The GST Council determines the GST rate slabs. The GST Council reviews the rate slabs for goods and services on a regular basis. GST rates are typically high for luxury items and low for necessities. GST rates in India for various goods and services are divided into four slabs: 5% GST, 12% GST, 18% GST, […]
The GSTN has introduced an efficient e-invoice verification application to simplify and streamline the e-invoice authentication process. This app allows users to verify e-invoices by scanning the QR code displayed on them. The app is user-friendly and ensures a smooth experience for taxpayers e invoice verification app, released by the NIC, allows users to verify
Audit under GST involves examination of records, returns and other documents maintained by a GST registered person. It also ensures correctness of turnover declared, taxes paid, refund claimed, input tax credit availed and assess other such compliances under GST Act to be checked by an authorised expert. GST is a trust-based taxation regime wherein a taxpayer
GST registration number or GST identification Number (GSTIN) is a unique 15-digit number provided by the tax authorities to monitor tax payments and compliances of the registered person. Business needs different sets of documents depending upon the constitution of the business or the type of GST registration that they wish to obtain. Any person making the
In the 48th GST Council meeting, one of the decisions taken by the Council was for the government to lay down the rules for unregistered persons to file a refund application under GST. This decision was taken due to several instances taking place where an unregistered buyer had entered into a construction agreement or contract with
Finance Minister Nirmala Sitharaman presented the Finance Bill 2025 on 01.02.2025, introducing several amendments to the Central Goods and Services Tax Act (CGST). These amendments clarify definitions, ITC distribution, compliance requirements, penalties, and track & trace mechanisms. Below is a detailed breakdown: Key Amendments and Their Impact Amendments to Definitions (Clause 116) Section Amendment Effective
Goods and Services Tax was introduced in India several times by different governments before it was actually implemented from July 1, 2017, onwards. The idea of bringing about GST was to have a ‘One Nation One Tax’. GST subsumed all the taxes that prevailed in the country What is CGST? CGST stands for Central Goods
The GSTR 9 is a GST annual return form to be filed by the regular taxpayer once a year with all the consolidated details of SGST, CGST and IGST paid during the year. GSTR 9 is a return form that provides a detailed summary of supplies and the applicable taxes on them. It also provides a
Cancellation of GST registration simply means that the taxpayer will not be a GST registered person anymore. He will not have to pay or collect GST or claim the input tax credit and accordingly, need not file GST returns. Cancellation of GST registration denotes that the individual or entity is no longer recognized as a
The CBIC has introduced Form PMT-09 (i.e. a challan) to enable a registered taxpayer to transfer any amount of tax, interest, penalty, etc. that is available in the electronic cash ledger, to the appropriate tax or cess head under IGST, CGST and SGST in electronic cash ledger. Hence, if a taxpayer has wrongly paid CGST instead of SGST,