Tag: GST Updates

Explore recent GST updates, including changes in compliance rules, filing procedures, and rates. Learn how these updates impact your business.

57th GST Council Meeting Key Highlights: Major Reforms, Penalty Cuts & Rate Changes

Jayendra Gaonkar, GST Practitioner & Tax ConsultantLeave a Comment on 57th GST Council Meeting Key Highlights: Major Reforms, Penalty Cuts & Rate Changes

The 57th GST Council Meeting, chaired by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman in New Delhi, introduced a comprehensive suite of process reforms, dispute resolution reliefs, and rationalizations aimed at enhancing the ease of doing business across India. Building on the rate rationalization measures of the 56th meeting, this session focuses on […]

Continue Reading
GST Collection 2025 featured

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

Jayendra Gaonkar, GST Practitioner & Tax ConsultantLeave a Comment on GST Collection for February 2025: A Strong 10% Growth in Revenues

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 […]

Continue Reading
gst updates budget 2025-26

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

Jayendra Gaonkar, GST Practitioner & Tax Consultant3 Comments on GST Updates in Budget 2025: New ITC Rules, Penalties & More

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 […]

Continue Reading
gstr 9c late fee waiver till march 2025

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

Jayendra Gaonkar, GST Practitioner & Tax ConsultantLeave a Comment on Big Relief for Taxpayers: CBIC Waives Late Fees for GSTR-9C

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 […]

Continue Reading

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

Jayendra Gaonkar, GST Practitioner & Tax Consultant3 Comments on Opt for GST Composition Scheme FY 2025-26: Dates and Benefits

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 […]

Continue Reading