Important GST E-Way Bill Update: New HSN Code requirements effective from October 1, 2023
Atleast 6 digit HSN code in the e-Invoices and e-Waybills and other taxpayers shall use atleast 4 digit HSN code in E-Invoices and E-Way Bills.
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Atleast 6 digit HSN code in the e-Invoices and e-Waybills and other taxpayers shall use atleast 4 digit HSN code in E-Invoices and E-Way Bills.
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The CBIC vide Notification No. 02 /2023-Central Excise (N.T.) dated September 04, 2023 has issued the amendments in the Central Excise Act, 1944, based on section 2(b) and rule 3 of the Central Excise Rules, 2017. These amendments affect the Notification No. 13/2017-Central Excise (N.T.) dated June 09, 2017 and pertain to Table II within that notification.
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The central government launched the Mera Bill Mera Adhikaar scheme on September 1, in an effort to encourage customers to ask for bills for all purchases. The scheme’s objective is to create a cultural and behavioural shift in people, encouraging them to request a bill as their right and entitlement.
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As per the recent tweet by ET Now state that the government has initiated preparations for the Union Budget 2024-25, which will serve as an interim budget for the current government. The Finance Ministry has requested all ministries and departments to submit their estimates and relevant information to the budget division in preparation for this upcoming budget cycle.
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Kerala had reported a steady increase in GST revenues in the first quarter of 2023-24, a trend which is visible in the second quarter too. The State had recorded 10% growth in GST revenues in July 2023 over the previous July. The collection for July 2023 stood at Rs 2,381 crore against Rs 2,161 crore the previous July.
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Consumption, clubbed with inflation and compliance, boosted GST collection in key States between February and July of this calendar year. Most of these States have recorded double-digit growth, with Maharashtra maintaining the lead over all States not just in terms of collection but also in growth.
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An inspector with the state sales tax department allegedly threatened and attempted to extort Rs 15 lakh from a judge of the Goods and Services Tax (GST) tribunal in Maharashtra’s Nagpur, police said on Sunday.
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Businessmen registered on the GST network portal in Punjab’s Bathinda must display their GST number at their premises otherwise they will face a fine of up to Rs 50,000, according to the Central Board of Indirect Taxes and Customs (CBIC).
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“As the levy on the components is at 18% or above, the need is that the levies should at least be below the 18% slab. The recommendation to the finance ministry would be for bringing these items in the 5% slab as suggested by the stakeholders,”
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Gujarat’s GST collection was the third highest in India, following Maharashtra (Rs 23,282 crore) and Karnataka (Rs 11,116 crore). The state’s tax collection growth rate outpaced the national average of 11% for August, when the country collected Rs 1.14 lakh crore in taxes.
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Around 200 firms, including McDonald’s India, L’Oreal, Colgate Palmolive, Castrol, Saint-Gobain, Whirlpool, Mastek, and Domino’s Pizza, have received notices from state authorities seeking tax under the pre-Goods and Services Tax (GST) regime,
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The gross GST revenue collected in the month of August, 2023 is Rs 1,59,069 crore of which CGST is Rs 28,328 crore, SGST is Rs 35,794 crore, IGST is Rs 83,251 crore (including Rs 43,550 crore collected on import of goods) and Cess is Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).
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The notification said that the imports of LPG, liquified propane and liquified butane have been fully exempted from the Agriculture Infrastructure Development cess (AIDC) effective September 1, 2023.
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Dr. V. Anantha Nageswaran, Chief Economic Adviser (CEA), Ministry of Finance, said that at 7.8% year on year, India’s growth rate towers above the growth rate in several other leading economies. India’s economic growth maintained the strong momentum witnessed in the final quarter of FY23
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The Enforcement Wing, south zone Bengaluru of Commercial Taxes Department, Government of Karnataka busted a fake GST bill operators’ racket under which a syndicate was run to help companies in the service sector of manpower and labour supplies to avail fake Input Tax Credit (ITC) and inflate the turnover artificially.
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There has been a lot of discussion surrounding the recent changes to the CGST Act, which will only come into effect once all State GST laws have also been amended. One area of particular concern is the potential retrospective application of these changes to online gaming in India.
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The Goods and Services Tax Network (“GSTN”) has issued an Advisory on Reporting of ITC Reversal Opening Balance.
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State-owned Punjab National Bank (PNB) on Wednesday said it has launched a mobile application based on the GST Sahay scheme, an end–to-end digital product under which lending can be done using GST invoices.
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The tax department is probing an alleged tax evasion by founder of three Indian unicorns — FirstCry.com, Globalbees Brands Ltd and Xpressbees — , according to people familiar with the matter.
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As India is holding its presidency for the G20 Summit, Union Finance Minister Nirmala Sitharaman said that India given the consideration of things and developments across the world, addressing the question of debt distress is a must.
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The Goods and Services Tax (GST) Council was expected to resolve the vexed issue of taxation on e-money gaming companies. After months of deliberations by the group of ministers (GoM), the Council impose 28 per cent GST on bets placed by participants on e-games, but provided relief to companies by restricting it to entry levels.
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