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 : 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 : This article discusses GST compliance for service providers eligible for the QRMP scheme up to ₹5 crore turnover. It clarifies w...
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 : 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 : Kerala High Court ruled that authorities must determine both whether the payment amounts to a supply under Section 7(1) and whethe...
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...
Goods and Services Tax : The data highlights a sharp increase in GST collections driven by import-related IGST. It confirms strong revenue performance and ...
GST has received a green signal and is soon be a part of almost all day to day transactions. The first step of compliance under GST regime would be REGISTRATION under the CGST and SGST Act. A person liable to be registered shall get himself registered under the SGST Act of the respective states in which he carries on his business and also under CGST Act. Registration shall be obtained within 30 days from the date it becomes liable to be registered.
Apart from the US Presidential Elections& POK Issues, the only thing making headlines lately is Goods & Services Tax. Since the passing of Constitution Amendment Act, 101st; there have been lot of speculations in the market w.r.t. GST Law;how it will pan out,what the modalities are and most importantly how an Aam Aadmi willget impacted.
CBEC has recently issued 5 set of Draft rules on Registration, Invoice, Payment, Refund, and Return. These 5 set of rules has been approved by GST Council on its 2nd meeting held on 30th September 2016. Key Highlights of these rules are as follows:
As per the Constitution as amended, GST Council is required to be Constituted under article 279A of the Constitution which was so done by the President on 12th September, 2016 vide Notification dated 10.09.2016. New Article 279A of the Constitution was notified to come into force w.e.f. 12.09.2016 and vide Notification dated 15.09.2016, the President of India Constituted the GST Council.
As per section 2(56) of GST Act, ISD means an office of the supplier of goods and / or services which receives tax invoices issued under section 23 towards receipt of input services and issues tax invoice or such other document as prescribed for the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST paid on the said services to a supplier of taxable goods and / or services having same PAN as that of the office referred to above;
The definition has squarely covered each and every aspect which helps in establishing the fact of export of service. But the lacuna lies in the sub clause (e) which says the supplier of service and recipient of service are not merely establishments of a distinct person;
India had an internet user base of about354 million as of June 2015 and is expected to cross 500 million in 2016.Despite being the second-largest user base in world, only behind China (650 million, 48% of population), the penetration of e-commerce is low compared to markets like the United States (266 million, 84%), or France (54 M, 81%), but is growing at an unprecedented rate, adding around 6 million new entrants every month. The industry consensus is that growth is at an inflection point.
Every person who is liable to be registered under Schedule III of this Act shall apply for registration in every such State in which he is so liable within 30 days from the date on which he becomes liable to registration but the person other than Input Service Distributor who is registered under the previous law shall not require for the fresher registration shall follow the procedure which has been prescribed.
The details of inward supplies added, corrected or deleted by the recipient in his FORM GSTR-2 under sub-section (1) of section 26 orFORMGSTR-4 under section 27 shall be made available to the supplier electronically in FORM GSTR-1A through the Common Portal and such supplier may either accept or reject the modifications made by the recipient and FORMGSTR-1 furnished by the supplier shall stand amended to the extent of modifications accepted by him.
Once an activity is considered as supply, the next question would be whether such supply is of goods or services to decide on the place and time of supply. Though in most of the cases we could segregate the matters into either goods or services, there are certainly some grey areas where the segregation is not conclusive.
