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 : 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 : High Court ruled that a GST order could not survive where SCN did not specify date, time, or venue for personal hearing. Judgment ...
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 ...
CBEC has released a PPT on Goods and Service Tax (GST) and covered the following Topics :- Why GST :Perceived Benefits Existing Indirect Tax Structure Features Of Constitution Amendment Bill Features Of Proposed GST Model Features Of Draft GST Law GSTN Role Of CBEC Way Forward Download / Read PPT on GST by CBEC GST […]
Will anything and everything, done anywhere, for anybody, for business/no business, for money/without money will constitute supply under GST?? GST supply provisions are Draconian and against the interest of General Public and will cause a lot of confusion in the mind of people as well as tax practitioners.
At present Reverse charge is not there on Goods except in few states like Punjab where Purchase tax is there on certain Goods. VAT is payable on sales by the seller of Goods but the payment of VAT in the hands of the purchaser (registered dealer) on purchase of goods from an unregistered dealer.
A number of tax administrations in the world have established special systems to administer their large taxpayers. In the 1950s and 1960s, several OECD countries introduced special tax audit operations for large corporations. Following the international practice, the Centre Governmenthas also adopted the concept of the Large tax payer unit in the year 2006.
GST is intend to cover larger number of people under its net and further keeping threshold exemption limit of 10Lakhs many people would come under GST net. Small tax payers may not have sufficient infrastructure, knowledge, awareness etc., in complying with various provisions of law including accounting, IT/ERP availability, and huge paper work.
1. Application for registration-(1) Every person, other than a non-resident taxable person, a person required to deduct tax at source under section 37 and a person required to collect tax at source under section 43C, who is liable to be registered under sub-section (1) of section 19 and every person seeking registration
1. Tax invoice (1) Subject to rule 5, a tax invoice referred to in section 23 shall be issued by the supplier containing the following details:‑(a) name, address and GSTIN of the supplier;(b) a consecutive serial number containing only alphabets and/or numerals, unique for a financial year;(c) date of its issue;(d) name, address and GSTIN/ Unique ID Number, if registered, of the recipient;
The electronic tax liability register under sub-section (7) of section 35 shall be maintained in FORM GST PMT-1 on the Common Portal and all amounts payable by a taxable person shall be debited to the said register.
In the present system of taxation every company in the retail sector plans locations of its warehouses and branches in order to avoid cost of CST. Suppose if a retailer is located in Delhi and it procures material from a manufacturer in Maharashtra then normally they prefer the route of stock transfer against f form to avoid CST although loss of retention is borne overall.
The dispute in entire world including Australia , New Zealand, UK, EU etc pertaining to the liability to pay GST towards payments made in lieu of court orders, settlements, compromises, penalties, appropriations etc were related to the following aspects :
