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 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...
Corporate Law : High Court directed authorities to examine claims relating to additional road work, carriage charges, GST differential, and deduct...
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 ...
As VAT / Excise / Service tax is subsumed into GST,the return is consolidated into one and needs to be filed monthly (Purchase return & Sales return, Final consolidated return). The main activity is narrated as follows. 1) Responsibility for Return filing & tax computation with workings
GST seems to be reality now. Many well run, anxious business entities are looking for the impact study to analyse how GST would impact their business in terms of pricing policies, procurement, sales, procedural compliances, cash flow and its internal control system and software.
The Prime Minister held a meeting to review the preparedness for rollout for GST on 14th September, 2016. The meeting was attended by Union Finance Minister, both the Ministers of State for Finance, senior officers from the Prime Ministers office and Finance Ministry.
Objective of the article is To understand the reporting requirements under proposed GST legislation so that teams can start working on development of necessary IT infrastructure.
In exercise of the powers conferred by sub-section (2) of section 1 of the Constitution (One Hundred and First Amendment) Act, 2016, the Central Government hereby appoints the 16th day of September, 2016 as the date on which the provisions of Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 13, 14, 15, 16, 17, 18, 19 and 20 of the said Act, shall come into force.
1) CGST: – Under this option, the two levels of government would combine their levies in the form of a single National GST, with appropriate revenue sharing arrangements among them. In the case of a Central GST (where all goods and services are taxed by the Central government only), the Centre will collect most of the country’s total tax revenue, leaving very little for the sub national Governments.
In exercise of the powers conferred by article 279A of the Constitution, the President hereby constitutes the Goods and Services Tax Council consisting of the following members, namely:-
We often hear that Government is working hard to see that it is able to introduce dual GST in country w.e.f. 1st April 2017 and at the same time a caveat that the target is stiff and there may be some time overrun.
After a long wait for around 16 years now we are certain that this significant tax reform will see lights of the day by April 1 2017 or mid of F.Y 2017-18. First time in the history of taxation reforms a number of documents have been issued by Govt. before actual implementation of law.
India is on the brink of GST. This is a major tax reform undertaken by the central government and it will be impacting the economy positively. If managed well, it has the potential to add at least 1% of Indias GDP growth. Capping the rate of tax is good. However, if the rate of tax is increased at a later stage then it will prove to be tricky.
