GST Current Affairs - 2020

Provisions of Taxation and Other Laws (Relaxation and Amendment of Certain provisions) Bill

Parliament passed the Taxation and other laws (Relaxation and Amendment of certain provisions) bill, 2020 on September 23, 2020. It replaces the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 that was promulgated on March 31, 2020. The new bill will make few changes to direct and indirect tax laws including  the Income Read More…

41st GST Council meet

On August 27, 2020, the finance Minister Nirmala Sitaraman chaired the 41st GST Council meet. The council discussed states’ compensation and revenue losses. Highlights The following were the key discussions at the 41st GST Council meet In the fiscal year 2020-21, the GST shortfall is Rs 2.35 lakh crores. There is shortfall in compensation cess Read More…

Finance Minister: Businesses with annual turnover of up to Rs 40 lakhs exempted from GST

On August 24, 2020, the Finance Minister Nirmala Sitaraman announced that the businesses with annual turnover of up to Rs 40 lakhs are exempted from GST. Earlier the limit was Rs 20 lakhs. Highlights The announcement was made through series of tweets on the occasion of first death anniversary of former Finance Minister Arun Jaitley. Read More…

Government notification on E-invoicing

The central government comes up with a centralized e-invoicing scheme for business having turnover more than 500 crores. As per the recent scheme, it will be mandatory for all those businesses with a turnover of more than 500 crores to generate all their B2B invoices on a centralized government portal which will go live from Read More…

CBDT and CBIC sign MoU on Data Sharing

On July 21, 2020, the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) signed Memorandum of Understanding to exchange data with each other. Highlights The agreement will help to facilitate exchange of information between the boards on regular basis. The agreement signed replaces the former agreement signed between Read More…