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 : GSTAT offers broader powers than the First Appellate Authority but faces challenges relating to pre-deposit, timelines, and digita...
Goods and Services Tax : The Madras High Court held that notifications under Sections 9 and 11 of the CGST Act cannot go beyond GST Council recommendations...
Goods and Services Tax : Explains when to issue a Tax Invoice or Bill of Supply under GST and how the correct document helps avoid ITC disputes, notices, a...
Goods and Services Tax : The article explains that GSTAT can condone delay only within the statutory extension under the CGST Act, unlike CESTAT....
Goods and Services Tax : Explains why courts favour a holistic assessment of evidence and caution against denying ITC solely because old supporting documen...
Goods and Services Tax : A PIB backgrounder explains how nine years of GST have expanded the taxpayer base, increased collections, and simplified India's i...
Goods and Services Tax : Haryana recorded the highest State GST revenue growth of 32% during the first quarter of FY 2026-27, outperforming all other state...
Goods and Services Tax : The representation requests extension of the GSTAT appeal filing deadline to 31 December 2026, citing persistent technical issues ...
Goods and Services Tax : A representation seeks extension of the GSTAT appeal filing deadline to 31 December 2026, citing persistent technical issues on th...
Goods and Services Tax : The Advocates Tax Bar Association has requested extension of the GSTAT appeal filing deadline to 31 December 2026, citing persiste...
Goods and Services Tax : The Madras High Court held that a single GST show cause notice covering multiple financial years is without jurisdiction and imper...
Goods and Services Tax : The Madras High Court held that clubbing five assessment years in a single GST show cause notice is contrary to Section 73 of the ...
Goods and Services Tax : Bombay High Court held that a GST order based on a notice issued to a dissolved company is void, while allowing fresh proceedings ...
Goods and Services Tax : Chhattisgarh HC granted bail after finding no unimpeachable document proving the applicant owned the firm. Issues of involvement w...
Goods and Services Tax : The Court examined whether the dispute involved a classification issue requiring the petitioners to pursue statutory remedies or w...
Goods and Services Tax : GSTN has shifted the FY 2025-26 AATO amendment window to 1–31 July 2026 due to system upgrades. Tax officer review will take pla...
Goods and Services Tax : June 2026 gross GST collections reached Rs. 1.94 lakh crore, driven by higher domestic and import revenues, while net collections ...
Goods and Services Tax : The Government has fixed 31 July 2026 as the last date for filing GST Appellate Tribunal appeals and applications in specified old...
Goods and Services Tax : CBIC clarified that proceedings validly initiated before a taxpayer's jurisdiction changes remain legally valid. The new jurisdict...
CA, CS, CMA : KSCAA has urged the Government to extend the GSTAT appeal filing deadline by three months, citing technical glitches, procedural a...
Yesterday the Parliament of India have created a history by making a walkout even before the budget was yet to be finished. The opposition parties made the walkout once it was declared in the budget that petrol prices to go up. To levy excise duty of Re1 per liter on petrol and diesel have made the whole of India to think about the probable price they will have to pay for every commodity.
ICAI welcomes the Union Budget presented by the Hon’ble Finance Minister Shri Pranab Mukherjee, which can be termed as a relief oriented budget. The Budget skillfully balances the need to step up the economic growth on one side, check inflation on the other side and also address the socio-economic needs of the nation.
Finance Bill 2010 has made an amendment in the definition of the taxable service ‘Renting of immovable property’ [section 65 (105) (zzzz)] to provide explicitly that the activity of ‘renting’ itself is a taxable service. This change is being given retrospective effect from 01.06.2007.
It is, therefore, proposed to also allow deduction in respect of any contribution made to CGHS by including such contribution under the provisions of section 80D. The deduction will be limited to the current aggregate as mentioned in the section.
In tune with the policy thrust of promoting investment in the infrastructure sector, it is proposed to insert a new section 80CCF in the Income-tax Act to provide that subscription during the financial year 2010-11 made to long-term infrastructure bonds (as may be notified by the Central Government), to the extent of Rs. 20,000, shall be allowed as deduction in computing the income of an individual or a Hindu undivided family.
Under the existing provisions of section 56(2)(vii), any sum of money or any property in kind which is received without consideration or for inadequate consideration (in excess of the prescribed limit of Rs. 50,000/-) by an individual or an HUF is chargeable to income tax in the hands of recipient under the head ‘income from other sources’. However, receipts from relatives or on the occasion of marriage or under a will are outside the scope of this provision.
The Finance (No. 2) Act, 2009 provided for the taxation of LLPs in the Income-tax Act on the same lines as applicable to partnership firms. Section 56 and section 57 of the Limited Liability Partnership Act, 2008 allow conversion of a private company or an unlisted public company (hereafter referred as company) into an LLP. Under the existing provisions of Income-tax Act, conversion of a company into an LLP has definite tax implications.
Under the existing provisions contained in section 44BB(1) of the Income-tax Act, income of a non-resident taxpayer who is engaged in the business of providing services or facilities in connection with, or supplying plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of, mineral oils is computed at ten per cent. of the aggregate of the amounts paid.
One of the conditions for availing the benefit under section 35AD in the case of laying and operating a cross-country natural gas or crude or petroleum oil pipeline network for distribution, including storage facilities being an integral part of such network, is that the specified business ‘has made not less than one-third of its total pipeline capacity available for use on common carrier basis by any person other than the assessee or an associated person’.
In view of the high employment potential of this sector, it is proposed to provide investment linked incentive to the hotel sector, irrespective of location, under section 35AD of the Income-tax Act. The investment-linked tax incentive allows 100 per cent deduction in respect of the whole of any expenditure of capital nature (other than on land, goodwill and financial instrument) incurred wholly and exclusively, for the purposes of the “specified business” during the previous year in which such expenditure is incurred.
