Over the past few days, businesses and chartered accountants have been busy in filing GST returns on the online GST portal. However, the GST return filing experience has not been very good for most of these users, due to less understanding of GST norms. Server overload and similar errors were faced by many users when filing their GST returns online. But there are some specific GST return errors/mistakes that were made by users when filing their returns online, mainly because of the lack of GST knowledge.
GST Updates Today, Latest GST News & Status in India
To provide the support to small businesses and exporters, the government has slashed the GST rate on certain items.
The GST council’s meeting headed by the Finance Minister Arun Jaitley improved the goods and services Bill and unanimously announced the cut down in the rates of various products.
The Important Decisions Made During The 25th Meeting Of GST Council:
GST Impact on Wedding Services and Shopping in India
The wedding season in India is about to begin in November. What will be the impact of GST on weddings? The cost of the wedding is definitely going to be affected due to the newly launched GST system. The Goods and Services Tax was launched in July this year, and its impacts are already showing in various sectors.
It is being estimated that the average cost of many wedding services like shopping, tent booking, food services, etc., is going to get higher due to GST. The GST rate on most of these services is from 18 to 28 percent. Before GST, most of the wedding service businesses like tent services, confectionery booking, etc., were using unregistered bills on which they didn’t have to pay any tax.
GST Impact on Ragpickers – Hit Hard by GST
The post-implementation effects of GST in India are being noticed by various sectors of the economy. The increased tax rate on secondhand and recycled items have greatly impacted the various related sectors, including the dealers of such items, the companies and recycling plants and most importantly, the ragpickers, who are claiming that the GST has decreased their earnings by as much as half.
7 Important Factors to Choose the Best GST Software
A GST software is a computer/web application that allows you to file your GST returns and perform other GST related tasks easily and quickly. There are so many GST application tools out there that it can get quite difficult to choose the right one.
The best GST software is the one that perfectly fits the needs and requirements of your particular business. Here, we will discuss the things to look for when choosing right GST software tool for your business.
Everything You Need to Know Before Filing GSTR 1
The Goods & Services Tax (GST) is the newly launched tax system in India that was implemented on July 1. The new tax regime has completely replaced the existing indirect tax system of the country introducing many new terms and processes.
The old tax returns are now replaced with GST Returns. GSTR Forms are the special return forms used by registered taxpayers to file their tax returns on the common portal under GST. GSTR 1 of one of the GST returns forms.
GST Compliance Rating – Meaning, Benefits and Process in India
We are trying our best to keep you informed of everything there is to know about GST. In this attempt, today, we are going to discuss the GST compliance rating system, meaning, need, process, benefits and more.
Ever since the Goods & Services tax (GST) system has been introduced in India, new terms keep emerging that are confusing the taxpayers. There are many GST concepts that people are getting familiar with as we move further towards the acceptance of this new tax system.