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...
In our earlier posts, we discussed about registration, input tax credit, export, etc. Now, in our 8th in series of article, we will discuss some impacts of GST on normal business procedures like business contracts, business decision making, etc.
To ensure smooth transition to GST framework, the Drawback Committee is to formulate and recommend revised All Industry Rates (AIRs) of drawback on exports and/ or any other relevant drawback like rebate to be implemented for exports in the context of new GST environment and/or remnant tax structure.
We Indians do love the shiny yellow metal. So much so, that between March and December 2016, gold imports in India had reached the hereto unmatched level of Rs. 2295 billion (approx.). Though a majority of the imported gold actually makes its way to the jewelry store, a relatively smaller number look at gold as an investment.
As part of the GST : MISSION ALL project whereby awareness on GST law was sought to be spread far and wide in the jurisdiction of Tirupati Commissionerate, a novel idea of broadcasting GST awareness programmes over AIR Tirupati was thought of. The station Director of AIR., Tirupati was contacted who readily agreed to cover GST awareness programmes conducted at Tirupati
Prospects of Goods and Services Tax (GST) becoming a reality from July 1, 2017, brightened further with the GST Council clearing the legally vetted draft of the GST Compensation Bill, in its 10th meeting, held on February 18,t 2017 at Udaipur.
The 10th GST Council Meeting which concluded on 18.02.2017 at Udaipur has approved the anti-profiteering Measure as illustrated by section 163 of the Revised Draft of Goods and Services Tax Law. But what it is exactly here we illustrate for you:
GST Council met for the tenth time at Udaipur on 18th February, 2017, its first meeting out of Delhi and at Udaipur (Rajasthan). This meeting being at Udaipur for only few hours, being of one day and then due to air connectivity, people were reaching till 12.00 p.m. of same day.
A registered taxable person can opt for the composition scheme only if his aggregate turnover in the preceding financial year did not exceed Fifty Lakh Rupees (i.e. upto Fifty Lakh)
At present Reverse Charge Mechanism is applicable in Service Tax for about 15 Services. Cenvat Credit is eligible on eligible services to the Service receiver paid under Reverse Charge, based on the payment challan viz., GAR 7.
Branch and depo transfers will be treated as taxable supplies accordingly IGST will be chargeable on such transfers made from one state to other. It will result in increase in working capital requirements as though the tax paid by receiving unit/depo is allowed as input tax credit but there will be a time gap between the time of payment of tax and utilization of its credit on subsequent sale.
