VJM Global

JULY 23, 2022

In the 47th GST Council meeting held on 28th June and 29th June 2022, GST Council recommended various amendments in GST Rate on goods and services to streamline GST refund due to inverted duty structure , removed various exemptions on goods and services, suggested changes to facility smooth trade operations. To give effect to GST amendments suggested by GST Council, CBIC has issued various notifications and circulars.

Transportation 52

Transportation Tax Government Manufacturing 52

VJM Global

JULY 23, 2022

GST Council received various representations from industries to provide clarification on various GST issues to minimize litigations and streamline business operations. In line with recommendations made in the 47th GST Council Meeting , CBIC has clarified various issues related to GST vide Circular No. 172/04/2022-GST dated 6th July 2022. List of clarifications issued by GST Council is as follows: 1.

Tax 52

Tax 52

VJM Global

JULY 23, 2022

The ( Goods and Service Tax ) GST Council met for the 47th time on June 28th and 29th, 2022, and was chaired by the Union Finance Minister. In the 47th GST Council meeting , Major decisions were taken around the revision of GST rates on various goods to rationalize an inverted duty structure. GST Rates were also reduced on certain medical instruments such as Ostomy appliances, Orthopedic appliances, etc., and various other services also.

Tax 52

Tax E-commerce accounting and finance Account 52

VJM Global

JULY 23, 2022

Goods and Service Tax subsumed all taxes and brought one tax to ensure a seamless flow of Input Tax Credit. All ITC is cross-verified through an electronic medium so that authorities can ensure that the counterparty has actually made such a supply. However, taxpayers have misused this facility, and Post implementation of GST , issues of fake invoices, i.e., invoices are issues for passing on fake Input Tax Credit (ITC) without any unlying supply of goods or services, have become quite common.

Tax 40

Tax 40

Advertiser: Paycor

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.