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 ...
REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESS FOR GST ON GST RETURN- Who needs to file Return and Periodicity of Return Filing in GST regime? Every registered person is required to file a return for the prescribed tax period. A return needs to be filed even if there is no business activity (i.e. Nil Return) during the said tax period of return.
So the dice is finally rolling and it’s expected that it would gather momentum in the coming days. The government has come out with Report of the Joint Committee on Business Processes for GST on GST Registration.
CA Deepak Aggarwal Report of the Joint Committee on Business Processes for GST Registration Processes in GST Regime ♣ All existing registered persons, whether with the Centre or State under any of the tax statues being subsumed in GST, would be allotted a GST registration number called Goods and Services Tax Identification Number (GSTIN) on […]
Report of the Joint Committee on Business Processes for GST on Registration Processes in GST Regime Registration of a business with the tax authorities implies obtaining a unique identification code from the concerned tax authorities so that all the operations of and data relating to the business can be agglomerated and correlated. In any tax system this is the most fundamental requirement for identification of the business for tax purposes or for having any compliance verification program. Registration under Goods and Service Tax (GST) regime will confer following advantages to the business:
Report of the Joint Committee on Business Processes for GST- Payment With increasing spread of internet and electronic communication, this mode has emerged as one of the preferred modes of tax payment for both the taxpayers and administrators. As the name suggests, this mode of payment involves payments by the taxpayers that utilize the electronic network, right from the generation of the challan by the taxpayer to the ultimate reconciliation of the data by the Accounting authorities.
REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON REFUND PROCESSES IN GST REGIME- In the taxation administration, refund refers to any amount that is due to the tax payer from the tax administration. In the present taxation system it is considered as a strained area, both for the taxpayer and the tax administration. So in order to establish an effective and efficient tax administration system it is essential that issues on which refund arises ought to be kept at minimum and be clearly defined in the law. Since GST is going to subsume many of the existing taxation laws such as Central Excise, Service Tax, VAT, CST, etc., the situations under which refund arise under these laws are as follows:
The report of Joint committee of Business processes for GST, gives us the glimpse of what is going to happen in the GST regime. Based on the report, following are the situations where the possibility for refund under GST arises. Below mentioned table tries to cover all related provisions recommended by committee to get the refund sanctioned without any complication.
Goods and Services Tax (GST), the 122nd Constitutional Amendment Bill, 2014 tabled by Finance Minister Arun Jaitley has already passed in the Lok Sabha. However, due to conflicts between the States and Centre and the reason that the Centre is not having majority in Rajya Sabha;
♠ Separate registration for each state. ♠ Threshold for registration on all India Basis Including Exports and Exempted supplies. ♠ Mandatorily register within 30 days of applicability otherwise no credit for prior period. ♠ Can take voluntary registration even if below threshold limit and once opted would be part of credit chain
Key features of the Book: ♠ Present indirect taxes—shortcomings, double taxation, cascading. ♠ GST – Need and Necessity, what it is, how it works, etc. ♠ Journey of GST, Proposed model of GST in India and best international practices. ♠ Taxes to be subsumed and not to be subsumed in GST
