Quick Answer: What Is The New Amendment In GST?

How many amendments are there in GST?

It was introduced as the One Hundred and Twenty Second Amendment Bill of the Constitution of India, The Goods and Services Tax (GST) is a Value added Tax (VAT) proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level..

What is the new amendment in income tax?

Option has been given to all individuals/HUF to pay tax as per new slab rates (Optional tax regime) on total income computed without claiming any deductions/exemptions – As per Sec 115BAC inserted by Finance Act, 2020 -Applicable from FY 2020-21 (AY 2021-22).

What is new in GST update?

Mobile phones will be charged 18% GST from April 1, compared to 12% earlier, while all kinds of matchsticks will be charged a 12% GST versu… ​​The move follows a directive from the Central Board of Indirect Taxes and Customs on mandatory new registration for IRPs on behalf of cor…

What happens if gstr1 is not filed?

Filing of FORM GSTR-9 for taxpayers who (are required to file the said return but) have aggregate turnover up to Rs. 2 crore made optional for the said tax periods. … This means when taxpayers do not file a GSTR 1, they would not be able to claim input tax credit.

What is 100th amendment of Indian Constitution?

Constitution (100th Amendment) Act 2015 ratified the land boundary agreement between India and Bangladesh. The act amended the 1st schedule of the constitution to exchange the disputed territories occupied by both the nations in accordance with the 1974 bilateral LBA.

Which is the latest amendment in Indian Constitution?

One Hundred and Third Amendment of the Constitution of IndiaThe Constitution (One Hundred and Third Amendment) Act, 2019Enacted byLok SabhaPassed8 January 2019Enacted byRajya SabhaPassed9 January 201913 more rows

What is 122nd amendment?

The Bill amends the Constitution to introduce the goods and services tax (GST).

Who is CEO of GST?

Shri Prakash KumarBoard of DirectorsSR. NONAMES & ADDRESS2Shri Prakash Kumar, CEO, GSTN Goods and Services Tax Network, East Wing, 4th Floor, World Mark – 1, Aerocity, New Delhi – 1100373Shri B.N. Sharma, Addl Secretary (Revenue), Department of Revenue, Ministry of Finance, Room No. 146-C, North Block, New Delhi-110001.11 more rows

Which country started GST first?

FranceWhich Countries Collect the Goods and Services Tax (GST)? France was the first country to implement the GST in 1954; since then, an estimated 160 countries have adopted this tax system in some form or another.

What are the 3 types of GST?

Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST.

Who is the current chairman of GST?

Nirmala SitharamanUnion finance minister Nirmala Sitharaman will chair the 42nd Goods and Services Tax (GST) Council meeting at 11 am on Monday. Minister of state (MoS) for finance Anurag Thakur and finance ministers of states and union territories (UTs) will also be present at the meeting.

What is the last date for GST annual return?

NEW DELHI: The Institute of Chartered Accountants of India (ICAI) has written to the GST Council seeking deferment of 2018-19 GST annual return filing deadline by 3 months till December 31. The last date for filing annual return for 2018-19 fiscal for Goods and Services Tax (GST) registered taxpayer is September 30.

How do I check for GST updates?

The details gets updated instantly after filing a return. You can check for yourself. You can check GST return status also on https://services.gst.gov.in/services/searchtp but you can check only last 10 returns filed status.

What is the most important amendment in the Constitution?

The First Amendment is widely considered to be the most important part of the Bill of Rights. It protects the fundamental rights of conscience—the freedom to believe and express different ideas–in a variety of ways.