Top 6 Latest GST News And Developments
Update yourself with latest GST Rules, Save Tax Penalty
GST news: The finance ministry of India from time to time provides information about latest development and news about Goods and Services Tax (GST). The latest GST news helps businessmen and traders to plan the expenses and investments accordingly. The latest GST development may also help you to get GST insights necessary to run a business successfully. In this article we will discuss the latest GST news and recent GST developments.
1. GST News: No GST on plots with basic infrastructure
On 28 September 2022, the Karnataka Authority for Advance Rulings (AAR) stated that no GST will be levied on taxpayers who sell their properties with proper and basic infrastructure. This also includes proper installation of sewage lines. This news may be helpful majorly to common man who sell their house with basic infrastructure.
Also read Government Business loan Schemes
2. GST Development: Mandatory e-invoice generation from 01 October 2022
The Central Board of Indirect Taxes and Customs (CBIC) declared that businesses with a turnover of Rs.10 crore or above will have to compulsorily generate e-invoices from 01 October 2022 onwards. The development will not impact small scale businesses. The latest GST development will help in achieving the targets of Digital India Campaign.
3. GST News: GST collection could touch Rs.1.5 lakh crore benchmark in September 2022
Goods and Services Tax (GST) collections for September 2022 month, representing actual business activities, could touch Rs.1.5 lakh crore with a record 78.21 million e-way bills created in August. The gross revenue from goods and services tax (GST) surged by 26 per cent year-on-year to Rs 1,47,686 crore in September 2022, as per the government data released on Saturday. According to the data released by the Union Ministry of Finance, the gross GST revenue collected in September 2022 is Rs 1,47,686 crore, of which CGST is Rs 25,271 crore, SGST is Rs 31,813 crore, IGST is Rs 80,464 crore (including Rs 41,215 crore collected on import of goods) and Cess is Rs 10,137 crore (including Rs 856 crore collected on import of goods). The number of e-way bills witnessed an increase of 19% from 65.89 million in August 2021 to 78.21 million in August 2022.
Read about 15 Tips and Tricks to save income Tax
4. GST Development: E-way bill for intra-city movement of goods will not be mandatory in Gujarat
Irrespective of the value of the goods, Gujarat exempts the e-way bill requirement for intra-city transportation of goods. The Allahabad High Court ruled out the mandatory requirement of e-way bill under GST for intra-city movement of goods. However, E-way bills would still be required even within a kilometer for transportation of goods worth Rs.50,000 or above. Though the limit or exemption is within the control of the states.
Read About Eway Bill, E Way Bill System, Generate E way Bill Rules
5. GST News: Government of India is likely to introduce GST on crypto
The Indian government is going to introduce GST (Goods and Services Tax) on cryptocurrencies. The GST rate on cryptocurrencies could be between 18% to 28%. The Union Budget 2022 has inter alia introduced a levy of 30% tax on income from cryptos and other digital assets with no offset and 1% TDS, discouraging the crypto community.
Read about Stock Market: 6 things you Must know before market opens
6. GST Development: Non-alcoholic malt drinks will attract 28% GST
In Karnataka, Non-alcoholic malt drinks may soon be subject to the same GST rates as carbonated drinks. The Karnataka GST Authority of Advance Ruling (AAR) recommended raising the tax rate on drinks made with malt to 40%. Currently, 40% GST is levied on soft drinks including 28% GST and 12% cess. At present, malt-based drinks are subject to 18% GST. Non-alcoholic Malt Beverage means a beverage containing less than 0.5% Alcohol by volume obtained by Alcohol fermentation of an infusion or concoction of barley, or other grain, malt and hops in water and includes Beer, ale, stout, lager Beer, porter and similar beverages having such alcoholic content.
Other Posts:
- GSTN: Goods and Service Tax Network, All Info
- Everything about GST – Goods and Services Tax
- GST Identification Number: GSTIN and GST Certificate
- IFSC and MICR of all banks in India
- Top 5 Life Insurance Companies in India and List of claim settlement ratio, Tips to choose a best life insurance company
- RBI card tokenization to secure digital payment
- How To Set Up And Make Offline UPI Payments
Read Category-wise posts
Banking | Bank Account | Bank Deposit Schemes | Loans | Bank Cards | Credit Cards | Debit Cards | Search IFSC & MCLR Code | Insurance | Bank Jobs and Exams | Stock Market | GST | EMI Calculator
