Goods & Service Tax - GST

GST on Supply of Crypto or Digital Assets

In Budget 2022, our honourable Finance Minister announced a levy of income tax at the rate of 30% on gains realised on the transfer of virtual digital assets. Tax at the rate of 1% needed to be deducted on every trade. Losses arising from virtual digital assets cannot be utilised or set off against any source income.

UPI and GST

*Not Everything Is Taxable Under GST*

It's important understand that not all transactions are subject to GST. For example, everyday essentials like fresh fruits, vegetables, and unpackaged grains are exempt from GST. Small vendors whose yearly turnover is below Rs. 40 lakhs in case of supplier of goods (or Rs. 20 lakhs for service providers) don't need to register for GST or charge it to customers, except for some exceptional cases provided under the GST Law. So, just because a vendor accepts UPI payments doesn't mean they automatically owe GST—unless they're selling taxable goods or services and their income exceeds the threshold.

Third party organization doing marketing of Yoga course & collecting fee for Yoga institution is not exempted from GST: AAR

Marine engines/spares attract 5% GST only if used in fishing vessels; marine engine oil is lubricant & liable to 18% GST: AAR

Budget 2025: Breaking New No Income Tax on Income Up to 12 Lakh Rupees.

Limit is 12.75 Lakh for salaried considering Standard Deduction of 75000

Time limit for updated Income Tax return increased from 2 to 4 Years - Budget 2025.

BUDGET BIG BREAKING

No income tax Upto income of 12 lakh

GST Portal Activates LUT Filing for FY 2025-26: Ensure Seamless Exports Without IGST!

Non-filing of Annual Returns since incorporation: MCA imposes penalty on Private Limited Company & Directors

This order was issued by Sitaram, Registrar of Companies & Adjudicating Officer, Chhattisgarh

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Functionality to file LUT (Letter of Undertaking) for FY 2025-26 is now available on GST Portal

Attention – Hard - Locking of auto-populated liability in GSTR-3B

1. Please refer to the advisory dated October 17, 2024 , regarding the restricting the editing of auto-populated liability in GSTR-3B from the January 2025 tax period.

2. However, various requests have been received from the trade seeking time for the same. Therefore, the decision of making non-editable of auto-populated liability in GSTR-3B is currently not being implemented from January tax period, on the GST Portal.

3. It may be noted that the above change will be introduced soon and trade will be informed accordingly. Taxpayers are encouraged to prepare for the said change.

Thanking You,
Team GSTN

https://www.gst.gov.in/newsandupdates/read/578

Goods & Services Tax (GST) | News and Updates