Amid the coronavirus outbreak, the finance ministry may release pending Rs 20,000 crore goods and services tax (GST) compensation to states, according to a report by the Business Standard. "The revenue department has been authorised to clear Rs 20,000 crore in GST compensation dues to states,"…
A. Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for opting for composition scheme by normal taxpayers, for the financial year 2020-21. These are notified in Notifications 30/2020 Central Tax, dated 03.04.2020. Circular No. 136/06/2020-GST dated 3rd April, 2020 has also been…
Leviability of IGST on High Sea Sales of Imported Goods High Sea Sales (HSS): Where Original Importer sells the goods to a third person before the goods are entered for custom clearance. Custom Declarations: After the High sea sale of the goods, the Customs declarations…
Various small and medium-sized enterprise (SME) bodies in Pune have urged the central and state government to take urgent measures to help them fight the looming recession. Industry bodies said without such intervention, the region could see a major slowdown that could affect lakhs…
Index of CGST Circular issued in Year 2020 Summary has been prepared for reference purposes only readers are requested to read full Circular Circular No. Dated Circular Link Category Sub- Category Description Circular No. 131/2020 23-Jan-20 Download Circular Exporters Standard Procedures SOP to be followed…
The government managed to rake in just over Rs 18,000 crore through integrated GST (IGST) on imports in March, the lowest since the new tax regime kicked in 30 months ago, indicating that collections in the coming months are expected to be weaker, putting additional…
Summary CGST Notifications issued in Calender Year 2020 Summary has been prepared for reference purposes only readers are requested to read full notification Notification Dated Category Sub- Category Brief Description Notification No. 1/2020 1-Jan-20 Amendment Act CGST Amendment Act 2019 Section 92 to 112…