Recent Updates under GST by Indian Government

Last Updated On: Dec. 8, 2020, 3:07 p.m.
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LATEST UPDATES UNDER GST BY INDIAN GOVERNMENT

 

Goods and Services Tax (GST) in India:

Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and compressed them into a single tax.

GST (Goods and Services Tax) is charged by the government in slabs. The present slabs being 5%, 12%, 18%, and 28%. GST is managed by the Goods and Services Tax Council and is governed by the Goods and Services Tax Act, 2017.

GST is levied on all types of goods and services except petroleum products, alcoholic drinks, and electricity, on which the taxes are levied by the state governments. It is divided into two parts namely, State Goods and Services Tax (SGST) collected by state governments and Central Goods and Services Tax (CGST) collected by the central government.

The share of both governments is equal to GST. For example, if 5% GST is being charged on a product the SGST (2.5%) and CGST (2.5%) will be equal. There is another type of tax Integrated Goods and Services Tax (IGST) that is charged on goods and services supplied inter-state.

The tax was introduced to remove the cascading of taxes, the situation of collecting multiple taxes on every level of production. It is done under GST too, but the manufacturer is refunded back on further levels. It is a destination-based tax, it is collected by the state in which the said good or service is consumed rather than to that state in which the good or service was manufactured.

 

Latest GST Updates for Companies & Taxpayers:

Date wise:

  • 7th December 2020GST-n-You contest by the goods and services tax network was conducted from 15th Sep to 15th Oct 2020 related to all the campaigns and amendments taken by the government based on GST.

        CBIC Explained the Uncertainty on the IFF (Invoice Furnishing Facility) under quarterly filing GSTR 1.

  • 5th December 2020“All States choose Option-1 to meet the GST implementation shortfall”.
  • 4th December 2020The GST portal will be out of service from 4th December to 5th December 2020 between 10:00 PM and 03:00 AM due to an important maintenance upgrade
  • 3rd December 2020“The government of Chhattisgarh has communicated its acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation”.
  • 1st December 2020INR 1,04,963 Crore GST (Goods and Services Tax) Revenue Collection in November 2020.
  • “Seeks to make an amendment to Notification no. 12/2017- Central Tax dated 28.06.2017”.
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