What is the new GST rules 2021?
29th Dec 2021 (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.
₹1,48,995 crore
What is the due date for GST FY 2020-21?
The due date to file the GSTR-4 return for FY 2020-21 is notified as 31st July 2021.11-Aug-2022
Additionally, certain other items such as Curd, Lassi, puffed rice etc., when “pre-packaged and labelled” would attract GST @ 5% with effect from July 18, 2022.Important Changes in GST w.r.t Foods industry w.e.f July 18, 2022.
What is new GST rule?
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
Registered person having aggregate turnover in the financial year 2021-22 up to two crore rupees, exempted from filing annual return for the said financial year. Last date for filing Form GST CMP-08 for composition dealers for quarter ending 30th June, 2022 has been extended up to 31st day of July, 2022.12-Jul-2022
How much amount of GST has been collected by the government for July 2022?
“The gross GST revenue collected in July 2022 is Rs 1,48,995 crore, of which CGST is Rs 25,751 crore, SGST is Rs 32,807 crore, IGST is Rs 79,518 crore (including Rs 41,420 crore collected on import of goods) and cess is Rs 10,920 crore (including Rs 995 crore collected on import of goods).03-Aug-2022
The full form of GST is Goods and Service Tax. GST is a single, indirect tax levied by the Indian Government.27-Feb-2022
What is the full form of Cgst?
The full form of CGST under GST law is Central Goods and Service Tax. It is called as CGST Act 2017. The CGST act has been enacted to make a provision for levy and collection of tax on intra-state supply of goods or services or both by the Central Government and the matters connected therewith or incidental thereto.05-Dec-2019
You will get your annual GST/HST credit, which was calculated using information from your 2021 tax return, in four payments. We will make these payments on July 5 and October 5, 2022 and on January 5 and April 5, 2023.
What is the due date for Gstr 3B for July 2021?
GSTR-3B Due date GSTR 3b due dtae where the turnover in preceding financial year is more than Rs. 5 crores is 20th of next month. e.g. for the month of June 2021, the due date is 20th July 2021.08-Jul-2022
The GSTR 1 form filing is a mandatory return form under GST. Registered taxpayers with an annual turnover exceeding 1.5 crores need to file the GSTR 1 return every 11th of next month.GSTR 1 Due Dates Turnover up to INR 1.5 Crore.
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
“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
What product is 18% GST?
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.
In India GST rate for various goods and services is divided into four slabs: they are 5% GST, 12% GST, 18% GST, & 28% GST.Revision of GST Rates announced in the 37th GST Council Meeting.
What is maximum GST rate?
GST has been structured in a way that essential services and food items are placed in the lower tax brackets, while luxury services and products have been placed in the higher tax bracket. The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST.
The GST Council has also agreed to levy an 18 per cent cess on cheques, irrespective of whether they are in loose or in book form. The GST will be levied on fees charged by banks for the issue of cheques. There will be a 5 percent GST if rooms worth more than Rs 5,000 (non-ICU) are rented out in hospitals.18-Jul-2022
Is e Invoice mandatory for B2C?
Non-applicability of e-invoicing to B2C transactions As of now, e-invoicing is not applicable to B2C transactions. However, the law requires certain entities (to whom e-invoicing is applicable. As of 15th December 2020, it is to businesses with >Rs.08-Aug-2022
Ans. There are 47th GST council meetings that are conducted.26-Jul-2022
What is GST Wikipedia?
Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
What is the new GST rules 2021?