Tag: GST

How GST Revolutionized India’s Tax System: A Comprehensive Overview

thelegaldost 4 hours ago in Other 0

Discover the transformative impact of the Goods and Services Tax (GST) on India’s taxation system. This article highlights GST’s objectives, features, and benefits for businesses and consumers, including simplified compliance, elimination of tax cascading, and increased revenue collection. Learn about the various GST rates and the efficient online processes that enhance transparency in tax administration. Website URL: https://www.thelegaldost.com Country List: India

Recent GSTN Advisories: ITC Reversal, Invoice System, Return Data

taxguru 2 weeks ago in News 0

In September 2024, GSTN issued several advisories on important updates for taxpayers. Key advisories include the reopening of Input Tax Credit (ITC) reversal reporting, allowing taxpayers to reclaim previously reversed ITC before deadlines in October and November.Read more at: https://taxguru.in/goods-and-service-tax/recent-gstn-advisories-itc-reversal-invoice-system-return-data.htmlCopyright © Taxguru.in Website URL: https://taxguru.in/goods-and-service-tax/recent-gstn-advisories-itc-reversal-invoice-system-return-data.html Country List: India

GST on Passenger Transportation in EVs and Renting of EVs

taxguru 1 month ago in News 0

Summary: The GST treatment for electric vehicles (EVs) varies based on their use. Renting EVs with operators falls under Heading 9966, while passenger transport services are classified under Heading 9964.Read more at: https://taxguru.in/goods-and-service-tax/gst-passenger-transportation-evs-renting-evs.htmlCopyright © Taxguru.in Website URL: https://taxguru.in/goods-and-service-tax/gst-passenger-transportation-evs-renting-evs.html Country List: India

New Invoice Management System (IMS) on GST Portal from Oct 2024

taxguru 1 month ago in News 0

The Goods and Services Tax (GST) is launching a new Invoice Management System (IMS) on the GST portal, effective from October 1, 2024, to help taxpayers manage invoice corrections and ensure accurate Input Tax Credit (ITC). This system will allow taxpayers to match their invoices with those issued by suppliers, accepting or rejecting them as needed. Website URL: https://taxguru.in/goods-and-service-tax/invoice-management-system-ims-gst-portal-oct-2024.html Country List: India