account.

WhatsApp will stop working on many Android phones running older versions of the operating system starting January 1, 2025.

This includes popular models from brands like Samsung, LG, Sony, HTC, and Motorola.

Here are the list of the names of the affected phones models:

Samsung: Galaxy S3,Galaxy Note 2,Galaxy Ace 3,Galaxy S4 Mini
HTC: One X, One X+, Desire 500, Desire 601
Sony: Xperia Z, Xperia SP, Xperia T, Xperia V
LG: Optimus G, Nexus 4, G2 Mini, L90, Motorola, Moto G, Razr HD
Moto E 2014

Changes in the rules of telecom companies

From January 1, 2025, the rules related to telecom companies are also going to change. Under the new rules, companies will have to pay more attention to installing optical fiber and new mobile towers. This will also help companies in providing their services. Also, due to this there will be less trouble in installing towers.

Hike in car prices

As the new year approaches, car prices may also increase. Some important car companies of the country have announced to increase the prices of their cars. Car companies like Maruti Suzuki, Mercedes-Benz, BMW, Audi, Hyundai and Mahindra are going to increase the prices of their cars. These companies have said that they will increase the prices of cars by up to 3 percent.

Thailand’s e-visa system to be launched in 2025

From 1st January 2025, visitors from any country of the world would be able to apply for a Thailand e-Visa through the official website, www.thaievisa.go.th. However, the e-Visa system was earlier accessible to only those travelers coming from certain regions. But, this expansion allows applicants from any country to finish off the entire visa application procedure online.

With the move, the procedure for international visitors becomes simplified while making the traveling of internationals easier in accessing Thailand. For many Indians, the travel document processing will indeed be easy now because most Indians go out to travel in Thailand with the intent of having some holiday there.

New US visa appointment rules to cut wait time, bring relief for Indians in 2025

US Visa Relief for Indians: Starting January 1, 2025, the US Embassy in India will allow non-immigrant visa applicants to reschedule appointments once without extra fees.
Additional rescheduling will require reapplication and fee payment.
H-1B Visa Overhaul: Effective January 17, 2025, new DHS rules aim to modernize the H-1B process, offering flexibility for employers and better transitions for Indian F-1 visa holders.
But long Wait Times Persist: Visa appointment wait times in India remain high, with B1/B2 visas averaging 400+ days.

ITC Hotels demerger to come into effect from January 1, 2025

The multifaceted conglomerate ITC, based in Kolkata, has already said that once all necessary permits are obtained, the demerger of ITC Hotels will take effect on January 1, 2025.

LPG cylinder prices

Oil companies update information about cylinder prices on the 1st of every month. The prices of 19 kg commercial gas cylinders have been increased for the last 5 months. However, there has been no change in the prices of 14.2 kg cylinders used for domestic use.

Key Rule Changes for Jio, Airtel, Vodafone, and BSNL Users from January 1, 2025

The Department of Telecommunications released the Telecommunications (Right of Way) Rules, 2024 commonly known as RoW rules on 19 September, 2024. In effect from January 1, 2025, these regulations are established to control the construction, use, and maintenance of underground communications facilities on public property. Companies will be in a better position to boost their services with the aid of Right of Way regulations. The new regulation specifies the locations for new mobile tower installations by telecom providers such as Jio, Airtel, Vodafone, and BSNL.

Changes in RBI’s FD rules

The Reserve Bank of India has changed the policy related to fixed deposits of NBFCs and HFCs from January 1. This includes the process of changing the rules for taking deposits from the public, the percentage of keeping liquid assets and the rules related to insuring the deposits.

Important Changes in GST Compliance

A number of key changes in GST compliance will come into effect starting from January 1, 2025, which would affect companies in India:-

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GST Annual Return: It is mandatory for THESE taxpayers to file GST Annual Return, see the deadline

Jyoti — Sat, 16 Nov 2024 07:02:35 +0000

Businessmen registered under GST have to file and submit the annual return (GST Annual Return) after the completion of every financial year. GST taxpayers fill the GSTR-9 form to file returns every year, so this form is also known as the annual form.

In this form, businessmen have to provide information about their sales and purchases for the whole year and also have to provide the details of GST paid during that financial year to the government. The last date for filing GST Annual Return is 31 December 2024.

Taxpayers who have opted for the composition scheme under GST are required to file Form GSTR-9A to file their annual returns. Taxpayers are required to file all the applicable returns for that financial year such as Form GSTR-1/ IFF and Form GSTR-3B before filing their annual returns.

Which taxpayers are required to file GST annual return

Filing of annual GST returns is mandatory for all taxpayers who have taken GST registration during the relevant financial year, irrespective of the time of registration. And taxpayers who opt for the Composition Scheme under GST are required to use the GSTR-9A form to file annual returns.

These taxpayers will not have to file returns

The specific categories of taxpayers who have been exempted by the government from filing GST annual returns include-

Input Service Distributor
Taxpayers paying tax under section 51 of the CGST Act
Taxpayers paying tax under section 52 of the CGST Act
Taxpayers paying casual tax
Non-resident tax payers

It is not necessary for these traders to file annual returns

For your information, let us tell you that the Central Board of Indirect Taxes and Customs (CBIC) has exempted GST registered small traders from filing annual GST returns for the financial year 2023-24. Such GST registered businessmen whose total turnover is up to Rs 2 crore in the financial year 2023-24, will not have to file annual returns for that year.

How many types of GSTR-9 forms are there?

Under the Goods and Services Tax system applicable in India, the GSTR 9 form has been divided into four types according to different categories of businessmen.

1. GSTR-9 Form: This form is for general traders registered under GST.

2. GSTR-9A Form: For taxpayers who opt for the composition scheme under GST, there is the GSTR-9A form.

3. GSTR-9B Form: GSTR-9B form is used for e-commerce operators.

4. GSTR-9C Form: GSTR-9C form is for those businessmen whose annual turnover is more than Rs 2 crore.

18% GST will be levied on payment through credit/debit card

Jyoti — Tue, 10 Sep 2024 04:02:18 +0000

GST Council meeting: 18% GST will be levied on credit card and debit card transactions below Rs 2000. Payment gateways will not get any exemption in this.

A big decision has been taken in the GST Council meeting regarding debit and credit card transactions. According to information received by CNBC Awaaz from sources, now 18% GST will be levied on credit card and debit card transactions below Rs 2000. Payment gateways will not get any exemption in this.

After this decision, 18% GST will be levied on the merchant fee of the transaction. The GST Fitment Committee is of the opinion that 18% GST should be levied on this income from payment aggregators. The committee believes that this type of GST is unlikely to affect customers.

GST will be collected from payment gateways and aggregators

Actually this GST will be collected from the payment aggregator. Payment aggregator is a third party platform and helps a merchant to accept payment amount. Razorpay, Paytm and Google Pay are examples of payment aggregate.

Also Read: Attention FD holders! This bank has started a new amazing scheme, know the changed interest rates too

Actually, payment aggregators charge some money from merchants for providing their services. This is 0.5-2 percent of every transaction. However, most aggregators keep it at 1 percent. The government charges service tax on this 0.5-2 percent amount. Therefore, it will not have a direct impact on common people. But it will create problems for small shopkeepers.

GST Council meeting held in Delhi

The GST Council meeting was held today under the chairmanship of Finance Minister Nirmala Sitharaman. The meeting focused on GST rates on insurance policies and important decisions were taken in the interest of customers.

Will 18% GST be levied on transactions through debit and credit cards? What will be its impact on you?

Jyoti — Fri, 06 Sep 2024 05:58:50 +0000

New Delhi. In its next meeting, the GST Council may discuss the proposal to levy 18% GST on low value payments made through debit and credit cards. CNBC-TV18 has received this news from sources.

This GST will be collected from the payment aggregator. Payment aggregators are third party platforms that help a merchant accept payments. With their help, a merchant does not need to create his own payment gateway. Razorpay, Paytm and Googlepay are examples of payment aggregates.

When the government demonetised Rs 2000 notes, it stopped charging service tax from aggregators on transactions of less than Rs 2000 to promote digital transactions. Now, tax can be levied on it again. However, the government does not charge tax on the entire transaction amount.

Also Read: Income Tax Refund did not come after filing ITR, know step by step what…

What is the whole matter?

Actually, payment aggregators charge some money from merchants for providing their services. This is 0.5-2 percent of every transaction. Most aggregators keep it at 1 percent. The government charges service tax on this 0.5-2 percent amount. Therefore, it will not have a direct impact on common people. But it will create problems for small shopkeepers.

Online transactions will be affected.

If the government starts levying service tax on every transaction of less than Rs 2000, then the aggregators will put this burden on the shopkeepers. It is possible that to reduce this burden, shopkeepers may stop accepting online payments for small transactions or start collecting it from the customers.

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GST on Health Insurance: A big decision may be taken on Monday after the GST Council meeting

Jyoti — Thu, 05 Sep 2024 07:00:02 +0000

A big meeting of the GST Council is going to be held on Monday, September 9, 2024. It is believed that in this meeting a decision can be taken regarding GST on health insurance.

GST on Health Insurance: A big meeting of the Goods and Services Tax (GST) Council is going to be held on Monday, September 9, 2024. It is believed that in this meeting a decision can be taken regarding GST on health insurance. If sources are to be believed, the Fitment Committee is not in favor of giving complete GST exemption on premium. However, some suggestions have been given to the Council by the Committee and the final decision has been left to the Council.

Let us tell you that the Fitment Committee includes revenue officers of both the Central and State Governments. At present, the committee has given some options to the Council and left the decision to it. Along with this, it has also been told that what kind of impact can be seen on the revenue on choosing those options. If sources are to be believed, tax cuts are being considered in any one of the four ways on health insurance. The fitment committee believes that the cuts should be made only when the life insurance company gives benefits to the insured. It is being told that the council can consider giving rate cuts in life insurance only for term and re-insurance.

Also Read- RBI guidelines for mutilated defected damaged currency notes, how to exchange in banks, know here

Nitin Gadkari has also made this demand

Let us tell you that Union Road and Transport Minister Nitin Gadkari has urged the government to withdraw GST on insurance. West Bengal CM Mamata Banerjee has also reiterated this demand and demanded relief to the common man. Let us tell you that GST is an indirect tax. GST, implemented on 1 July 2017 during the first term of the Modi government, has brought about a major change in the country’s tax system. Since its introduction, a single tax is imposed in place of different taxes across the country.

Before the implementation of GST, 15% tax was levied on term or life insurance and medical insurance. But after the implementation of GST, it increased by 3% and GST started being levied on these insurances at the rate of 18%. The increase in tax by 3% had a direct impact on the premium of insurance policies and its prices increased. However, arguments are given in favour of GST by talking about the facility of tax exemption in this regard.

Big news about GST, you will be able to do this work from October 1

Jyoti — Wed, 04 Sep 2024 08:03:34 +0000

GST Network will launch Bill Management System (IMS) from October 1. With its help, taxpayers will be able to match the records / bills issued by suppliers to avail the correct input tax credit (ITC).

GST Network said in an advisory issued to Goods and Services Tax (GST) payers that a new communication facility called IMS is being introduced to enable taxpayers to efficiently manage corrections / amendments in bills with their suppliers through the portal. GST Network (GSTN) is used as a platform for filing GST returns and payment of tax liabilities.

This facility will be available

GSTN said that the IMS facility will also facilitate taxpayers to match the records/bills issued by their suppliers to avail the correct ITC. IMS will allow taxpayers to accept or reject the invoice or keep it pending in the system, which can be availed later. This facility will be available to taxpayers on the GST portal from October 1.

Also Read: Ration Card Ekyc: Get your ration card’s e-KYC done immediately before this date, Otherwise…

This is how you will get help

Rajat Mohan, executive director of consulting firm Moore Singhi, said that by keeping a detailed record of all the actions taken on all invoices, IMS creates a strong basis for GST audit. This facility gives tax officials clear evidence of the recipient’s due diligence in managing ITC claims. This update is being considered a major update by experts.

GST Update: GST taxpayers should do this work before 1st September, otherwise you will not be able to file GSTR-1

Jyoti — Mon, 26 Aug 2024 14:24:41 +0000

GST Update: The Council had approved these amendments in its meeting in July 2023 to strengthen the registration process, in which it was made mandatory to provide details of bank account with name and PAN.

GST Update: GST (Goods & Services Tax) paying GST taxpayers who do not submit their valid bank account details to the GST Authority, then such taxpayers will not be able to file outward supply return GSTR-1 from September 1, 2024. GST Network has said these things by issuing an advisory.

According to Rule 10A of GST, taxpayers are required to provide details of valid bank account within a period of 30 days from the date of registration or before submitting details of outward supply of goods or services or both in Form GSTR-1 or before using the invoice submission facility (IFF), whichever is earlier.

GSTN said in an advisory issued on August 23, this rule is coming into effect from September 1, 2024. Therefore, for the tax period after August 2024, taxpayers will not be able to file GSTR-01 / IFF without providing valid bank account details in their registration details on the GST portal.

The GST Council in its meeting in July last year approved the amendment to Rule 10A to strengthen the registration process and effectively deal with the problem of fake and fraudulent registrations in Goods and Services Tax. According to this amendment, registered taxpayers will be required to provide details of their bank account with their name and PAN within 30 days of receiving the registration or before filing the details of outward supplies in Form GSTR-1 / IFF.

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In the advisory, GSTN has asked all those taxpayers who have not yet provided valid bank account details to go to the GST portal and add their bank account information to their registration details. According to the GSTN advisory, in the absence of valid bank account details in the GST registration, you will not be able to file GSTR-1 or IFF from the return period of August, 2024.

Budget Expectations: GST should be reduced on insurance products, government should increase the limit of 80C – Industry

Pravesh Maurya — Wed, 17 Jul 2024 19:40:07 +0000

Budget 2024, Insurance Industry Demand: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on July 23. Everyone from the common man to the industry is keeping an eye on the budget.

Every sector hopes that this budget will bring some relief news for them. Talking about the insurance industry, it believes that there is a need to reduce the cost of insurance products. Also, to expand it as much as possible, tax rates should be reduced. Be it health insurance or life insurance, it is necessary to impose minimum tax of GST on them.

Shriram General Insurance Company’s Executive Director and CIO Ashwani Dhanawat says, “We hope that the government will focus on several key sectors necessary for economic growth and public welfare in the upcoming budget. We welcome the possibility of a high budgetary allocation for the insurance sector. This will enhance IRDAI’s ability to provide comprehensive coverage and effective solutions to a large population in achieving its ‘Insurance for All’ mission.”

Vivek Jain, Head of Investments, Policybazaar.com, says, the insurance sector has a lot of expectations from the budget. Especially, taxation for pension products should be reconsidered. To make retirement policies more attractive, the insurance industry is demanding the government to give pension products the same tax benefits as the National Pension System (NPS). This will help ensure a secure financial future for the elderly of India.

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GST reduced, deduction limit increased

Ashwini Dhanawat says, healthcare costs are constantly increasing. In view of this, we hope that the deduction limit for health insurance premium will be increased. This will provide relief to the policyholders. Apart from this, there is a need to reduce GST on health insurance policies. This will make these essential products cheaper and will make them accessible to more and more people.

Rishabh Garg, Head (Term Insurance) of Policybazaar says, the scope of tax deduction under section 80C should be increased. It has been 1.5 lakhs for a long time. Apart from this, the GST rate should be reconsidered. Currently it is 18% for health and term insurance. This limit should be reduced to 5%.

The industry says that the tax deduction limit for health insurance premium should be increased. Especially for individuals, their spouses and dependent children, the tax limit should be increased to Rs 50,000 and for senior citizen parents, the limit should be increased to Rs 1 lakh. Also, Health Savings Account (HSA) should be tax free. These changes will encourage health and wellness.

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Platform Ticket Price: GST exemption granted to platform tickets price may reduce

Pravesh Maurya — Mon, 24 Jun 2024 04:15:21 +0000

A meeting of the GST Council was held on Saturday (22 June) under the leadership of Union Finance Minister Nirmala Sitharaman. Many major decisions were taken in this meeting.

The Finance Minister has given a big relief to the railway passengers. After the meeting, the Finance Minister had said that the sale of railway platform tickets and services like retiring rooms, waiting rooms, cloakroom facilities and battery-operated cars are now exempted from GST.

Currently, the price of a platform ticket is Rs 10. Due to being out of the GST ambit, the price of platform tickets will decrease. Currently, 5% GST is levied on platform tickets. Now its price may decrease by Rs 1. However, the Railways has not yet made any official announcement regarding the price of platform tickets. It can be expected that after getting exemption from GST, the price of platform tickets will decrease.

Also Read: Liquor Price Reduction: Prices of premium liquor brands including beer will be reduced from July 1

You can stay at the station for 2 hours by buying a platform ticket

Let us tell you that no person can stay on the platform for the whole day by buying a platform ticket of Rs 10. The platform ticket is valid only for 2 hours after purchase. This means that once you buy the ticket, you can use it only for 2 hours to go to and from the platform.

If you do not have a platform ticket, you will be fined Rs 250.

It is worth noting that if a passenger forgets to buy a platform ticket, then the railway ticket checking staff can charge a fine of at least Rs 250. Not only this, if a passenger is caught on the platform without a platform ticket or a journey ticket, then double the fare of the previous train that left from that platform or the train that arrived on that platform can be charged as a financial penalty.

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GST Council Decisions: 12% tax on milk cartons, many railway services exempted from GST

Pravesh Maurya — Mon, 24 Jun 2024 03:35:42 +0000

The first meeting of the GST i.e. Goods and Services Tax Council (GST Council) was held today i.e. on 22 June under the chairmanship of Finance Minister Nirmala Sitharaman. Finance ministers of many states attended this first meeting of GST in the Modi 3.0 government after the victory in the general elections.

Many important decisions have been taken in this meeting. After the GST Council meeting, the Finance Minister held a press conference. During this, Finance Minister Nirmala Sitharaman said that there were many issues in the GST Council meeting. However, some could not be discussed due to lack of time.

The Finance Minister said that it has been decided to hold the next meeting of the Council in August to discuss the rest of the agenda. In this meeting, the Goods and Services Tax (GST) Council has decided to implement biometric authentication across India to stop fake bills. Told that this will help in dealing with fraudulent input tax credit claims made through fake bills.

Also Read: Airport special facility: Amit Shah will launch a special facility for air passengers at Delhi’s IGI Airport

First meeting of the GST Council

Union Finance Minister and GST Council Chairperson Nirmala Sitharaman said in a press conference after the meeting, “The time limit for availing input tax credit in respect of any invoice or debit note under section 16(4) of the CGST Act filed upto 30-11-2021 for FY 17-18, 18-19, 19-20 and 20-21 may be considered from 2011 to 2021. Therefore, for making the necessary amendment to the same retrospectively from 1st July 2017, the Council has made a recommendation.” This was the first meeting of the GST Council after the formation of the new government.

Railway services exempted from GST

To reduce government litigation, the department has recommended a monetary limit of Rs 20 lakh for GST Appellate Tribunal, Rs 1 crore for High Courts, and Rs 2 crore for Supreme Courts for filing appeals. Railway services have been exempted from GST. The Finance Minister said that services provided by Indian Railways such as platform tickets, battery-operated car services, etc. have been exempted from GST.

interest waived on penalty

To facilitate GST registration, according to the GST Council, Aadhaar biometric authentication is mandatory for new registrations across the country. The Council decided to waive interest and penalty on demand notices issued under section 73 of the GST Act.

12% GST rate on milk cartons

The council has recommended a uniform rate of 12 per cent on all milk cartons. This means that whatever is used for packaging milk, be it steel, iron, aluminium, GST will be paid at the same rate. They have a standard size, which will determine what is a milk carton and what is not. The council has also recommended a uniform GST rate of 12 per cent on all carton boxes and cases. This will especially help apple growers of Himachal Pradesh and Jammu and Kashmir.

The Council has also recommended a uniform GST rate of 12 per cent on all carton boxes and cases of both corrugated and non-corrugated paper or paper board. The Finance Minister said that “this will especially help the apple growers of Himachal Pradesh and Jammu and Kashmir.

Request to reduce GST

The Finance Minister said that the Council also clarified and recommended that clarification should be given that all types of sprinklers including fire water sprinklers will attract 12% GST. The GST Council has sent a request to the GoM to reduce GST on fertilizers to rationalise the rates. Currently, GST is levied at the rate of 5 per cent and the sector has been demanding exemption from GST on fertilizers for a long time.

In its 45th and 47th meetings held in September 2021 and June 2022, the GST Council discussed the possibility of further reducing the tax rate on chemical fertilizers. However, the Council did not suggest a change in the rates.

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CAPF Canteen: Big announcement for paramilitary force soldiers, only half GST will have to be paid on canteen items.

Pravesh Maurya — Fri, 15 Mar 2024 07:02:13 +0000

Para Military Forces: The Central Government has given a big gift to the Paramilitary Forces. Now they will have to pay only 50 percent GST on canteen items. Due to this decision, paramilitary force soldiers will be able to get cheaper goods from the canteen. This will directly benefit more than 11 lakh soldiers of the paramilitary force. The Home Ministry has given 50 percent GST exemption on the products available at CAPF canteen i.e. Central Police Kalyan Bhandar (KPKB).

Home Ministry gave information about the decision

The Home Ministry has issued a notification on Monday informing about this decision. It has been told that 50 percent GST assistance on purchase of goods from Kendriya Police Kalyan Bhandar will be applicable from April 1, 2024. This assistance will be provided through the budget. Confederation of Ex Paramilitary Forces Martyrs Welfare Association had been raising voice for this for a long time. The association had also submitted memorandums to many Union Ministers. Letters were also sent to the Prime Minister’s Office (PMO).

Demand was made to Finance Minister Sitharaman

The association had demanded from Finance Minister Nirmala Sitharaman that she should announce 50 percent GST exemption on CAPF canteen products in the interim budget. Due to GST imposed on canteens, the budget of lakhs of paramilitary families gets spoiled. Therefore, exemption in GST was being demanded for CAPF canteen on the lines of Army canteen.

Many states had given VAT exemption before GST

Association Chairman HR Singh and General Secretary Ranbir Singh said that the Central Police Canteen was established in the year 2006 to help the paramilitary force personnel. Earlier, goods were purchased from the Army’s CSD canteen. There are about 119 master canteens and 1778 CPC canteens across the country. The name of CPC canteen has been changed to Central Police Kalyan Bhandar. Before the implementation of GST, many states had given exemption from Value Added Tax (VAT) on the items available in canteens. But, there was no relief after the implementation of GST.

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GST collection, ₹ 1,68,337 crore came to the government treasury in February

Pravesh Maurya — Sat, 02 Mar 2024 04:14:46 +0000

GST Collection Data: The month of February 2024 has proved to be a great month for the government. The Finance Ministry said on Friday that GST collection in February increased by 12.5 percent to more than Rs 1.68 lakh crore due to increase in domestic transactions.

New Delhi. The government had released the GDP figures for the December quarter of the current financial year (India Q3 GDP) on Thursday (29 February). The country’s GDP growth in the third quarter was at the rate of 8.4%. At the same time, now good news has come in the matter of GST collection. In fact, according to the data released by the Finance Ministry on Friday, due to increase in domestic transactions, GST collection in February increased by 12.5 percent to more than Rs 1.68 lakh crore.

With this, the total gross GST collection in the first 11 months of the current financial year has reached Rs 18.40 lakh crore. This is 11.7 percent more than the tax collection during the same period of the last financial year.

👉 ₹1,68,337 crore gross #GST revenue collected during February 2024; records Year-on-Year (Y-o-Y) growth of 12.5%

👉 Average monthly gross collection for FY2023-24 is ₹1.67 lakh crore, exceeding ₹1.5 lakh for FY2022-23

👉 Gross #GST collection reaches ₹18.40 lakh crore for… pic.twitter.com/JeQge9OUNT

— Ministry of Finance (@FinMinIndia) March 1, 2024

Average monthly GST collection in FY24 is Rs 1.67 lakh crore.

The average monthly GST collection in the current financial year (FY24) has been Rs 1.67 lakh crore, which is more than Rs 1.5 lakh crore in the last financial year. The ministry said in a statement, ‘The gross GST revenue collected in February, 2024 is Rs 1,68,337 crore, which is 12.5 percent more than the same month of 2023.’

Reason for increase in GST collection:

Behind this strong growth in tax collection, 13.9 percent increase in duty from domestic transactions and 8.5 percent increase in GST from import of goods played an important role.

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Financial Rules Change: From the price of LPG-ATF to the rules of GST, all this has changed from today.

Pravesh Maurya — Fri, 01 Mar 2024 04:07:30 +0000

Rules Changed from 1 March 2024: There have been many big changes in March which will directly impact the pockets of common people. This includes changes in the price of LPG and the rate of ATF.

These rules changed from March 1, 2024

Money Rules Changed from 1 March 2024: With the beginning of the month, many such big changes take place which directly impact the pockets of common people. We are telling you about the changes which have come into effect from March 1.

Before the festival of Holi, oil companies have given a big shock and decided to increase the prices of 19 kg commercial LPG cylinders. The price of commercial LPG cylinder has become costlier by up to Rs 25.50 in different cities of the country.

Oil marketing companies have decided to increase the price of aviation fuel from Friday. It has been decided to increase the prices of ATF by Rs 624.37 per kilo liter. In such a situation, the hope of cheap air travel has suffered a big blow.

Today, from March 1, there has been a big change in the rules of GST. Now businesses with turnover of more than Rs 5 crore will not be able to generate e-way bill without e-invoice.

NHAI i.e. National Highway Authority of India has extended the deadline of One Vehicle, One FASTag, giving great relief to the people. Earlier it was ending on 29 February, which has now been extended to 31 March 2024.

If you have any important work related to banks in March, then know that there are a lot of holidays this month. Banks will remain closed for a total of 14 days in March 2024. In such a situation, you should leave for bank work only after checking the list of holidays issued by RBI.

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GST registration has to be done for small business, this is the step by step process.

Pravesh Maurya — Sat, 17 Feb 2024 09:56:30 +0000

If you also do any small business, then you will have to get GST registration done at present. What is its process, can it be done sitting at home? Here you will get all the details…

The GST system is in force in the country from July 2017. In such a situation, if you do or want to do any small business, then you will have to register yourself under GST. If you want to know how GST registration will be done, can it be done online from home, what documents will be required. Then this news is for you only…

The process of GST registration can be completed both online and offline. The offline method is clear that you go to the GST office of your area and follow the process mentioned there, here we tell you how you can complete the online GST registration of your business.

GST online registration

If you want GST number for your business and want to apply online for it. Then you will have to go to the GST site and follow these steps.
There is a process to get GST number for business. First of all you have to fill REG-01 form. It is in two parts which can be filled online.
You have to give correct information in both parts of REG-01 form. If this does not happen, your application may also be rejected.
After filling Part-1 of REG-01 form, an OTP comes on your registered mobile number, which you fill and submit.
After this you also have to fill its Part-2. Even after this, you get an OTP, after filling and submitting which your GST registration is completed.
However, before the GST registration is completed, you are also given a chance to verify the information.
While doing online GST registration, you also have to upload some documents. Their information is given further.

Which documents are necessary?

You have to upload the PAN card of your business, if you are a proprietor, your own PAN card, CIN number or company registration certificate or license number.
If your firm is in partnership, then you also have to submit the partnership deed.
Apart from this, you also have to upload the address proof of your business, your and your partners’ ID proof and signature.

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One Nation One Tax: Will One Nation One Income Tax be implemented in the country after GST? Finance Minister Sitharaman gave this answer

Pravesh Maurya — Wed, 07 Feb 2024 10:54:17 +0000

One Nation One Tax: After the implementation of One Nation One Tax on the indirect tax front, now there is a demand for One Nation One Tax on the direct tax front also.

One Nation One Income Tax: To impose indirect tax, GST was implemented in the country from July 1, 2017 on the basis of the principle of One Nation One Tax. Now only one tax GST is collected on goods and services. So is One Nation One Income Tax going to be implemented in the country now?

Actually the echo of this question has been heard in the Parliament. This question was asked by Finance Minister Nirmala Sitharaman in Rajya Sabha. In response to which the Finance Minister did not say anything directly but he told the House that he is ready to discuss this issue.

Confusion among taxpayers

During Question Hour in Rajya Sabha on 6 February 2024, BJD MP Sulta Dev asked that if One Nation One GST is prevalent in the country, then why One Nation One Income Tax is not being implemented? He said that at present both New Income Tax and Old Income Tax regime are in vogue, due to which there is a lot of confusion among the taxpayers.

The complications of a total of 3 to 54 crore taxpayers in the country who pay income tax have increased. He asked the Finance Minister when it would be simplified. It has been three years since the new income tax regime was implemented, so will One Nation One Income Tax be implemented?

Finance Minister ready for discussion

Finance Minister Sitharaman did not give any direct answer to this question. He said, this question is being asked that if One Nation One Tax can be implemented for indirect tax also, then why not for direct tax? The Finance Minister said, this is a very important issue on which I am ready to discuss.

New tax regime came in 2020-21

While presenting the budget on February 1, 2022, the Finance Minister announced the introduction of a new income tax regime which was implemented from the financial year 2020-21. When the new income tax was implemented, there was no benefit of deduction or tax exemption on savings or investments. There was no provision for tax exemption on home loan or mediclaim. Even the benefit of standard deduction of Rs 50,000 was not being given to the taxpayers.

Due to which taxpayers had to pay more tax under the new tax regime. But to make the new regime attractive, while presenting the budget for the financial year 2023-24 on February 1, 2023, the Finance Minister made major changes in the new income tax regime. In the new income tax regime,

taxpayers with income up to Rs 7 lakh do not have to pay tax, whereas in the old tax regime this limit is Rs 5 lakh. The benefit of standard deduction for salaried class and pensioners was included in the new regime. Now the new income tax regime has become the default tax regime.

Doesn’t encourage savings!

In fact, the old tax regime is very complex due to various types of tax exemptions and deductions, which is difficult for the taxpayers to understand and many times they give wrong information, after which they have to make rounds of the Income Tax Department and sometimes get into legal disputes.

also get trapped. Whereas due to the absence of this provision in the new income tax regime, taxpayers cannot give wrong information to get deduction. However, the old tax regime encourages taxpayers to invest and save taxes, which is not the case in the new income tax regime.

Demand has been rising for the first time too

The issue of One National One Income Tax has been raised in Parliament but it is being discussed for a long time. Bibek Debroy, Chairman of the Prime Minister’s Economic Advisory Committee, had recently said that to achieve the goal of tax reforms, it is very important to eliminate all types of tax exemptions in income tax.

He said that tax exemption makes life complicated, increases expenditure on compliance and also increases legal disputes. However, Revenue Secretary Sanjay Malhotra has clarified that the government has no plans to phase out the old income tax regime.

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GST Return: Process of filing GST return will become easier, pre-filled form will be available

Pravesh Maurya — Thu, 30 Nov 2023 08:42:09 +0000

GST Return: There is good news for businessmen. Modi government is engaged in making the process of GST return easier. For this, pre-filled GST return forms will come before the start of the new financial year.

The government is making the process of filing Goods and Services Tax (GST) returns easier. Pre-filled GST return forms will arrive before the start of the new financial year. According to a senior official, this initiative of the Finance Ministry will deal with the problems of unnecessary tax notices.

Currently, the department is analyzing the additional cost of enhancing the digital infrastructure to avoid system slowdown or crashes due to extraction of data from disparate databases. The official says that we have a big problem of mismatch in data, due to which their number is increasing due to issuance of unnecessary notices. Pre-filled GST returns will improve ease of doing business as well as prevent errors in data matching.

Presently the automated checking module for GST returns sends notices to assessees with data matching gap of more than 20 per cent using data analytics and risks identified by the system. The Central Board of Direct Taxes has been using similar pre-filled forms for income tax return forms for some years. The Central Board of Indirect Taxes and Customs (CBIC) has made the technical requirement and necessary reforms in it.

GST Council approval not necessary: The department has to tell the Finance Ministry what technical information will be collected for digital infrastructure and processes. The official said that as we become more automated, this system and its response time will reduce.

We are taking data from multiple databases, which will take time. According to the official, it will initially conduct a pilot test to see how the pre-filled GST return form will work and how much time it will take. He said that the new system is for the convenience of taxpayers, for which the approval of GST Council is not necessary.

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GST: Finance Minister Sitharaman said – all business establishments will be brought under the ambit of GST.

Pravesh Maurya — Wed, 08 Nov 2023 11:06:09 +0000

Nirmala Sitharaman inaugurated GST Facilitation Center in Vapi, Gujarat. Speaking on the occasion, Sitharaman said that GST Suvidha Kendras will help business establishments in removing the inconveniences faced by them in getting GST registration done and will make it easier to resolve the issues.

Union Finance Minister Nirmala Sitharaman on Tuesday said that the focus of the Finance Ministry is not only on increasing GST collection but also on bringing all business establishments under its ambit. Speaking at a function organized on the occasion of opening of GST Facilitation Center in Gujarat, Sitharaman said, GST Suvidha Centers will help the business establishments in removing the inconveniences faced in getting GST registration and will make it easier to resolve the issues.

He said, the country’s GST collection is increasing every month. GST has reduced the tax burden on many items as compared to before. Traders know that they no longer have to pay double taxes as before. Because of this GST collection is increasing. But still many establishments are outside its scope and are not part of the formal economy. They should come under the purview of GST to strengthen the economy. We collect only a small share in taxes and formalization of the economy can happen only when everyone is in the tax net.

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LIC: Government department imposed so much fine, this was the reason

Pravesh Maurya — Wed, 11 Oct 2023 12:25:59 +0000

Life Insurance: Insurance is provided to people through Life Insurance Corporation of India (LIC). Life and health insurance is provided through LIC. At the same time, LIC is also a big company of the country which has been running in India for many years.

At the same time, people also get different types of benefits from the schemes given through LIC. However, now LIC has suffered a shock. A fine has been imposed on LIC and this fine has been imposed on LIC by GST. Let us know about it…

Fine imposed on LIC

The Goods and Services Tax (GST) authority has imposed a penalty on Life Insurance Corporation of India (LIC) for underpayment of tax. This is a fine of Rs 36844 which has been imposed on LIC. The insurance company gave this information on Wednesday. LIC told the stock exchange that it has received a communication/demand order for collection of GST along with interest and penalty for Jammu and Kashmir.

LIC

According to the notice dated October 9, 2023 from the State Tax Officer, Srinagar, LIC paid 12 percent GST instead of 18 percent on some bills (invoices). The tax authority has issued demand order and penalty notice for 2019-20. In this, GST is Rs 10,462, penalty is Rs 20,000 and interest is Rs 6,382. LIC said that this has not affected the financial, operational or other activities of the corporation.

Share Market

Let us tell you that LIC is a listed company in the stock market. The 52 week high of LIC shares on NSE is Rs 754.25. Whereas the 52 week low price of LIC shares is Rs 530.05. Along with this, on October 11, the share price of LIC was seen trading at around Rs 636.

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Income Tax Notice: Big Update! Notice sent to thousands of taxpayers, taxpayers have 30 days time

Pravesh Maurya — Mon, 02 Oct 2023 05:09:51 +0000

New Delhi: Goods and Services Tax (GST) officials across the country have sent thousands of notices to taxpayers claiming shortfall in tax payments for FY 2018.

The deadline for issuing notices is September 30 and taxpayers have been given 30 days to respond to these automated notices. According to the report, central and state GST officials have sent these notices in the last fortnight. These notices mainly relate to mismatch in GST output and liability, input tax credit, ineligible tax credit claims and reversal of credit in case of exempted supplies. Tax officials can send notice even after September 30, but they will have to prove the case of tax evasion or fraud on behalf of the taxpayer.

Tax experts said this will lead to an increase in litigation in the next three months, while the cash flow of companies will be affected as they will have to deposit 10% of the total liability as deposit to file appeals. Tax expert Bipin Sapra, partner at EY, said that given that the decision deadline for these show cause notices is December 31, we will see a lot of litigation in the next three months.

PwC partner Pratik Jain observed that many of the notices appear to have been issued without proper analysis of facts and figures. He said many of them should be removed later, although this would cause controversy and paperwork for the industry. Officials would like to plan ahead so that these incidents can be reduced.

Deloitte partner Mahesh Jaisingh said underpayment of tax on related party transactions, wrong claims of input tax credit, export status (including refunds given), and state-wise credit availment and distribution are some of the common areas of disputes.

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New update regarding GST, these rules will change from November 1

Pravesh Maurya — Tue, 12 Sep 2023 08:08:00 +0000

GST Invoices Upload: A new update has come regarding GST (GST News) for big business companies.

From November 1, companies with large businesses will have to upload receipts related to Goods and Services Tax (GST) on the portal within 30 days. This provision will be applicable to companies with turnover of Rs 100 crore or more.

NIC gave information

The National Informatics Center (NIC), which operates the GST e-receipt portal, has informed about this decision of the GST Authority in an advisory. According to this, the authority has asked to upload the receipt on the portal within 30 days from the date of issue.

The rule will be applicable from November 1.

This deadline will be applicable to taxpayers with annual turnover of Rs 100 crore or more. This system will come into effect from November 1, 2023.

CBIC can implement it on all traders

Rajat Mohan, senior partner, AMRG & Associates, said that in case of smooth implementation of this system, the Central Board of Indirect Taxes and Customs (CBIC) can implement it for all GST taxpayers in future. Could.

Mera Bill, Mera Adhikar scheme started from 1st September:

Let us tell you that the Mera Bill, Mera Adhikar scheme has been started by the Central Government from 1st September. Under this scheme, the government will select 800 people every month. These will be those 800 people who will upload their GST bill online every month. These 800 people will be given a reward of Rs 10,000.

At the same time, 10 such people will be selected, to whom the government will give an amount of up to Rs 10 lakh. Under the scheme, a bumper prize of Rs 1 crore will be drawn on quarterly basis. This reward will be given to two people.

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GST New Rule: From today the new rule is going to be implemented, Know the new rules

Pravesh Maurya — Tue, 01 Aug 2023 06:49:26 +0000

GST New Rule; Under the Goods and Services Tax, the new rule is going to be implemented from August 1. This new rule will be applicable to companies with a turnover of Rs 5 crore.

Under the Goods and Services Tax (GST), new rules are going to be implemented from August 1. This new rule is related to companies whose turnover is 5 crores or more. Earlier this new rule was applicable to annual turnover of Rs 10 crore or more, but now it has been reduced to half.

As per GST guidelines, it is mandatory for companies with B2B transaction value of Rs 5 crore to issue electronic invoices. On July 28, the Central Board of Indirect Taxes and Customs had informed about the change in the rule by tweeting.

Scope will increase under GST

In its tweet, CBI said that GST taxpayers whose aggregate turnover in any financial year is more than 5 crores, they will have to compulsorily furnish e-invoice for B2B supply or export of goods or services or both from 1st August 2023 . In May, notification was issued by CBIC for businesses with lower limit. This step will help in boosting the collection and compliance under GST.

GST E-Invoice Rules

Experts believe that the change in e-invoice rule and inclusion of companies with low turnover can help in promoting MSME units. According to a PTI report, Deloitte India Partner Leader Indirect Tax Mahesh Jaising said that with this announcement, the scope of MSMEs under e-invoicing will be expanded and they will be required to implement e-invoicing.

GST revenue will increase

The limit for issuing e-invoice for B2B transactions has been reduced from Rs 10 crore to Rs 5 crore. This will help the GST department in increasing the revenue and will help in dealing with the tax invasion. Apart from this, the government has also focused on tracking and monitoring tax evaders.

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GST Council Meet: GST increased by 10% on online gaming, horse race and casino, now 28% GST will be applicable

Pravesh Maurya — Wed, 12 Jul 2023 06:02:43 +0000

GST Council Meet: Announcing the major decisions taken in its 50th meeting on Tuesday, the Goods and Services Tax Council said that 28% GST will be imposed on online gaming, horse race and casino.

The Finance Minister of West Bengal said that the GST Council has agreed to levy 28 percent GST on all three types of sports. Apart from this, consensus has been reached in the GST Council on many other issues as well.

Online gaming has been brought under the ambit of GST law in the GST Council meeting held at Vigyan Bhawan, Delhi. Finance Minister of West Bengal said that 28% GST will be imposed on online gaming, horse race and casino. Till now 18 percent GST rate was applicable, which has been increased by 10 percent. Earlier, in the last meeting of the Group of Ministers, there was a broad agreement on taxation on all three activities, which has been passed in the GST Council.

A group of top online gaming firms has urged the Central Board of Indirect Taxes and Customs (CBIC) through the FICCI gaming committee not to increase the GST rate for the sector from 18% to 28%. The companies said that this would be extremely harmful for the existence of the online gaming industry. Because no business operation can survive with such high taxation.

GST Council agreed on these matters

It was also agreed in the GST meeting that imported medicine for cancer will be kept out of the purview of IGST.
It was agreed to cut the GST rate on food and drink items in cinema halls.
The council has also agreed on giving GST share to the consumer state on the registration of vehicles.
The Central Board of Indirect Taxes and Customs (CBIC) said that in the investigation it was found that 25 percent GST accounts do not exist or have disappeared after tax evasion of 15 thousand crores.

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GST Council meeting: 50th meeting of GST Council started, Finance Minister Sitharaman can reduce Tax!

RightofEmployees — Tue, 11 Jul 2023 09:26:19 +0000

GST Council meeting: The 50th meeting of the GST Council has started on Tuesday. In this meeting, the Finance Minister can take many big decisions. Apart from online gaming, tax can be reduced on many types of things.

GST Council’s 50th meeting: The Central Government can take a big decision on GST today. The 50th meeting of the GST Council (GST Meeting) has started on Tuesday. Taxation on online gaming, definition of utility vehicles besides tightening rules for registration and input tax credit (ITC) claims are likely to come up for discussion. At the beginning of the meeting being held in the national capital, Finance Minister Nirmala Sitharaman released a short film titled ‘GST Council – 50 steps towards the journey’.

Finance Minister tweeted

The Finance Minister’s Office has tweeted that in the 49 meetings held so far, the council has taken around 1,500 decisions in the spirit of cooperative federalism. It has been said in the tweet that the 50th meeting is a milestone, which indicates the success of cooperative federalism and the establishment of a good and simple tax system.

On the occasion of the 50th meeting of the GST Council, Union Finance Minister Smt. @nsitharaman releases a Special Cover and customised myStamp.

The Special Cover and customised myStamp was presented to the Union FM Smt. @nsitharaman by the Chief Post Master General, Delhi… pic.twitter.com/feTDX5AM6h

— Ministry of Finance (@FinMinIndia) July 11, 2023

Who’s who in the meeting

The GST Council, headed by the Union Finance Minister, also includes the Finance Ministers of the States and Union Territories. In this meeting, things can be cleared by the council regarding GST rates on food items sold in multiplexes.

Can get discount on canceled treatment

Apart from this, GST exemption can be announced on the import of ‘Dinutuximab’, a drug used in the treatment of cancer. The modalities for the constitution of the Appellate Tribunal can also be finalized in the meeting.

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New GST Rule: Government is making plans regarding GST, new GST rules will be applicable

Pravesh Maurya — Mon, 10 Jul 2023 03:54:58 +0000

New GST Rule: The Goods and Services Tax (GST) Council is preparing to bring a new law. Under this new law, if a company or businessman has claimed more Input Tax Credit (ITC), then he will have to explain the reason for this or deposit the excess amount in the government treasury.

ITC returned with interest

Sources said the law committee comprising tax officers from the Center and states is of the view that where the ITC claimed in GSTR-3B return exceeds a certain threshold from the amount reported in GSTR-B generated, the registered person should be liable to pay tax through the portal. This information should be given through Along with this, he should be directed to explain the reason for this difference or return the excess ITC with interest.

On which amount the provision will be applicable

The committee has suggested that if the difference is more than 20 percent and the amount is more than Rs 25 lakh, then this provision should be applicable.

The meeting will be held on July 11.

A final decision can be taken on the recommendations of the committee in the 50th meeting of the GST Council to be held on July 11. Currently, businesses use the tax paid by their suppliers to settle their GST liability in GSTR-3B.

GST Network generates Form GSTR-2B, which is a generated document. This shows the availability or non-availability of ITC in each document submitted by the suppliers. Sources said the Law Committee is of the view that a registered person should not be allowed to file monthly statement of outward supplies or GSTR-1 unless he has satisfied the tax authority about the discrepancy or has not refunded the excess ITC claimed.

Fake GST to be stopped

GST authorities last month took steps to check similar tax evasion in cases of difference in tax liability declared in GSTR-1 and tax paid in GSTR-3B. The purpose of this step is to curb the cases of fake invoices. Fraudsters usually use this route to avail ITC wrongfully without actual supply of goods or services.

2-month campaign launched

GST officials have launched a two-month special campaign to detect fake registrations under GST. Such registrations are done for the purpose of issuing fake bills or invoices and defrauding the government.

1.01 lakh crore GST evasion

The Directorate General of GST Intelligence (DGGI) has detected GST evasion of more than Rs 1.01 lakh crore in the financial year 2022-23, which is double the figure compared to the previous year. Of these, 14,000 cases have been registered by the authorities.

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GST Rules Change: Big news! The government will make this change in the next 2 months, know details

Pravesh Maurya — Sat, 06 May 2023 05:04:27 +0000

GST Registration: Many types of news about GST keep coming out across the country. Many times fake GST is also seen. In view of this, a big step has been taken by the Central Government. The tax officials will launch a special campaign for two months to detect fake GST registrations and identify fraudsters who take undue advantage by claiming bogus Input Tax Credit (ITC).

Fake ITC claims

After making fake registration on the Goods and Services Tax (GST) platform, fraudsters claim ITC on the basis of fake receipts and deposit the amount in their account without supply of any kind of service or product. .

The GST policy cell of the Central Board of Indirect Taxes and Customs (CBIC) said that the problem of wrongly taking input tax credit by issuing fake registrations and fake receipts has become serious. In this, unscrupulous people cause huge loss of revenue to the government through dubious and complicated transactions.

CBIC gave the information

CBIC said in a notification that all the tax departments of the Center and the states will run a special campaign in this regard from May 16 to July 15. During this, along with identifying suspicious GST accounts, necessary steps will be taken to weed out fake bills from the GST Network (GSTN). At present, there are 1.39 crore taxpayers registered under the GST system across the country. Out of these, detailed data analysis and risk parameters on GSTN will be used to identify bogus registrations.

VERIFICATION OF GST NUMBER

Steps will be taken to verify the suspected GST identification number after receiving the information of fake registration. If during verification the concerned taxpayer is found to be fictitious then immediate steps will be taken to cancel that registration. The growing problem of creating fake GST accounts in the names of other people was noticed in the national coordination meeting of the GST officers of the Center and the States held on 24 April.

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Taxpayers Alert! Do settle GST and tax related work on April 30, today is the last date

Pravesh Maurya — Sun, 30 Apr 2023 08:30:26 +0000

If taxpayers do not do direct or indirect tax filing on time, then there is always a risk of penalty on them. Sometimes the government extends the due dates for different tax filings.

Although many times the date is not extended further by the government. In such a situation, April 30 is also the last date for many tax filings, about which you need to know.

TDS Payment Due Date for March 2023

TDS is the tax deduction that is levied at the source of your income. This means that TDS is deducted from income from other sources, including bank deposit interest, rent, consultancy fees, commission, cryptocurrency or virtual digital assets, and stamp duty. It is deposited with the government. The normal TDS rate on certain incomes and investments can be as low as 1 percent, and can be as high as 30 percent (such as in the case of gains on cryptocurrencies). The last date for TDS payment for March 2023 is April 30, 2023.

GSTR-4 Last Date for FY 2022-23

GSTR-4 is a return under the Goods and Services (GST) system for taxpayers who have opted for the composition scheme. Till FY 2018-19 when returns were filed every quarter. Now filing is done in a year. The last date for filing annual GSTR-4 return for FY 2022-23 is April 30, 2023. After this date, a late fee of Rs 50 per day is levied on taxpayers for liabilities up to Rs 2,000. Where there is no liability, the maximum late fee is Rs.500. Composition scheme is a system for filing GST for small taxpayers. This includes those people whose total turnover in the previous financial year did not exceed Rs 1.5 lakh.

Last date for filing 15G and 15H for Q4 FY23

If you have earned more than Rs 40,000 in a year by way of interest on your money deposited in the bank, then the bank will deduct TDS on it. For senior citizens, this limit is Rs 50,000 per annum. However, there is a way to save TDS on interest income. If your annual income is less than the taxable income, you can submit self-declaration Form 15G and 15H requesting the bank not to deduct TDS from the interest. The last date for submission of Form 15G and 15H to save TDS on interest income for the quarter January-March 2023 is April 30, 2023.

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New GST Rules For Traders: This rule will have to be followed from May 1 for all businessmen with more than this turnover

Pravesh Maurya — Tue, 18 Apr 2023 05:16:39 +0000

GST Invoice Registration Portal: Changes have been made in the rules regarding GST network transactions. The new rule will come into effect from May 1, 2023 and it will be necessary for businessmen to follow it.

Changes have been made in the rules for timely compliance of GST compliance. An update has come from the government regarding Goods and Service Tax (GST). Changes have been made in the rules regarding GST network transactions. The new rule will come into effect from 1 May 2023 and it will be necessary for businessmen to follow it. GSTN has said that from May 1, it will be mandatory to upload the receipt of any transaction on the Invoice Registration Portal (IRP) within 7 days. Changes have been made in the rules for timely compliance of GST compliance.

According to GSTN, it will be necessary for all businessmen with a turnover of more than 100 crores to follow this rule from May 1. Under the new rule, businesses with a turnover of more than 100 crores will not be able to upload invoices older than 7 days. This means that the receipt of transactions older than 7 days will not be able to be uploaded on GSTN and returns cannot be claimed on it. Let everyone know that this rule is only about invoices. Businessmen will be able to upload debit and credit notes even after 7 days.

Big loss to traders

GST rules say that if an invoice is not uploaded on IRP, then traders will not be able to take advantage of Input Tax Credit (ITC) on it. ITC is claimed to get back the difference between the raw material and the final product of a product. At present, companies can upload their e-invoices anytime, but they will have only 7 days after the new rule comes into force.

What will be the benefit of the change?

Experts believe that the new rule can be helpful in increasing the GST collection. Along with this, companies will also get the benefit of ITC on time. Its main objective is to strengthen the process of digitization. Recently, the government had also made it mandatory for businesses or companies with a turnover of more than 100 crores to generate GST invoices for every transaction.

Experts say that this process is being implemented slowly and soon it will be made mandatory for all businessmen. At present, it has been made mandatory for traders with turnover of more than 10 crores to generate electronic invoices for all B2B transactions. The government had implemented this rule from October 1, 2022.

Now both government and business will be benefited by timely uploading of e-invoices on IRP. On the one hand, it will help in increasing the GST collection and on the other hand, traders will be able to get the benefit of ITC soon.

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ATM Transaction Failed Charges: Big news! Now you have to pay this much rupees charge for ATM transaction failure

Pravesh Maurya — Sat, 01 Apr 2023 08:03:57 +0000

ATM Transaction Failed Charges: If you do not have money in your account and you use ATM repeatedly, then now you will have to pay a charge on it. Using ATM when there is no money in the account will now prove to be a loss deal for you.

This may harm you. Government bank Punjab National Bank (PNB) is going to make a rule regarding this . Now if your ATM transaction is not completed due to lack of money in your account, then you will have to pay a charge.

Charges will be levied for non-completion of ATM transaction

If your transaction is not completed while withdrawing money from ATM , then you will have to pay a charge on it. On this you will have to pay a charge of Rs 10 including GST. Punjab National Bank has informed its customers through a message that a charge of Rs 10 along with GST will be levied from May 1 for using ATMs if there is not enough money in the account.

PNB is making this preparation

Explain that the bank is in the process of revising the debit card and ATM card issuance fees and annual maintenance fees. If you pay with your ATM card or debit card while purchasing any item and there is not enough money in your account and the transaction fails, you may be charged. PNB will also levy charges on PoS and e-Comm transactions done through debit cards if the account does not have sufficient amount to make the payment.

Apart from this, if your card is lost or stolen, then you have to block it immediately. In case of loss of the card, you will be able to block it from your registered mobile number by sending an SMS. However, if you have hotlisted your card once, you will not be able to activate it again, you will have to get another card made.

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Income tax and GST will be deposited from one app, facility to file ITR also

Pravesh Maurya — Thu, 30 Mar 2023 04:05:55 +0000

Now you can deposit income tax and GST on one app. Problems related to Income Tax and GST will be solved on the app itself. There will also be business to business chat on this app. To solve all the problems related to tax and business, the Fix My Tax app will soon be available on the mobile phones of the countrymen.

A nominal fee will have to be paid to use the app made at a cost of Rs 1 crore under the startup. The app will be linked to the Income Tax and GST department. Tax and Finance Advisor to the Central Government, Dr. Pawan Jaiswal, along with renowned finance experts, has prepared an app called Fix My Tax in the country. The app will be available on Google Play Store through Karsathi Consultant Pvt Ltd.

Many sections of the society will also get a big relief in app usage charges. The features of the app have been demonstrated in the G-20 conference held in Lucknow. Infotech Singapore Pte Ltd is providing technical and financial support in scaling up the Fix My Tax app.

Dr. Pawan Jaiswal told that every section is worried about income tax and GST. The Fix My Tax app has been created to simplify the filing of returns along with depositing taxes of Income Tax, GST. Using the app will be very easy. The app will be a platform where experts will solve problems related to Income Tax and GST. Will assist in filing taxes and returns. It would be very cheap and easy to get any advice in this.

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Senior Citizens Tax exemption: Are senior citizens going to get income tax, big relief on GST, know why?

Pravesh Maurya — Mon, 30 Jan 2023 11:05:55 +0000

Budget Expectations: Before the general budget, some non-governmental organizations (NGOs) have suggested steps to be taken for the betterment of the country’s elderly population.

These include measures to increase old age pension, additional income tax relief and exemption of Goods and Services Tax (GST) on products frequently used by older people.

Know which NGO raised this demand

NGO Agewell Foundation said that in view of the increasing gap between old and young generation, changes in the lifestyle of older people in the light of longer life span, favorable provisions should be made in the budget. The Foundation said in a statement that it is necessary to engage with a large number of retired people to keep them continuously active.

The Foundation has appealed to the Finance Ministry and other stakeholders to consider its recommendations and suggestions while finalizing the next budget. The statement said that the old age pension should be revised according to the current inflation.

Demand to increase the share of old age pension to Rs 3000

“The present share of the central government in the monthly old age pension should be increased to Rs 3,000 per month for each eligible old age person. The state government should also be advised to revise its share accordingly,” the statement said. Apart from this, the foundation has demanded an increase in the interest rate on bank, post office and other deposit and investment schemes for the elderly as part of financial security measures. It has been said that more relief should be given in income tax, especially for old people.

GST exemption should be given on these products

The NGO also sought GST exemption on services and products frequently used by the elderly such as audit diapers, medicines, healthcare equipment like wheelchairs and walkers, hospitalization of elderly patients above 70 years, mediclaim policies and medical consultation fees Key’s.

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Big shock to 40 customers of SBI, the bank has changed this rule, now money is being automatically deducted from the account!

Pravesh Maurya — Fri, 20 Jan 2023 04:35:38 +0000

State Bank Of India Latest News: There is big news for the customers having account in State Bank of India (SBI News). If you also have an account in this government bank and money is automatically being deducted from your account without any transaction, then let us tell you why the bank is deducting this money from your account…?

Rs 147.50 being deducted from the account

These days it is seen that money is automatically being deducted from the account of many customers. Along with this, the message of deduction of Rs 147.50 is coming. In such a situation, many customers have reached the bank after seeing this message.

Every year the bank deducts this money while giving information on behalf of the bank, it has been told that this money is being debited from the customers’ account by SBI. The bank is taking this money as maintenance charge. This money is taken from the bank only once a year. The bank has given information about this by tweeting.

It seems that this money is deducted as 18% GST charge from the bank. At the same time, for the debit card issued by the bank, an annual recovery of Rs 125 is made from the customers. GST at the rate of 18 per cent is added to this, after which this amount becomes Rs 147.50.

Money has to be paid even after changing the card, apart from this, if any customer wants to change his debit card, then he has to pay Rs 300 to the bank and GST charge along with it.

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Taxpayers! Big news! The government changed in this rule related to GST, taxpayers will get benefit

Pravesh Maurya — Wed, 28 Dec 2022 07:02:35 +0000

The Finance Ministry has said that in case the supplier does not deposit the tax due by September 30, GST taxpayers will have to return their ITC claims made in the previous financial year by November 30. In a statement, the ministry informed about this change made in the Goods and Services Tax (GST) provision. Along with this, the ministry has said that these taxpayers can claim ITC again after the tax is deposited by the supplier.

How will taxpayers get benefit?

Changes have been made in Section 37A of the Central Goods and Services Tax (CGST) Rules to give effect to this new provision. The ministry said that if a registered taxpayer has claimed input tax credit. But if the supplier has not deposited the tax due for that period by 30th September, then that input tax credit will have to be reversed by 30th November.

Rajat Mohan, senior partner, AMRG & Associates, said the change would only benefit select cases. Explaining the reason for this, Mohan said that firstly, this is a possible change, due to which no benefit will be available till the financial year 2021-22. Secondly, very few cases will be able to satisfy the conditions laid down in these rules.

On this change, Saurabh Agarwal, tax partner of EV, said that GSTR-1 will contain details of supplies made by the seller to multiple buyers. But it would be very difficult for the buyer to ascertain whether the tax has been deposited by the seller or not.

Let us tell you that GST is an indirect tax. It was implemented in 2017 to replace Variety of Previous Indirect Tax (VAT), Purchase Tax, Excise Duty and many previous indirect taxes. The registration limit for GST in India was earlier Rs 20 lakh. Now it has been increased to Rs 40 lakh. Now it is necessary for all the businesses having turnover of more than Rs.40 lakhs to get GST registration done.

To register under GST 2017, the turnover should be Rs 10 lakh for North-Eastern states including Himachal Pradesh, Uttarakhand, Jammu and Kashmir. In most states, restaurants with a revenue of more than Rs 20 lakh have to register for GST.

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48th GST Council Meeting Update: In this 48th GST Council Meeting, there hasn’t been any tax increase on any item, know full details

Pravesh Maurya — Sat, 17 Dec 2022 11:02:25 +0000

GST Council Meeting: The 48th meeting of the GST Council is over. After this, information has been given about the decisions taken in this meeting. Regarding this meeting, Union Finance Minister Nirmala Sitharaman said that no tax has been increased on any item in the 48th meeting of the GST Council. No new taxation has been introduced. All that has been done is to issue clarifications where ambiguity of interpretations remains.

Many decisions have been taken in the 48th meeting of the GST Council. Revenue Secretary Sanjay Malhotra gave information about the decisions taken after the end of the 48th meeting of the GST Council. He told that in these, the GST Council has agreed to keep some of the irregularities being done in compliance out of the category of crime. Along with this, it has been decided to double the limit for initiating prosecution to Rs 2 crore.

In this 48th GST Council Meeting, there hasn’t been any tax increase on any item. No new taxation has been brought in. Everything that has been done is to issue clarifications where ambiguity of interpretations prevailed.

– Smt @nsitharaman. pic.twitter.com/rb3RGzaotL

— NSitharamanOffice (@nsitharamanoffc) December 17, 2022

No decision was taken on these, while no decision could be taken on making a system to prevent tax evasion in Pan Masala and Gutkha business. After the meeting, Sanjay Malhotra said that the GST on online gaming and casinos was not discussed in this meeting, because the Group of Ministers (GoM) headed by Meghalaya Chief Minister Conrad Sangma had discussed this issue a few days ago. submitted its report. Due to paucity of time, the report could not be given to the members of the GST Council.

Tax rate on husk of pulses, including chilka and concentrates, has been reduced from 5% to nil.

– Revenue Secretary Shri Sanjay Malhotra while elaborating on outcomes of 48th GST Council Meeting. pic.twitter.com/PR5tUmTfxN

— NSitharamanOffice (@nsitharamanoffc) December 17, 2022

With this, Revenue Secretary Sanjay Malhotra informed that the council has increased the limit for initiating prosecution for irregularities in compliance with the GST law and agreed to increase it from Rs 1 crore to Rs 2 crore. Is. At the same time, it was decided to abolish GST on the peel of pulses. Till now 5% GST was levied on the peel of pulses.

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SBI Card holders Big news ! SBI Card will now charge processing fee on rent payment, new rule will be applicable from tomorrow

Pravesh Maurya — Mon, 14 Nov 2022 13:28:05 +0000

SBI Card is the credit card company of State Bank. SBI Card will charge Rs 99 plus GST for making rent payments through credit cards. Its new rule is effective from 15 November. Along with this, SBI Card Merchant is also going to make changes in the processing fee of EMI transactions.

There is an important news for the customers of State Bank of India (SBI). SBI Card is going to apply processing fee on rent payment from November 15. Processing fee will have to be paid from November 15 for making rent payment through SBI card. SBI Card has sent a message to the customers in this regard, in which information about the processing fee has been given. SBI Card is the credit card company of State Bank. SBI Card will charge Rs 99 plus GST for making rent payments through credit cards. Its new rule is effective from 15 November.

Along with this, SBI Card Merchant is also going to make changes in the processing fee of EMI transactions. Earlier this fee used to be Rs 99 which will increase to Rs 199. Along with this rate, GST will also be applicable at the rate of 18 percent. Therefore, customers paying rent from SBI credit card will have to add GST in addition to Rs 99.

what is the new rule

SBI is going to make changes in merchant EMI transactions. This transaction is done at a point of sale machine or e-commerce website and is converted into EMI. The customer converts his bill into EMI and every month a specific amount is deducted from his account. Now a new rule has come to the fore regarding rent payment. People also make rent payments through credit cards and for this they take the help of a third party app or website. It has the names of Redgiraffe, Cred and Magicbricks.

ICICI Bank is also taking charge

Those who are unable to pay the rent on time due to lack of money, they get the convenience in paying the rent through credit card. It gives the time to repay the money till the next month. But with the new rules of SBI Card, the problems of such people may increase as they will have to pay a separate fee along with GST in addition to the rent.

Earlier, ICICI Bank has also implemented the rule of charging 1% for paying rent through credit cards. The new rule has come into effect from October 20, 2022. This means that those who pay rent through ICICI Bank credit cards from Cred, RedGiraffe, MyGet, Paytm and Magicbricks will have to pay a separate 1% charge. After this SBI Card of State Bank also implemented this rule. Customers will have to pay an additional charge from November 15.

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Tax Big news! Only women have to pay this special tax, know why income tax is completely different from GST

Pravesh Maurya — Thu, 20 Oct 2022 15:59:56 +0000

Most of the people must have heard about Income Tax, Corporate Tax and GST. But there are hardly some people who are not aware about Pink Tax.

This is not an actual tax, which is levied by the government. Rather than men, women have to pay this extra money. Companies are deducting your tax through this pink tax. Although most people do not know about this, but it is emptying your pocket in another way. The biggest impact of this is directly on women. Let us finally know what is Pink Tax.

Why women have to pay this pink tax

Pink tax is not an ordinary tax. This is a form of gender-based price discrimination that women pay for their goods and services. On average, women are charged 7% more money on products. On the other hand, if we look at personal care, then this difference comes to 13%.

What is Pink Tax?

Pink tax is levied on the basis of gender. Especially when a product is designed for women. Along with this, the company also charges more than women for perfumes, pens, bags and clothes. Women in India have to pay more than the cost of the products.

As an example, in many places, such as salons, women are charged more than men. On the other hand, women’s personal care such as body wash, soap, cream are expensive as compared to men. On the other hand, women have to spend more money than men to get their hair cut.

What is the reason?

The reason behind this is believed that women are very price sensitive. If they like the products and the amount they cost, women buy it for the same instead of reducing it. This is the reason why companies charge more money from women. This has now become a marketing strategy of companies.

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Confirmed train ticket cancellation Rules Change: Now you will have to pay so much fine with tax, check new the rule immediately

Pravesh Maurya — Wed, 10 Aug 2022 14:32:43 +0000

Confirmed train ticket cancellation Rules Change: If you know this news before canceling the confirmed train ticket. With this you will know how much you will lose if you cancel the confirmed train ticket. According to media reports, on canceling a confirmed ticket, you have to pay a cancellation charge, which is charged as a fine.

Now GST will be applicable

Now according to the new rule, if anyone cancels a confirmed ticket, then he will also have to pay GST on cancellation charges. This will happen because when a service is canceled, then GST is applicable on that too. The same rule will be applicable on ticket cancellation as well. This will increase the ticket cancellation charges even more.

Finance Ministry issued circular

The Tax Research Unit of the Finance Ministry has recently issued a circular regarding this. According to this, the rate at which the customer (rail passenger) had given GST while booking the ticket, on cancellation, he will be charged GST on the cancellation charge at the same rate. 5 per cent GST is levied on booking of rail tickets and now 5 per cent GST will also have to be paid on the cancellation charges. Similarly, the cancellation of the booked room in the hotel will also have to pay GST.

Cancellation charge for train ticket cancellation

In the circular of the Tax Research Unit, the levy of charge for breach of contract has been explained in detail. It states that the booking of train tickets is like a contract in which the service provider promises to provide a service. When the customer breaches this contract i.e. cancels the ticket booking, the service provider is paid a certain amount as cancellation charge. Cancellation charge is a payment made in lieu of breach of contract, hence GST will have to be paid on it.

Know how much it will charge now

If a passenger books a ticket in AC First Class, then he has to pay 5% GST. In such a situation, if he cancels the ticket, then he has to pay a cancellation charge of Rs 240. In such a situation, he will have to pay an additional Rs 12 at the rate of 5% GST on the cancellation fee of Rs 240.

Railway takes charge on cancellation of ticket according to the time. If the confirmed ticket is canceled 48 hours before the departure of the train, then the ticket cancellation charge for AC first class is Rs 240 and for AC 2 tier, Rs 200 is deducted. Whereas, the cancellation charge for AC 3 tier is Rs 180.

understand this too

If you cancel a confirmed ticket within two days to 12 hours from the train’s scheduled departure time, then the cancellation charge is 25 percent. Similarly, for cancellation of tickets from 12 hours to 4 hours in advance, 50% of the ticket is charged.
In such a situation, you will have to pay 5% GST on the cancellation charge. Meaning that half the money of the ticket will also go and 5 percent GST will also be charged on it. If you cancel the ticket within 4 hours, then no refund will be given to you.

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GST return Deadline: Get this important work related to GST done today, otherwise you will be fined

Pravesh Maurya — Wed, 10 Aug 2022 10:26:12 +0000

GSTR-8 Return Due Date: Today i.e. August 10, 2022 is an important day for those filing Goods and Services Tax returns. Today is the last day to file GSTR-8 return. After that the fine will be levied. Those who have not done this work till now, they should settle it today or else the fine will have to be paid. E-commerce operators who have deposited TDS at source under Goods and Services Tax. Today is the last date for them to file GSTR-8 return for the month of July 2022. Central Board of Indirect Taxes and Customs CBIC has requested e-commerce operators to file their GSTR-8 return soon.

Who Files GSTR-8

Goods and Services Tax E-commerce operators registered through GST are required to file GSTR-8. An e-commerce operator is defined under the GST Act as any person who owns or manages a digital or electronic facility or platform for electronic commerce such as Amazon, etc. It is mandatory for all such e-commerce operators to be registered for GST registration as well as for collection of tax at source.

200 per day will be fined

E-commerce operators who do not file GSTR-8 by the stipulated time period, then they have to pay the penalty. As per the rules, a fine of Rs 100 per day is levied under CGST and Rs 100 under SGST. After the expiry of the last date, a total of Rs 200 has to be paid as fine every day. The maximum penalty amount is Rs 5,000. Not only this, along with the late fee, 18 percent interest has to be paid annually.

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GST Slab Rate: Big News! GST slab of 12 percent will end! Recommendation can be approved in the meeting

Pravesh Maurya — Wed, 03 Aug 2022 03:33:46 +0000

GST Rate Update: People can get some relief news regarding GST. In fact, the Group of Ministers (GOM) formed for the rationalization and review of GST rates is in favor of abolishing the 12 percent GST slab rate. The members of the Group of Ministers are of the view that of the items on which 12 per cent GST is charged, its share in the total GST collection is only 8 per cent. In such a situation, 12 percent GST can be abolished. It is expected that a decision on this can be taken in the meeting.

12 percent slab will end!

In fact, at present, butter, ghee, fruit juices, almonds, footwear below Rs 1,000, processed foods, cellar wire heaters and hotel rooms up to Rs 1,000 attract 12 per cent GST. In such a situation, if this recommendation is approved, then the slab will be over. However, let us tell you that the final decision on any change in the GST slab will be taken in the meeting of the GST Council. Let us tell you that Karnataka Chief Minister Basavaraj Bommai is the chairman of this group of ministers. Those who have been entrusted with the responsibility of rationalization of GST rates, merger of GST slabs, and review of the GST exemption list.

Will be discussed in GoM

Significantly, in the meeting of the GST Council in June 2022, this committee was given three more months to submit its recommendations. After this, a meeting of the Group of Ministers is going to be held this month in which these issues are expected to be discussed. At present, there are four slabs of GST which include 5 per cent, 12 per cent, 18 per cent and 28 per cent. Apart from this, 1.5 and 3 per cent tax is levied on cut diamonds and jewellery. If the GST slab ends, then people can get a big relief.

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GST - Rightsofemployees.com

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