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Goods and Services Tax : Clarifies GST liability on oil tanker lease charges, emphasizing exemption for owners under Notification 12/2017....
Goods and Services Tax : Explore the November 2024 GST Case Law Compendium, analyzing key rulings from the High Court & Supreme Court on tax demands, regis...
Goods and Services Tax : Supreme Court rules on ITC restrictions for construction under Section 17(5) of CGST Act in Safari Retreats Case. Clarifies "plant...
Goods and Services Tax : GST compliance on Buy One Get One Free offers, secondary discounts, and issuance of credit notes clarified by CBIC, including Inpu...
Goods and Services Tax : Learn about the GST Amnesty Scheme 2024, Section 128A, and its process for interest & penalty waiver for taxpayers from 1st July 2...
Goods and Services Tax : GSTN alerts taxpayers about duplicate invoices in GSTR-2B for September and October 2024. Resolution is underway; QRMP taxpayers a...
Goods and Services Tax : Mumbai court sentences former CGST Superintendent and his wife to 2-4 years in prison for possessing disproportionate assets. Tota...
Goods and Services Tax : AGFTC and ITBA urge the issuance of standardized guidelines for GST adjudication to enhance clarity, reduce litigation, and ensure...
Goods and Services Tax : The Second National Conference of GST Enforcement Chiefs focused on addressing fake registrations and enhancing compliance through...
Goods and Services Tax : CGST Thane invites EOIs for empanelment of Chartered and Cost Accountants for GST special audits. Submit by October 27, 2024....
Goods and Services Tax : Patna HC restores GST appeal under BGST Act with conditions for payment, following a dismissed appeal due to delayed filing....
Goods and Services Tax : Madras HC revokes GST registration cancellation for Creatxia after failure to file returns due to father-in-law’s death. Conditi...
Goods and Services Tax : Gujarat HC sets aside GST order without detailed backing, lifting bank attachments on Kisan Mouldings accounts, citing procedural ...
Goods and Services Tax : Bombay HC permits Pepperfry to file a belated reply to GST SCN, imposing Rs. 50k cost, and restores the matter before the concerne...
Goods and Services Tax : GST Act allows alternate methods of authentication, and technical lapses, such as missing signatures, do not invalidate proceeding...
Goods and Services Tax : The Supplier View functionality in GST IMS allows suppliers to track actions taken by recipients on invoices, ensuring better tr...
Goods and Services Tax : GSTN issues advisory on the new Invoice Management System (IMS) for accepting or rejecting supplier invoices, impacting GSTR-2B an...
Goods and Services Tax : Maharashtra GST Department allows offline processing of audits for FY 2020-21 due to technical issues, with instructions for manua...
Goods and Services Tax : The 18th Customs Consultative Group meeting discussed trade issues. Vigilance Awareness Week focused on integrity, with highlights...
Goods and Services Tax : GST waiver scheme offers relief for tax disputes, waiving interest and penalties if full tax is paid by March 31, 2025....
Understanding the transition provisions are of prime importance as the same would help in the smooth transition to the New GST Regime. Certain situations such as return of goods sold, receiving of the goods after appointed day, change in price of goods/ services can arise during the transition phase. Some of them are discussed in this Article.
In simple terms Composite supply is one where 2 or more goods or services are supplied together, in a natural bundle and in a normal course of business, provided one of which is a principal supply. The composite supply is taxed at the rate applicable to the principal supply.
Goods & Services Tax (GST) is a destination based consumption tax, mean tax should effectively where consumption of such supplies at destination thereof or as the case may at point of consumptions.
Central Sales Tax Act 1956 envisages single point of taxation i.e tax at the first point of sales. Subsequent sales during the movement of the goods from one state to another have been exempted under section 6(2) of CST Act. The scheme of section 6(2) of CST Act is that once the first interstate sale has suffered CST then subsequent sales effected by transfer of documents during transit will be exempt provided conditions prescribed u/s 6(2) are satisfied. This has been done to remove the cascading effect.
In Srinagar, the all-powerful GST Council headed by the Hon’ble Finance Minister, Mr. Arun Jaitley met for the fourteenth time to finalise the nuts and bolts of the new GST tax framework. This meeting is paving the way for India to join select League of Nations with a GST rollout from July 1, 2017 as envisaged.
Another key issue being debated in great length ‘the rate of GST’ on May 18, 2017, finally approved by the GST Council at its 14th GST Council (the apex decision making body for GST) Meeting held at Srinagar, Jammu & Kashmir. The rates of Goods are divided into different Slabs i.e. 0%, 5%, 12%, 18% & 28%, while the GST Compensation Cess Rates for different supplies varies. Though they are approved by the GST Council, but they will be subject to further vetting during which the list may undergo some changes. Tax rates have been finalised for 1,211 items with a majority of items being kept under the 18% slab.
4. Sale of Aviation Turbine Fuel to the Civil Aviation Operators, who have opted to operate under Regional Connectivity Scheme — UDAN for the flights on RCS routes (involving Delhi) between an identified pair of origin and destination airports/helipad within India subject to applicability and fulfillment of all conditions of the Regional Connectivity Scheme -UDAN of the Ministry of Civil Aviation, Government of India.
Sale of Aviation Turbine Fuel to the Civil Aviation Operators, who have opted to operate under Regional Connectivity Scheme – UDAN for the flights on RCS routes (involving Delhi) between an identified pair of origin and destination airports/helipad within India subject to applicability and fulfillment of all conditions of the Regional Connectivity Scheme -UDAN of the Ministry of Civil Aviation, Government of India.
Validity of composition levy- (1) The option exercised by a registered person to pay tax under section 10 shall remain valid so long as he satisfies all the conditions mentioned in the said section and these rules.
Valuation Rules As approved by GST Council on 18th May, 2017 Chapter ___ Determination of Value of Supply 1. Value of supply of goods or services where the consideration is not wholly in money Where the supply of goods or services is for a consideration not wholly in money, the value of the supply shall, […]
