The issue was wrongful denial of GST refunds by branding exporters as intermediaries. The key takeaway is that independent service providers exporting on their own account are not intermediaries.
The High Court ruled that compensation, penalties, and liquidated damages for contract breaches are not subject to GST, as they are not consideration for a supply. Key takeaway: GST applies only to actual supplies, not contractual failures.
The Telangana High Court took a firm stance—unsigned GST notices and orders, even if uploaded on the GST portal, hold no legal value. The court ruled that without a proper physical or digital signature by the Proper Officer, such documents are invalid.
Madras High Court rules on GST late fee under Section 47 & general penalty under Section 125, setting aside an additional penalty but upholding the late fee.
The Input Service Distributor (ISD) mechanism under GST enables businesses with multiple branches to centrally receive and allocate input tax credit (ITC) related to common input services. As per Section 2(61) of the CGST Act, 2017, an ISD is a registered entity that distributes ITC to its units based on usage.
As the financial year comes to a close, businesses must review their GST compliance to ensure accuracy and avoid penalties. Here’s a simplified checklist to help you stay on track and prepare for the new financial year.
Effective February 11, 2025, the E-Way Bill (EWB) system has been updated to allow unregistered dealers to enroll and generate e-Way Bills, as per Notification No. 12/2024 dated July 10, 2024.
A detailed analysis of GST applicability on restaurant services and ready-to-eat food, highlighting key rulings, classifications, and compliance essentials.
Angel tax is a prime example of how even well-intentioned actions can backfire. The difference between the issue price of unlisted securities and their fair market value (FMV), which must be calculated by a merchant banker using either the book value technique or discounted cash flow method, is taxed under Section 56(2)(viib) of the Tax […]
1. What is Crypto currency? Cryptocurrencies are a type of digital money. The First cryptocurrency was Bitcoin but since its release in 2009, there are now a proliferation of different types. Cryptocurrencies can be bought or sold with other currencies, used to purchase goods from sellers who are willing to accept cryptocurrencies as payment, make […]
