Latest GST News Updates - Stay Informed About GST

GST Collection for February 2025: A Strong 10% Growth in Revenues

March 1, 2025March 1, 2025Jayendra [Admin]Leave a Comment

The Goods and Services Tax (GST) collections for February 2025 have shown a robust 10% growth compared to the same period last year. This upward trend reflects steady economic activity and improved compliance. Let’s break down the key insights from the latest GST data. Key Highlights of GST Collection (February 2025) State-Wise GST Performance While […]

GST Updates in Budget 2025: New ITC Rules, Penalties & More

February 1, 2025February 5, 2025Jayendra [Admin]3 Comments

The Union Budget 2025-26, presented by Finance Minister Smt. Nirmala Sitharaman, introduces several amendments to the Goods and Services Tax (GST) laws. These changes aim to streamline tax compliance, enhance trade facilitation, and improve tax administration. Here are the key takeaways from the proposed amendments: 1. Distribution of Input Tax Credit for Inter-State Supplies A […]

Big Relief for Taxpayers: CBIC Waives Late Fees for GSTR-9C

January 31, 2025January 31, 2025Jayendra [Admin]Leave a Comment

The CBIC issued Circular No. 246/03/2025-GST on January 30, 2025, clarifying the late fees for delays in submitting the reconciliation statement in FORM GSTR-9C. The circular addresses stakeholder concerns about late fees under section 47 of the CGST Act, 2017. Download Updated GSTR-9C Format in Excel & PDF Key Points of the Circular: Conclusion: This […]

Opt for GST Composition Scheme FY 2025-26: Dates and Benefits

January 29, 2025January 29, 2025Jayendra [Admin]3 Comments

Attention small business owners! The registration window for opting into the GST Composition Scheme for the financial year 2025-26 is closing soon. The window is open from February 4 to March 31, 2025. If you haven’t yet opted for the scheme, now is the time to act. What is the GST Composition Scheme? The GST […]

GST Exemption for Payment Aggregators: Circular 245/02/2025

January 29, 2025January 29, 2025Jayendra [Admin]Leave a Comment

The Ministry of Finance has issued Circular No. 245/02/2025-GST, dated January 28, 2025, providing essential clarifications on the applicability of GST on various services. This circular, based on the recommendations from the 55th GST Council meeting held on December 21, 2024, addresses several key issues. Let’s explore the main points and their implications. Key Highlights […]