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Goods & Services Tax

Key Highlights of 43rd GST Council Meeting

The GST Council under the chairmanship of Union Finance Minister Mrs. Nirmala Sitharaman conducted its 43rd meeting through video conferencing in New Delhi. Keeping in mind the 2nd wave of COVID-19, GST council has recommended the following relief measures for…

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GST relief package 2.0

Central Board of Indirect Taxes and Customs (CBIC) on dated 05.05.2020 have issued some notifications for providing some relief under GST in this pandemic situation. Below is a brief summary of the notifications.
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Meaning of zero rated supply under GST

Zero rated supplies means export supplies and supplies made to SEZ units or SEZ developers. Further on zero rated supplies, input tax credit and refund is available even if supplies are exempt supplies.
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Time period for retention of records under GST

Every registered person is required to retain books of accounts and other records until the expiry of 6 years from the due date of furnishing of annual return or until the expiry of 1 year from the date of final disposal of any appeal etc., whichever is later.
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