38th GST Council Meeting was held on 18th Dec 2019, the key highlights include: Grievance redressal committees (GRC) will be constituted at the Zonal/State level to address grievances of the specific/general nature of taxpayers at the zonal/state level. Due date of annual return (GSTR 9) & reconciliation statement (GSTR 9C) for F-Y 2017-18 further extended… Continue reading Major Highlights of 38th GST council meeting
Category: GST (Goods and Services Tax) India
Letter of Undertaking (LUT) under GST
What is the Letter of Undertaking under GST? Letter of undertaking is the document that the user provides declaring fulfillment of all requirements under GST. It is furnished in case of export undertaken without paying IGST. Also, according to the Notification No. 37 /2017 – Central Tax It is mandatory to furnish LUT to export… Continue reading Letter of Undertaking (LUT) under GST
Chapter 4 Value of Supply – Goods and Services Under GST
Value of Supply In GST regime it is important to know about the value of goods or services or both on which tax is to be paid. As per CGST Act, 2017 along with rules prescribed the provisions for determining the value of supply of goods or services have been made applicable in different… Continue reading Chapter 4 Value of Supply – Goods and Services Under GST
Accounting Entries under GST (Goods and Services Tax)
The introduction of the biggest indirect taxation reform in India namely Goods and ServicesTax (GST) has impacted the functioning of all the sectors of the economy. The impact of the radical shift can also be tracked in the segment of Finance and Accounting as well. Prior to the introduction of GST in India… Continue reading Accounting Entries under GST (Goods and Services Tax)
(Goods and Services Tax) GST Seva Kendra
Ravi: Hello Aman, how is your startup business these days? Aman: It is good and sales are increasing, but I am finding trouble while filing GST returns. Ravi: Come On, Aman! Haven’t you heard of GST Seva Kendra? They will provide all the required information and assistance regarding GST. GST Seva Kendra GST Seva… Continue reading (Goods and Services Tax) GST Seva Kendra
Goods and Services Tax Council | GST Council
GST Council The concept of GST, Goods and Services Tax, is not relatively a new one. The concept of a single tax called the Goods and Services Tax was proposed in the year 1999. GST was also accepted by the then Prime Minister of India, Mr. Atal Bihari Vajpayee and he gave it a go… Continue reading Goods and Services Tax Council | GST Council
Chapter 95: HSN Code & GST Rate for Electronic toys,sports goods,game consoles
Chapter 95: Electronic toys, sports goods and game consoles Rates (%) Products Description HSN Codes Export and Import HSN Codes 12% Dolls or other toys made of wood or metal or textile material [incl wooden toys of sawantwadi, Channapatna toys, Thanjavur doll) 9503 95030010, 95030020, 95030030, 95030090 5% Toy balloons made of natural rubber latex… Continue reading Chapter 95: HSN Code & GST Rate for Electronic toys,sports goods,game consoles
Chapter 93: HSN Codes and GST Rates for Arms and Military weapons
Chapter 93: Arms and Military weapons Rates (%) Products Description HSN Codes Export and Import HSN Codes 18% Military weapons other than revolvers, pistols 9301 93011100, 93011900, 93012000, 93019000 28% Revolvers and pistols, other than those of heading 9303 or 9304 9302 93020000 18% Other firearms and similar devices which operate by the firing of… Continue reading Chapter 93: HSN Codes and GST Rates for Arms and Military weapons
Chapter 91:HSN Codes and GST Rates for Watches and clocks
Chapter 91: Watches and clocks Rates (%) Products Description HSN Codes Export and Import HSN Codes 18% Wrist-watches, pocket-watches and other watches, including stopwatches, with case of precious metal or of metal clad with precious metal 9101 91011100, 91011900, 91012100, 91012900, 91019110, 91019120, 91019190, 91019910, 91019920, 91019990 18% Wrist-watches, pocket-watches and other watches, including stop… Continue reading Chapter 91:HSN Codes and GST Rates for Watches and clocks
Chapter 92: HSN Codes and GST Rates for Musical Instruments and parts
Chapter 92: All Musical Instruments and parts Rates (%) Products Description HSN Codes Export and Import HSN Codes NIL Indigenous handmade musical instruments 92 – 18% Pianos, including automatic pianos; harpsichords and other keyboard stringed instruments 9201 92011000, 92012000, 92019000 18% Other string musical instruments (for example, guitars, violins, harps) 9202 92021000, 92029000 18% Wind… Continue reading Chapter 92: HSN Codes and GST Rates for Musical Instruments and parts