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 : 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 : Understand GST provisions for invoices and credit notes in the sale of under-construction flats/shops, including time limits, e-in...
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 : 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 : Calcutta High Court grants a final opportunity to a business owner to comply with WBGST Sec. 28(1) after non-compliance led to the...
Goods and Services Tax : Calcutta HC directs GST registrant to file delay condonation application under Limitation Act for appeal rejection despite pre-dep...
Goods and Services Tax : Calcutta HC overturns GST appeal dismissal, condoning the delay caused by technical issues on the GST portal. Case sent back for r...
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...
The budget 2017, as expected has neither proposed anything specific nor has resulted any change in the existing indirect tax laws . The entire budget could however reflect a strong will to implement GST at an earliest possible date.
Non-resident taxable person, input service distributor, person paying tax under composite levy scheme, deducting TDS/collecting TCS are not required to furnish the details regarding inward /outward supply of goods & services, credit availed, tax paid. Return is to be filed on or before 20th day of the succeeding month.
GST is a destination based tax on consumption of goods or services. It is also the policy of the Government of India to export the goods and/or services not the taxes out of India. This makes the exports cheaper and thus Indian products or services will be more competitive in the international markets.
The foremost important and crucial definition under MGL is of SUPPLY. The taxable event under GST shall be the supply of goods and /or services made for consideration in the course or furtherance of business.
1. Nonresident taxable person, input service distributor, person paying tax under composite levy scheme, deducting TDS/collecting TCS are not required to furnish the details regarding of input supply of goods & services.
Thus, GST system of filing return would help to avoid the last minute rush to file the return with regular update for claiming credit. It would also encourage taxpayer to not default as the defaulting parties would not be able to pass on credit which would guard their customer/clients to not work with them. Also with technology playing an important role here all the work would be done from the desk of the tax payer it would avoid the futile wastage of time and energy which can be utilized in advancing the business.
Earlier only the ISD, person opting for composition scheme and person deducting TDS were kept outside the purview of this section. These persons were not required to file the GSTR-1. In the revised draft, the non-resident taxable person, and the person deducting TCS are also been ousted from the scope of this section.
Goods and Services Tax, as the name suggests is a tax on every supply of goods and/or services. GST is a metamorphic reform, which is finding its way towards the final stage i.e. implementation slowly and steadily.
India is witnessing a sea change in the indirect taxes regime. The implementation of much awaited Goods and Services Tax, which is major taxation reforms taken by the Government since independence, is around the corner. This new law would directly or indirectly affect every section of the society be it Manufacturer, Traders, Retailers, Service Provider, […]
Section 104 pertains to refund on mandatory pre-deposit made at first appellate authority and tribunal. This section states that where an amount deposited by the appellant under sub-section (6) of section 98 or under sub-section (9) of section 101 is required to be refunded consequent to any order of the First Appellate Authority or of the Appellate Tribunal, as the case may be