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Reducing the GST rate on cement from 28% to 18% can cause huge losses. According to an estimate, due to reduction in GST rates on cement, there could be a loss of about Rs 16,000 crore in revenue annually.

GST Council Meeting today! Will the Tax rates of cement be Reduced?

In the event that the value of credit notes exceeds the total of the invoices and debit notes combined, the net ITC will turn negative, and taxpayers may report negative values in Table-4A. Moreover, taxpayers can now input negative amounts in GSTR-3B Table 4D(2).

GSTR-3B Changes: Negative Values can now be reported in Table 4 (Input Tax Credit)

At the GST Council Meeting, which will be led by Union Finance Minister Nirmala Sitharaman, the idea of setting up appeal tribunals is likely to be discussed.

49th GST Council Meeting tommorow: Know the agenda

Reverse Charge on Scrap could be introduced by GST Council Meeting

CBI busts fake call centre involved in online-cheating of US citizens

As of January 2023, there were 14 million firms that fell under the GST net, up from around 6 million in 2017, according to Johri, who saw scope for further expanding the taxpayer base under the GST system.

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GST Council Meeting today! Will the Tax rates of cement be Reduced?

GSTR-3B Changes: Negative Values can now be reported in Table 4 (Input Tax Credit)

49th GST Council Meeting tommorow: Know the agenda

Reverse Charge on Scrap could be introduced by GST Council Meeting

CBI busts fake call centre involved in online-cheating of US citizens

Government looks to tap segment of kirana stores to expand GST base: Report