Understand the Goods and Services Tax (GST) and its impact on businesses. Learn about GST rates, compliance requirements, and its role in simplifying taxation. Stay updated with the latest GST news and updates.
Goods and Services Tax : As per Section 18(6) of the Central Goods and Service Tax Act, 2017 In case of supply of capital goods or plant and machinery, on ...
Goods and Services Tax : Reverse Charge Mechanism (RCM) in GST is a system where the recipient of goods or services is liable to pay the tax instead of th...
Goods and Services Tax : The Finance (No 2) Act 2024 been notified on 16th August 2024. The Finance Act sections 114 to 157 Page 114 to 157 (Page 67 to 6...
Goods and Services Tax : Overview of GST tax liability, self-assessment, and the distinction between scrutiny under Section 61 and actions under Sections 7...
Goods and Services Tax : Karnataka HC ruled that under Section 75(4) of CGST Act, a hearing opportunity must be granted before passing an adverse order. Ba...
Goods and Services Tax : Join our webinars on GST Tribunals preparation. Learn to grow your IDT practice and prepare for GSTAT with expert guidance. Regist...
Goods and Services Tax : A Superintendent in Nadiad is sentenced to 5 years for bribery. CBI also investigates two GST officers in Hyderabad for demanding ...
Income Tax : Explore the latest updates on tax benefits for skill development institutions in India, including GST exemptions and income tax re...
Goods and Services Tax : Explore the latest details on GST rates for agricultural equipment, machinery, and fertilizers, and the government's stance on pot...
Income Tax : On August 5, 2024, it was clarified in the Lok Sabha that there are no specific tax incentives or waivers currently in place for t...
Goods and Services Tax : Allahabad High Court ruled Section 130 of GST Act can't be applied for excess stock found during search; Section 73/74 should be u...
Goods and Services Tax : Allahabad HC rules that GST authorities can survey business premises for verifying transactions when goods are intercepted without...
Goods and Services Tax : Madras High Court judgment on Hajee S M Ahamed and Company vs Deputy State Tax Officer, remanding ₹25,000 GST demand and ₹1.36...
Goods and Services Tax : Calcutta HC reinstates GST appeal for Rahul Bansal, ruling technical glitches can't negate statutory rights to challenge orders un...
Goods and Services Tax : Kerala High Court grants a petitioner the opportunity to challenge GST assessment orders uploaded post-registration cancellation, ...
Goods and Services Tax : Maharashtra GST Circular No. 21T of 2024 updates guidelines for recovering outstanding dues after first appeal until the Appellate...
Goods and Services Tax : Instruction No. 03/2024-GST outlines procedures for CGST audits, emphasizing uniformity and reducing litigation through adherence ...
Goods and Services Tax : Kerala SGST department issues a circular clarifying the method of penalty calculation under the IGST Act, 2017 for tax demands mad...
Goods and Services Tax : CBIC's latest updates include a Customs cooperation deal with New Zealand, a new Hindi magazine, and significant seizures of smugg...
Goods and Services Tax : CBIC issues guidelines for a second All-India drive to detect and eliminate fake GST registrations, safeguarding government revenu...
E-Invoice or Electronic Invoice is a form of electronic billing. It’s a system in which B2B (business to business) invoices are electronically uploaded and authenticated by Invoice Registration Portal (IRP).
GSTR 1, 2, 3 (old filling system) was a fiasco not just because of technical glitches, or portal failure also It was failure because No taxpayer has these much time to work out “accept – reject” his Inward invoices. Imagine if it is more than even 100 invoices. Imagine the stress & wastage of time if invoices […]
The definition of ‘Person’ in Section 2(84)(i) of the CGST Act, 2017 specifically includes a co-operative society registered under any law relating to co-operative societies. Thus a registered co-operative society is a person within the meaning of the term in the CGST Act.
All about Dynamic QR Code on B2C invoices- Latest Notification No. 06/2021 – Central Tax Dated- 30th March, 2021 The QR Story:- The story started for QR code as early as 28/June/2019, when for the first time, ‘QR’ found a mention in the Rule 46, as its 6th proviso. Interestingly, notification 31/2019 (CGST 4th Amendment […]
Article tries to give possible solution in cases where EWB portal displays invalid HSN code due to clash of 6/8 digits regulation which has come into effect from 01st April 2021. With the introduction of minimum 6 or 8 digit HSN/ SAC Codes on the invoices, now there arises an issue as how many digits […]
Service Accounting Code are mandatory on invoices for supply of services as per revised requirement from 1st April 2021 for GST taxpayer with turnover of more than Rs. 5 crore. Annexure: Scheme of Classification of Services S.No. Chapter, Section, Heading or Group Service Code (Tariff) Service Description (1) (2) (3) (4) 1 Chapter 99 All […]
The gross GST revenue collected in the month of March 2021 is at a record of ₹ 1,23,902 crore of which CGST is ₹ 22,973 crore, SGST is ₹ 29,329 crore, IGST is ₹ 62,842 crore (including ₹ 31,097 crore collected on import of goods) and Cess is ₹ 8,757 crore (including ₹ 935 crore collected on import of goods).
GST Compliances Before 31st March 2021 and Changes w.e.f 1st April 2021 Now, we are into the last week of the financial year ending 31st March 2021, there are various tasks which we need to complete before 31st March 2021 as well as various tasks we need to start with effect from 1st April 2021. […]
There are various New Changes in Income Tax Laws, GST Laws, Company Laws & Personal Finances from 1st April, 2021. Covering important changes as follows: A. Income Tax Laws : 1. Aadhar – PAN Linking deadline extended to 30/06/2021 2. Higher TDS/TCS Rates for Non-Filers of Income Tax Returns applicable from 01/07/2021 3. Senior Citizens […]
GST e-invoice system, the game changer in the GST system, has successfully completed journey of six months. During this period more than 39.81 Crores e-invoices have been generated by 88,000+ suppliers. There are more than 47 lakh recipients involved in these transactions, who will be receiving Input Tax Credits easily. On 31st March 2021, 37.42 […]
