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 : This article explains the composition levy scheme under Section 10 of the CGST Act, including eligibility, tax rates, compliance o...
Goods and Services Tax : The article explains how GST composition scheme, exemption rules, and time of supply provisions work in practice. It highlights co...
Goods and Services Tax : The GST Invoice Management System (IMS) promises stronger ITC reconciliation, fraud prevention, and invoice-level transparency. Ho...
CA, CS, CMA : The article summarizes important notifications, circulars, judicial rulings, and regulatory changes issued between 11–17 May 202...
Goods and Services Tax : The article examines how denying ITC to genuine buyers due to supplier tax default creates constitutional and commercial concerns ...
Goods and Services Tax : Representation addressed to Union Finance Minister, GST Council and CBIC seeks legislative and administrative relief for bona fide...
Goods and Services Tax : Authorities uncovered fraudulent ITC claims based on fake invoices without actual supply of goods or services. The accused was arr...
Goods and Services Tax : The representation highlights ambiguity in whether the ₹2.5 crore ITC threshold should be annual or cumulative. It emphasizes th...
Goods and Services Tax : Authorities arrested the key accused for orchestrating fake ITC claims and fictitious export transactions. The case highlights str...
Goods and Services Tax : Authorities uncovered fraudulent ITC claims exceeding ₹8 crore without actual supply of goods. The ruling highlights that ITC is...
Goods and Services Tax : The Bombay High Court held that GST deposited during investigation before adjudication could not be treated as voluntary payment. ...
Goods and Services Tax : The Calcutta High Court set aside cancellation of GST registration for non-filing of returns, observing that preventing business o...
Goods and Services Tax : Punjab and Haryana High Court granted regular bail to an accused linked to alleged fake GST billing and forged documents. The Cour...
Goods and Services Tax : Gujarat High Court upheld confiscation proceedings under Section 130 after noting that goods were transported without an e-way bil...
Goods and Services Tax : The Andhra Pradesh High Court held that GST recovery proceedings under Section 79 can be initiated against a bank after an assessm...
Goods and Services Tax : GSTN has launched a standardized Annexure-B Offline Utility for refund applications involving accumulated ITC to enable automated ...
Goods and Services Tax : The GST Appellate Tribunal issued a detailed order constituting benches across India and classifying GST disputes into three categ...
Goods and Services Tax : The Principal Bench of GSTAT instructed scrutiny officers not to raise defects where appellants upload required soft copy document...
Goods and Services Tax : The Central Government amended Notification No. 14/2018-UT Tax by replacing officials listed against Serial No. 2. The notificatio...
Goods and Services Tax : The Central Government has authorized the GSTAT Principal Bench, New Delhi, to hear appeals under Section 101B of the CGST Act. Th...
Under the proposed GST regime, tax will be payable at every point of supply where value is added to the value of supplies. It will never be levied on the value of the entire turnover.
Organizations that will plan its business processes better in a manner to best suit the needs of the GST regime, then such organization will have competitive edge over others.
Steel industry – Post GST- i) Reduction of logistics cost and time- Presently if a truck passes thru different states there are number of indirect cost attributed to the product and this increase the price of the product. Each time it crosses a state there are number of check post which delay the supply of goods to the customer. In the post GST regime there will 40 to 45 % saving in time.
Many communications have been received from the trade for the extension of dates, as some of them have faced difficulties while obtaining Provisional Ids or activating their accounts on GST Portal. So, as per the communication received from GSTN, and as per request from the Trade, the date for disabling Provisional Ids is now extended upto 15-03-2017.
GST Council, in its meeting held on March 4, 2017 has approved the Draft CGST Bill and the Draft IGST Bill. This clears the deck for the Central Government to take these two Bills to the Parliament for their passage in the on-going Budget Session.
Anti Profiteering Measure (APM) is governed by section 163 of revised model GST law. As per section 163, every registered person is required to pass on the complete benefit accruing on account of additional input tax credit or reduced tax rate to the next level of supply chain.
In GST regime tax incidence will arise when supply is happened but a supply will be subject to Central GST (CGST)/State GST (SGST) or Integrated GST (IGST) that will be decided on the basis classification of Inter-state or Intra-state supply.
Students appearing in November, 2017 Intermediate (IPC) Examination may note that Goods and Services Tax (GST) will not be examined in Part II: Indirect Taxes of Paper 4: Taxation. Therefore, students are advised to start studying the existing indirect tax laws as covered in the syllabus of Part II of this paper and not postpone their studies.
Outcome of GST Council Meeting held on 04th March, 2017–The GST council cleared C-GST and I-GST bills.-Draft SGST law will be circulated among states in the next few days.-1st July, 2017 appeared to be the likely roll out date for GST- Union Finance Minister
GST Council on its 11th Meeting held on 4th March, 2017, at Delhi approved the Draft Central Goods and Services Tax (CGST) Bill and the Draft Integrated GST (IGST) Bill. The remaining two Bills namely, State Goods and Services Tax (SGST) Bill and the Union territory Goods and Services Tax (UTGST) Bill, which would be almost a replica of the CGST Act, would be taken-up for approval after their legal vetting in the next meeting of GST Council scheduled on 16 March 2017.
