Is GST site down today?
Gst.gov.in is UP and reachable by us.
The GST has failed on two major counts. It has only widened the rift between the Centre and the states and it has failed to achieve the 'correct' tax rates. Despite the pick-up in GST collections recently, the government and the GST Council believe the current tax rates are much below the desired levels.27-Jun-2022
What is today's GST rate?
Increase in GST
www.gst.gov.in
What is the latest news of GST?
(1) The 46th GST Council meeting was held on 31st December 2021 in New Delhi. Union FM Nirmala Sitharaman led meeting has decided to defer the GST rate hike to 12% for textiles. (2) CGST Rule 36(4) is amended to remove 5% additional ITC over and above ITC appearing in GSTR-2B.
Amended GST Rates applicable from 18th July 2022
Why is GST Criticised?
GST's implementation in India has been further criticized by Indian businessmen for problems including tax refund delays and too much documentation and administrative effort needed. According to a partner at PwC India, when the first GST returns were filed in August 2017, the system crashed under the weight of filings.
India's ranking during the last three years showed a sharp upward momentum from 100 in 2018 to 77 in 2019 and 63 in 2020 – a jump of 37 places in a span of 3 years.30-Jun-2022
Is GST really good for India?
Being the Biggest tax reform in India, GST will allow the real GDP growth of the Indian economy to hit 6.75 per cent in this fiscal year with expectations of 7 to 7.5 per cent real GDP growth in 2018-19. SMEs and small taxpayers have benefitted from the GST system with a number of relaxations.12-Jul-2022
“Prices will go up on daily essentials for end-consumer who cannot avail input tax credit benefits. These include pre-packaged or labeled buttermilk, curd, and paneer, earlier exempted, and will now attract 5 per cent GST starting from 18th July 2022," said Archit Gupta, Founder and CEO of Clear.16-Jul-2022
Is GST 12% or 18 %?
The GST rates of 5%, 12%, 18% and 28% on goods, were affecting consumers with several pros and cons on services. However, services such as healthcare and educational services were excluded from GST. The passed GST rates slabs from the GST council consists of NIL, 5%, 12%, 18%, 28% rates on different services.22-Jul-2022
What Falls Under the 18% GST Rate? Household products, including hair oil, toothpaste, shampoo, etc. All devices for length measuring by hand, like measuring tapes, callipers, etc.
What are the 3 types of GST?
Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes. To learn more, read about these three different types of GST.
Taxpayers should note that GST registration charges are free. Therefore, you need not pay anything for registration under GST. However, defaulting tax payments or making short payments will incur a GST penalty. The penalty under GST stands at 10% of the tax amount only if the amount is a minimum of Rs.
Who made GST portal?
M/S Infosys
New GST Rule: From October, there is going to be a big change in the rules of GST. Under this, businesses with a turnover of more than Rs 10 crore will have to generate an electronic invoice (E-Invoice) for B2B transactions from October 1.02-Aug-2022
What is the change in GST?
The Council also decided to raise tax rates on items such as ink, knives and pumps from 12% to 18% and solar water heaters and leather from 5% to 12%. In addition, cut and polished diamonds will attract 1.5% GST, up from 0.25% now.30-Jun-2022
Under VAT, credit between service tax and excise duty is available, but there is no set-off against VAT on excise duty. Under GST, credit available on the whole amount of taxes up to retailer. Under VAT, the threshold for central excise is Rs. 1.5 crore, and the threshold for VAT ranges between Rs.
What are the 4 slabs of GST?
The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST. This is aside the tax on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST.
Revision of GST Rates Announced in 45th GST Council Meeting
In which country GST came first?
France
Is GST site down today?