News and Updates

Composition scheme is an alternate method of taxation that allows small businesses with annual turnover up to Rs 75 lakhs to pay tax at a concessional rate as well as reduce the compliance cost. The threshold is 50 lakhs for dealers across nine states including Arunachal Pradesh, Nagaland, Tripura.  Enrolment into the plan, however, is …

Indian Customs releases guidance note for Importers and Exporters and circular on

The Prime Minister has said GST would help business persons by putting an end to tax terrorism and inspector raj and will also help fight black money and corruption.

GSTN has released an excel template which may be used by small tax payers to maintain a record of their outward sales. The offline tool contains 11 data entry sheets in which

Existing Excise, Service tax and VAT assesses will get another chance to migrate to the GSTN portal as the window opens again

All states and Union Territories, barring Jammu and Kashmir, have passed their State GST Act, paving the way for rollout of the Goods and Services Tax from the mid-night of

On 18th June 2017, the GST council met for the 17th time and decided as follows

In the 16th GST Council meeting held on June 11th, the limit for Taxable person has been increased from 50 lakhs to 75 lakhs for opting

In the GST council meeting held on June 3rd, rates for gold and rough diamond were fixed at 3% and 0.25% respectively. This means that under the proposed GST structure there shall be eight rate structures viz 0, 0.25, 3, 5,

Niti Aayog CEO, Amitabh Kant has said GST will help India achieve 9 pc growth rate and will simplify India’s taxation system and help deal with tax evasion.