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 : From 22 September 2025, accommodation below ₹7,500 per day attracts 5% GST without ITC instead of 12%. The change aims to reduce...
Fema / RBI : The article explains RBI’s decision to reduce the export proceeds realization period from 15 months to 9 months and its impact o...
CA, CS, CMA : GST disputes are increasing, creating substantial opportunities for Chartered Accountants in audits, adjudication, appeals, and ta...
Goods and Services Tax : A single visit revealing closed premises is not sufficient to cancel GST registration. The department must establish statutory gro...
Goods and Services Tax : The article explains the crucial distinction between GST Credit Notes and Commercial Credit Notes. Once the Section 34 deadline ex...
Goods and Services Tax : Haryana recorded the highest State GST growth rate in India at 22% in May 2026. The achievement is attributed to strong tax admini...
Goods and Services Tax : Practitioners are reportedly following different methods while completing GSTAT appeal forms because of inadequate guidance. The r...
Goods and Services Tax : The certificate clarifies that dealing and investment in securities are outside the scope of GST. Companies engaged solely in secu...
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 : GSTAT accepted the DGAP finding that the ratio of credit availed to purchase value declined after GST implementation. Since no add...
Goods and Services Tax : GSTAT held that the retailer failed to pass on the benefit of GST reduction from 28% to 18% through commensurate price cuts. The T...
Goods and Services Tax : The Orissa High Court considered a request for amendment of GST registration where business was conducted from a different locatio...
Corporate Law : The Court held that a purchasing dealer can rely on a sellers valid registration at the time of purchase. ITC cannot be denied mer...
Goods and Services Tax : The Bombay High Court held that the CGST Act does not permit consolidation of different financial years and tax periods in a singl...
Corporate Law : The 2026 amendments significantly expand disclosure requirements for operational creditors and corporate applicants. The changes a...
Goods and Services Tax : Gross GST collections reached ₹1.94 lakh crore in May 2026, registering 3.2% growth. The increase was driven largely by a 19.1% ...
Goods and Services Tax : The West Bengal GST Department ruled that intra-State movement of goods related to job work remains exempt from e-way bill generat...
Goods and Services Tax : GSTN has announced mandatory capture of Ship-To GSTIN in Bill-To/Ship-To transactions under the EWB system. The change aims to imp...
Goods and Services Tax : GSTN has launched a standardized Annexure-B Offline Utility for refund applications involving accumulated ITC to enable automated ...
Goods imported in pre-packaged form and intended for retail sale and certain specified goods namely, ready-made garments, mobile phones and watches are being provided an outright exemption from additional duty of customs of 4%. In addition, outright exemption from this duty is also being provided to Carbon Black Feedstock, waste paper and paper scrap.
Chapter V of the Finance Act, 1994 is being amended to,- a) insert an explanation in sub-section (3) of Section 73 to clarify that no penalty shall be imposed where service tax along with interest has been paid before issuance of notice by the department under this sub-section. b) provide definition of the term ‘business entity’ to include an association of persons, body of individuals, company or firm but not an individual.
Statutory taxes charged by the foreign governments are being excluded from taxable value for levy of service tax under the Air passenger transport service. 2) Exemption from service tax is being provided to services relating to ‘Erection, Commissioning or Installation’ of,-
The existing taxable service ‘Intellectual Property Right (IPR)’ excludes copyright from its scope. Copyrights on (a) cinematographic films and (b) sound recording are being brought under the ambit of service tax. However, copyright on original literary, dramatic, musical and artistic work would continue to remain outside the scope of service tax.
Under the scheme of deduction of tax at source as provided in the Income-tax Act, every person responsible for payment of any specified sum to any person is required to deduct tax at source at the prescribed rate and deposit it with the Central Government within the specified time. However, no deduction is required to be made if the payments do not exceed prescribed threshold limits.
Income up to Rs 1.6 lakh – nil. Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent. Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent. Income above Rs 8 lakh – 30 per cent
The Finance Minister proposed to extend the concessional export finance regime for select exporters for one more year till March 31, 2011, thus giving the slowdown-hit sector further relief. “I propose to extend the interest subvention of 2 per cent for one more year for exports covering handicrafts, carpets, hand-looms and small and medium enterprises (SMEs),” Finance Minister Pranab Mukherjee said while presenting Budget for 2010-11.
Finance minister Pranab Mukherjee today said he would introduce major reforms for indirect taxes in the form of Goods and Services Tax (GST) from April 1 next year. The government was earlier scheduled to introduce GST by April 1 this year.
# Income up to Rs 1.6 lakh – nil Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent Income above Rs 8 lakh – 30 per cent. # Income Tax department ready with two-page Saral-2 return forms for individual salaried assesses.
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