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 : 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 : In the recent times, GST Department by exercising the powers bestowed on them by way of Section 65 of the CGST Act 2017, has been ...
Goods and Services Tax : Get the latest updates on GST portal advisories issued in July-August 2024, including changes in registration, refund processes, a...
Goods and Services Tax : 16 अगस्त से 15 अक्टूबर 2024 तक सीबीआईसी द्वारा जीएसटी फ�...
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 ...
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...
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 : Madras HC sets aside dismissal of GST appeal for delay, remands case to the appellate authority for fresh consideration despite th...
Goods and Services Tax : Delhi HC grants interim protection to a petitioner alleging misuse of GST credentials for ITC claims, pending further investigatio...
Goods and Services Tax : Bombay High Court held that amount payable has been quantified before 30th June 2019 and hence eligible to avail benefit under Sab...
Goods and Services Tax : Rajasthan HC ruled that appeals should be considered on merits, even if filed late, quashing a CGST order dismissing an appeal as ...
Goods and Services Tax : Rajasthan HC dismisses petition challenging 18% GST on samosa and kachori, directs Sodhani Sweets to approach the Appellate Author...
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 proper officershall set out the relevant facts and the basis of his decision. Under no circumstances, the amount of tax, interest and penalty demanded in the order shall be in excess of the amount specified in the notice and no demand shall be confirmed on grounds other than the grounds specified in the notice.
VAT is a multi-stage tax levy system which envisages collection of tax at each stage of the value addition chain, with a provision to allow input tax credit (ITC) on tax paid at an earlier stage (ie.for inputs), which can be appropriated against the VAT liability on subsequent sale. Under VAT system, the dealer has to pay Net tax on his taxable transactions.
Assessment is the process of determination of the tax liability of a tax payer. Section 6203 of the Revenue and Taxation Code of the Internal Revenue Service of the USA defines it as the statutorily required recording of tax liability. Analysis of this definition reveals that assessment is a.
A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. Return is a very critical aspect of any tax administration since it is the formal mode for submission of information important for administration of tax in a structured and time bound manner. Return provides a framework for working out the tax that becomes payable in the prescribed period applying the legal principles laid down in the tax law to the transactions during the period. A taxable person has a legal obligation.
Case Studies : 1. Determination of Place of Supply in E-Commerce transactions 2.Determination of Place of Supply in Telecom transactions –Prepaid 3. Determination of Place of Supply of goods in normal business transactions
Section 42 (4) Audit by a chartered accountant or a cost accountant- Every registered taxable person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit to the proper officer a copy of the audited statement of accounts, the reconciliation statement under sub-section (2) of section 30 and such other documents in the form and manner as may be prescribed in this behalf.
The Jewellery sector plays a significant role in the growth of Indian economy. It is contributing around 6-7 per cent in the pool of country’s GDP (Gross domestic product). This is the fastest growing sectors and is extremely export oriented and labour intensive. It is creating a high degree of potential for the value addition and growth of the country.
Petroleum Products is currently out of the GST ambit ,However, petroleum and petroleum products shall only be subject to GST later depending on the GST Councils recommendation. States will continue to have power to impose sales tax on sale within state on petroleum products & alcoholic liquor for human consumption vide Entry no 54 of List II of Seventh Schedule to COI. Simultaneously
On 14th June Model draft of GST was published. If read properly one will realise that there are more thorns than roses. GST Council is now in place and will discuss and finalise the Model GST Act. This is right time to examine, discuss, represent and if necessary oppose the unjustifiable provisions proposed in Model draft.
Under the proposed GST Law, tax components could be CGST/SGST/IGST. CGST & SGST is leviable on intra-state supplies whereas IGST is levied on inter-state supplies. CGST represents tax belonging to Central Government; SGST represents tax belonging to respective State Government and IGST represents a tax levied and collected by the Central Government which would be containing share of both the Central and the State Government.
