#igst

[jhasravi]

Govt. of India amends Export duty on some variety of rice

Govt. of India amends Export duty on some variety of rice

“Indirect Tax I Arbitration I Customs & FTP I Advisory I Litigations” Dated: 23.10.2024 Govt. of India amends Export duty on some variety of rice Variety of Rice in the table which were amended by Notification no 44/2024 of CBIC on 22nd October 2024. 16A10061090Rice in the huskNIL26B10062000Husked (Brown) RiceNIL36C10063010Rice, ParboiledNIL Variety of Rice with NIL Export duty as per…

[eazybillssoftware]

A Complete Guide to GST Registration

GST registration has become an important aspect for any business. The full form of GST is Goods and Services Tax, which is a comprehensive indirect tax charged on the supply of goods and services within Indian territory, and GST registration is compulsory for businesses with a certified annual turnover that differs from business to business. 

The Goods and Service Tax Act was introduced by the Indian government on July 1, 2017. The introduction of GST aimed to simplify the indirect tax system in India by merging multiple taxes into one and improving the tax collection process.

Types of GST 

In order to know the GST tax liability of a business, it is essential to know the type of GST:

State Goods and Services Tax (SGST): It is the tax charged on the sale of services and products within a state. It eradicated earlier taxation that included entry tax, state sales tax, entertainment tax, surcharges, and others. 

Central Goods and Services Tax (CGST): It is charged by the central government on the supply of intra-state products. It replaced many taxes like service tax, central excise duty, and customs duty. 

Union Territory Goods and Services Tax (UTGST): It is applicable to the sale of products and services in Union Territories like Andaman, Nicobar, and Chandigarh, among other union territories. 

Integrated Goods and Services Tax (IGST): This tax is charged on the sale of interstate products and services. 

Applicability of GST Registration 

According to the GST Act, any business that fulfills any of the below-mentioned criteria is bound for GST registration. 

Businesses that cross the annual turnover threshold of Rs. 40 lakh are liable for online GST registration. 

Any individual selling goods through an e-commerce platform is also liable for GST registration. 

Non-residents and casual taxable persons should also file GST.

To ensure the smooth functioning of GST registration, it is important for the above-mentioned people or firms to file for GST and comply with the related eligibility and documentation to avoid any penalties and future hurdles. 

List of the Top Benefits of GST Registration 

There are various benefits of GST registration that you, as an individual or business, can avail of. Below are some of the top benefits of GST registration: 

Eradication of the cascading effects: The introduction of GST removes the cascading effects of earlier indirect taxation, causing dual taxation at every step. GST registration has reduced the tax liability of business entities. 

Easy registration procedure: The process of GST registration can be easily done through the GSTN portal, making it time-efficient and easy. 

Lesser compliance: Earlier businesses had to file several returns accorded with different indirect taxes like VAT, excise, and service tax. But GST is a single tax regime, so it lowers the number of filings, making it less problematic for businesses to file a return. 

Transparency: Registration under GST consists of various provisions such as compliance, payment of taxes, and perks of input credit, ensuring clarity in the tax collection system. 

Regulation of the unorganized sector: GST registration also helps to regulate the unorganized sector, like construction sites. 

Final Words Whether you are a small business owner or a large business owner, or freelancer the GST registration services can help you gain certain benefits. You can easily track your registration process through GSTIN on the GST portal. If you are looking for reliable GST billing software that assists you with GST registration and compliance requirements, then consider Eazybills, as it is a one-stop solution for all the billing requirements, as it is easy to use software that doesn’t require any additional training.

[taxfilingventure]

Leveraging the benefits of GST LUT filing streamlines export processes, facilitating seamless transactions without the burden of paying IGST upfront. Explore the advantages and requirements of GST LUT filing on our blog.

[mygstrefund]

What is PFMS and why IGST Refund stuck at PFMS?

Discover #PFMS and understand why your #IGSTrefund may be stuck. Navigate the intricacies for smoother refunds. Get insights now!

Read Our Detailed article in the below link 👇- https://www.mygstrefund.com/What-is-PFMSandwhy-IGSTRefund-stuckat-PFMS/

THANKS FOR READING! We provide GST refund solutions for customers.

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[newsorbiter]

India records robust GST collections of ₹1.62 lakh crore in Sept 2023

In September 2023, India's gross Goods and Services Tax (GST) revenue soared to ₹1,62,712 crore, marking a remarkable 10% year-on-year growth. This achievement signifies the fourth instance in the fiscal year 2023-24 that GST collections have exceeded the ₹1.60 lakh crore threshold. This impressive performance in September was fueled by a breakdown of collections as follows: Central GST (CGST) accounted for ₹29,818 crore, State GST (SGST) stood at ₹37,657 crore, Integrated GST (IGST), which includes ₹41,145 crore from imports, reached ₹83,623 crore, and cess collected amounted to ₹11,613 crore, with ₹881 crore sourced from imports. In terms of distribution, the government distributed ₹33,736 crore to CGST and ₹27,578 crore to SGST from IGST. Consequently, after the standard settlement process, the total revenue for the Centre and states in September 2023 amounted to ₹63,555 crore for CGST and ₹65,235 crore for SGST. This remarkable performance in September 2023 reflects a 10% increase compared to GST revenues in the same month of the previous year. Specifically, domestic transactions, including imported services, contributed to a 14% surge in revenues compared to September of the previous year. For the first half of fiscal year 2023-24, ending in September 2023, the total gross GST collection reached ₹9,92,508 crore, marking an impressive 11% year-on-year increase compared to the same period in the previous fiscal year, which recorded ₹8,93,334 crore. This robust performance has led to an average monthly gross GST collection of ₹1.65 lakh crore in fiscal year 2023-24, an 11% increase over the monthly average of ₹1.49 lakh crore recorded in the first half of fiscal year 2022-23. The data also reveals notable variations in GST revenues across states and union territories in September 2023. States such as Jammu and Kashmir, Rajasthan, Telangana, and Tamil Nadu witnessed substantial growth in their GST revenues, ranging from 10% to 33%. In contrast, some regions, including Lakshadweep and Manipur, experienced declines. In terms of post-settlement SGST revenue from IGST, states like Ladakh, Chhattisgarh, Madhya Pradesh, and Gujarat saw significant increases, while Dadra and Nagar Haveli and Daman & Diu reported a decrease. Overall, the combined SGST and SGST portion of IGST settled to states and union territories marked a 15% growth in April-September 2023 compared to the same period in the previous fiscal year. This robust performance in GST collections demonstrates the resilience and economic vitality of India's tax ecosystem, signaling positive economic prospects for the nation. Read the full article

[babatax]

GST registration compulsory for interstate supply?

GST registration compulsory for interstate supply: Interstate supply under GST means when the goods or services provider is in a different state or Union Territory, and the place of supply is in a different state or Union Territory. The supplies involving import, export, or supply to or from a Special Economic Zone (SEZ) unit or Export-oriented Unit (EOU) are also considered interstate supplies.…

[sundaethinker]

A Detailed Overview on highlights of the 50th GST Council Meeting

The 50th GST Council meeting, led by Union Finance Minister Nirmala Sitharaman, was held on July 11, 2023, at Vigyan Bhawan, New Delhi. This meeting focused on rate decisions, clarifications, and recommendations related to GST on goods and services. In this blog post, we will delve into the highlights of the 50th GST Council meeting and explore the key takeaways.

Recommendations with regard to GST on goods

Reduction of GST rates on specific goods

1. Uncooked/unfried snack pellets: Rate reduced from 18% to 5%. 2. Fish soluble paste: Rate reduced from 18% to 5%. 3. Imitation zari threads/yarn: Rate reduced from 12% to 5%. 4. LD slag: Rate reduced from 18% to 5% to be at par with blast furnace slag and fly ash.

IGST exemption on certain medicines and FSMP

1. Dinutuximab (Quarziba) medicine imported for personal use.

2. Medicines and FSMP used in the treatment of rare diseases when imported by Centres of Excellence for Rare Diseases or any recommended person/institution.

Clarification on the taxable nature of supply

Supply of raw cotton by agriculturists to cooperatives, including kala cotton, is taxable under reverse charge mechanism.

To read more visit Swipe Blogs

[livemintvideos]

GST Benefits in Budget 2023 - Cheer to some | Mint Primer | Mint

North-eastern states have recorded a compounded annual GST revenue growth rate of 27.5% so far since the implementation of the GST as against 14.8% for all states, making them the biggest gainers of the new indirect tax regime. The north-eastern states have been the biggest beneficiaries of the five-year-old goods and services tax (GST) regime, according to the Reserve Bank of India (RBI) report on State Finances.

[hellcatsworld]

TELL YOUR KIDS

I swear to god

Not telling your kid they have a learning disability, chronic illness, mental illness etc. so they can “feel normal” actually does the opposite. They will not feel normal if they do not have the context to understand that their normal will be different from that of their peers.

[todayworldnews2k21]

GST Council Meeting Highlights: Key Recommendations To Provide Relief To Individuals And Businesses

Jaisalmer: From reducing the GST rate on fortified rice kernel (FRK) to fully exempt GST on gene therapy, the 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, on Saturday made some key recommendations to provide relief to individuals and businesses.  The Council recommended exemption of GST on contributions by general insurance companies from third-party motor…

[jhasravi]

SJ EXIM Services India- IGST Refund claim against Manual Exports Shippin...

[accountingsikhehindime]

GST Notes PDF in Hindi, Tally Prime GST Pdf Download 2023

नमस्कार दोस्तों इस पोस्ट मे आज मे आप को GST Notes PDF तथा Tally Entry with GST PDF देने वाला हु। जिसे पढ़ कर आप आसानी से अपने Tally Course with GST को Complete कर सकते हैं। क्योंकि बहुत से लोग Tally सीखने से पहले GST के बारे में जानकारी प्राप्त नहीं करते हैं। और Tally Course को Join कर लेते हैं। इसलिए वे एक Professional Accountant की जगह एक Tally Data Entry Operator बन जाते हैं। इसलिए आज मे आप…

[callmedangervest]

imfd gobab vey andyace a swizture bcauhn igst a gi polaed akjjhudu

"What does that mean-?"

[whspermy-name]

Igst so funny to me I'll say something really weird like "LANSODHLSHDK HELP I ATE 32 RABBITS AND VOMITYED IT ALL UP ON MARS" or "BYEEE I DROPKICKED A KANGAROO AND ADOPTED THREE CHILDREN FOR 10 CENTS" or just straight up "I started microwaving hampetsers" because everytime the reaction is just like "what."

[tradeapprovals]

Is the GST really beneficial for India?

To comprehend the way GST is affecting the Indian economy, and how it has affected the general Indian economy, we have to know what GST is applicable to and what its kinds. We will also examine the different consequences of GST.

GST is imposed at each step of the production and sales of services and products across India. GST is charged at the time that the products or services are used. There are three categories of GSTtax -

CGST (Central Goods and Services Tax) is a tax imposed by the Central Government on the interstate sale of services and goods.

It is a tax referred to as SGST (State Goods and Services Tax) is a tax imposed from State Governments State Government on sales within the state.

IGST (Integrated Tax on Goods and Tax on Services) is charged when a shipment of products and services is made from one State to the other. The tax collected is split between government officials from the Central State Government as well as by the Central State Government.

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