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GST Council Meet

Reading Time: 2 minutes GST Council Meet, The GST Council has made the following Recommendations in 32nd GST Council Meet. The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley took various decisions including giving the approval to increase in the turnover limit for the existing
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Recommendations of 32nd GST Council Meet

Reading Time: 1 minute Recommendations of 32nd GST Council Meet, The GST Council has released a press note on Recommendations made during 32nd Meeting of the GST Council held on 10th January 2019. The GST Council in its 32nd meeting held today at New Delhi gave approval for the following: Recommendations of 32nd GST Council Meet a. Changes made
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Recommendations of 31st GST Council Meet

Reading Time: 4 minutes Recommendations of 31st GST Council Meet, The GST Council in its 31 meeting held today at New Delhi made the following policy recommendations: 1. There would be a single cash ledger for each tax head. The modalities for implementation would be finalized in consultation with GSTN and the Accounting authorities. 2. A scheme of single
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Reading Time: 2 minutes Under Section 14 of the Customs Act, 1962, the Central Board of Indirect Taxes and Customs (CBIC) notifies the Rate of Exchange for the purpose of conversion of foreign exchange to Indian Rupees (INR) and vice versa for assessment of imports & exports. Currently, CBIC notifies exchange rates for 20 currencies for the purpose of
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Reading Time: 3 minutes Improvements in e-way bill generation, the CBIC has proposed the below mention improvements in the eway bill generation which are being released on 16 November 2018 1. Checking of duplicate generation of e-way bills based on same invoice number The e-way bill system is enabled not to allow the consignor/supplier to generate the duplicate e-way
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Reading Time: 2 minutes No let-up in sanction of GST Refunds There are concerns being raised about growing pendency of GST Refunds. Exporters arereassured that there is no le-tup in the sanction of GST refunds. The disposal rate is consistently improving month-on-month. As on 31st October, 2018, total GST refunds to the tune of Rs 82,775 crore have been
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Reading Time: 2 minutes Insolvency and Bankruptcy Board of India, IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018 The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that
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Reading Time: 2 minutes Direct Tax Statistics, Constant growth in the direct tax-GDP ratio over the last three yearsThe growth of more than 80% in the number of returns filed in the last four financial years The number of persons filing the return of income has also increased by about 65% during this period from 3.31 crore in FY
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Reading Time: 2 minutes ITC FY 2017-18, Last date to avail input tax credit in respect of invoices or debit notes relating to such invoices pertaining to period from July, 2017 to March, 2018 There appears to be misgiving about the last date for taking input tax credit (ITC) in relation to invoices or debit notes relating to such
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GST refunds

Reading Time: 2 minutes GST refunds, It has been noticed that unverified reports of pending GST refunds on account of exports are published in the print media by trade bodies. These figures being put out in the public domain are exaggerated and thus inaccurate. It is a fact that a large number of exporters have been granted refunds so far
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