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 : The Karnataka High Court held that blocking of Electronic Credit Ledger under Rule 86A without granting a prior hearing violated p...
Goods and Services Tax : The Bombay High Court held that rejection of a manual GST appeal was unsustainable where DRC-07 was not available on the GST porta...
Goods and Services Tax : Gauhati High Court held that cancellation of GST registration without assigning reasons in FORM GST REG-19 was illegal and violate...
Excise Duty : CESTAT Delhi remanded the matter after finding that the Commissioner (Appeals) failed to consider the appellant’s affidavit and ...
Goods and Services Tax : Bombay High Court held that GST proceedings initiated against a company that had ceased to exist after amalgamation were void ab i...
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 ...
Highlights of first meeting of the GST Council held on 23rd September 2016. 1. GST threshold limit to be kept at ₹ 20 lakhs for all states barring the north-east and hill-area states, for which limit been fixed at Rs. 10 Lakh. Threshold limit of Rs. 10 lakhs to be applicable in respect to following […]
The concept of ‘supply’ is the key stone of the proposed GST architecture. GST is a multi-stage tax levied on supply of goods and / or services, collected at each stage of the production and distribution, in proportion to the value added by each taxable person in the chain of supply.
Registration of any business entity under Model GST Law implies obtaining a unique number from the concerned tax authorities so that all the operations of and data relating to the business can be processed and agglomerated in seamless manner with a view to allow smooth flow of Input Tax Credit and also ultimately flow of fund in inter sate transactions.
The legal and conceptual foundations of the Goods and Services Tax have thus been laid out. The power to levy GST is drawn from Article 246A proposed in the Constitutional Amendment Act. In pursuance of the same Section 7 of the CGST / SGST Act and Section 4 of the IGST Act levy the respective taxes also determining the incidence of the respective taxes therein.
Every Supplier shall be liable to be registered under GST Act if -his aggregate turnover in a financial year exceeds the THRESHOLD Limit -registered or who holds a license under an earlier law e.g. State Vat, Service Tax, Excise Duty etc. -liable to be registered under Compulsory Registration
Interest is a consideration for allowing someone to use your money. It could be termed as Compensation paid to one who allows his money to be used by another person. This is a common understanding and no big brains are required to understand this proposition.
Taxable person would therefore, cover both – one who are registered as taxable person under the Act and two, persons who are not so registered but required to be so registered. Thus, even unregistered person would be called a taxable person liable as such under the Act.
Q 1. What are the basic objective of Settlement Commission? Ans. The basic objectives of setting up of the Settlement Commission are:- i. to provide an alternate channel for dispute resolution for the taxpayer; ii. to expedite payment of GST involved in disputes by avoiding costly and time consuming litigation process; iii. to provide an opportunity to tax payers to come clean who may have evaded payment of tax;
The journey to rollout the Goods and Services Tax (GST) has commenced with the enactment of the 101st Constitution Amendment Act, 2016 on 8th September, 2016 and the subsequent notifications. The Government is committed and has set in motion a slew of steps to ensure that the GST conies into force from 1st of April, 2017. In this backdrop, the role of CBEC is of utmost significance and importance.
The Goods and Service Tax is a levy on supply. All intra-states supplies attract Central and State GST whereas all the inter states supplies attract IGST. Hence, Supply is at the root of GST. This is our second article in the series wherein we discuss on the term supply and its relevance in current tax structure.
