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 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 : The Allahabad High Court considered a challenge to amended CGST provisions restricting ITC despite valid invoices and payment of t...
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...
1. As you are aware that Goods and Services Tax (GST) is likely to be implemented with effect from April 1, 2017. 2. For the smooth transition from VAT regime to GST regime, GST migration process has been started by the State of Punjab.
Tax point or time of supply provided under revised Model GST Law is different from current scenario. In excise, time of supply is removal of goods. In service tax, point of taxation is date of invoice and date of payment subject to date of completion of service. However, in VAT Laws, tax point is date of invoice since sale cannot be made without invoice.
GST Law is in process of formation. There is need of removing laxity and absolute powers to authorities in respect of inspection, search, seizure, detention, suspicion etc.
GST Council has released revised draft of Model GST law on November 26, 2016 wherein key changes has been introduced in Place of Supply Rules.The earlier version of draft GST law was silent on place of supply rules related to Imports, Exports & SEZ units. The new version tries to clarify & brings in provisions of Imports & Exports separately.
All Taxation laws define an event, called in legal language Taxable Event, on the happening of which, one becomes taxable. Eg., in Excise, manufacturing is the Taxable event, However, liability arise on Removal of Goods. In GST, Supply is proposed to be the Taxable Event, however, liability to pay shall arise at Time of Supply as determined under section 12/13.
(a) whether the Government proposes to collect Goods and Services Tax (GST) on insurance premium, if so, the details thereof; (b) whether the Government has received any representations from insurance companies to exclude insurance premium from the ambit of GST, if so, the details thereof;
Today, GST is most prominent subject in India. Government has prescribed revised Model GST Law after adding or deleting some topics. Till time, Government has achieved some major milestone in this journey. Although, some milestones are yet to achieve. Here we are providing analysis of some important definitions provided under Model GST Law for your ready reference.
GST:- Single Largest Reform in Post Independent India, Merging 11 Indirect Tax Laws in Single Structure, Principles of Destination Based Consumption Tax, About 3 Crore Assesses would Migrate in New GST law
According to Article 366(12A) of Constitution of India, Goods and Service Tax means a tax on supply of goods or services, or both, except taxes on supply of the alcoholic liquor for human consumption. The concept of supply is the essence of GST law. GST is a multi-stage tax levied on supply of goods and / or services, collected at each stage of the production and distribution
(a) whether the GST (Goods and Services Tax) Council has invited amendments from the various States/UTs for GST implementation from next financial year, if so, the details thereof; (b) whether any amendments has proposed by the States/UTs in GST Council Meeting and if so, the details thereof;
