Tax4wealth Academy- Jobs Placements and Skill Development Online Accounting Courses

The GST tax regime was  introduced in 2017 with an aspiration to revolutionize India's indirect tax system.   At present GST tax regime has become an inevitable fact for the Indian economy.   But it is also being seen that some problems are also arising with the GST tax system, due to which the business class and other beneficiaries associated with GST are being affected.   The increasing complexity of procedures related to the GST system seems to be breaking the hope of a simplified procedure.    A need is emerging that anomalies in the GST system are identified and removed at the earliest so that the GST system can be in sync with the growth of the Indian economy.   Apprehension is also being raised that the GST system introduced for the simplification of indirect tax may not get entangled in legal complications and may not remain entangled in the complexity of procedures.    Because this can prove to be harmful for the common taxpayer...

  On 28th February 2023, the food central tax rate notifications and the compensation cess rate notifications were announced by the Central Board of Indirect Taxes and Customs (CBIC) . Those rate changes were announced at the 49th GST Council meeting held on the 18th of February 2023. All the revisions relating to the GST rate changes shall be effective from 1st March 2023.  Rab, also called liquid jaggery, sold loose or without pre-packaging is exempt from GST under Notification No. 04/2023-Central Tax (Rate). As a result of this change, Rab/Liquid jaggery now has a GST rate of nil for loosely sold Rab. Furthermore, the GST rate on pre-packaged and labelled Rab is from 18% to 5% as per Notification No. 03/2023-Central Tax (Rate). As per Notification No. 03/2023- Central Tax (Rate) has changed the GST rate on pencil sharpeners from 18% to 12% by ensuring its re-classification under HSN code 8214. Furthermore, this change has taken effect from 1st March 2023.  The ...