Explore the 15 major decisions taken in the 50th GST Council meeting held on 11th July 2023, including GST rate reductions, exemptions for cancer-related drugs, and measures for trade facilitation. Stay informed about changes in GST tax rates, compliance procedures, and initiatives to streamline processes. The decisions made by the GST Council will become part of the GST law through future notifications issued by CBIC. For detailed insights and professional advice, consult IGTM Tax Advisory.
Explore the evolving landscape of GST compliance with insights into GSTR-1/3B disparities and the introduction of Rule 88C and Form DRC-01B. Navigate through Section 75(12) and the proposed recovery mechanisms. Understand the impact on taxpayers and stay informed with the latest updates. Advisory by Adv Rajbir Singh – IGTM Tax Advisory.
Presently, rebate is allowed u/s 87A of Rs. 12,500/- in old regime of Income Tax, if any resident individual whose total income during the previous year does not exceed Rs. 5,00,000. Rebate is available only to the extent of Rs.12,500, and if total income exceeds Rs. 5,00,000 no rebate will be available.
