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 : Reverse Charge Mechanism (RCM) in GST is a system where the recipient of goods or services is liable to pay the tax instead of th...
Goods and Services Tax : The Finance (No 2) Act 2024 been notified on 16th August 2024. The Finance Act sections 114 to 157 Page 114 to 157 (Page 67 to 6...
Goods and Services Tax : Overview of GST tax liability, self-assessment, and the distinction between scrutiny under Section 61 and actions under Sections 7...
Goods and Services Tax : Karnataka HC ruled that under Section 75(4) of CGST Act, a hearing opportunity must be granted before passing an adverse order. Ba...
Goods and Services Tax : Understand GST provisions for invoices and credit notes in the sale of under-construction flats/shops, including time limits, e-in...
Goods and Services Tax : Join our webinars on GST Tribunals preparation. Learn to grow your IDT practice and prepare for GSTAT with expert guidance. Regist...
Goods and Services Tax : A Superintendent in Nadiad is sentenced to 5 years for bribery. CBI also investigates two GST officers in Hyderabad for demanding ...
Income Tax : Explore the latest updates on tax benefits for skill development institutions in India, including GST exemptions and income tax re...
Goods and Services Tax : Explore the latest details on GST rates for agricultural equipment, machinery, and fertilizers, and the government's stance on pot...
Income Tax : On August 5, 2024, it was clarified in the Lok Sabha that there are no specific tax incentives or waivers currently in place for t...
Goods and Services Tax : Calcutta HC condones delay in GST appeal filing, restoring the case for a small businessman who missed the deadline due to GST por...
Income Tax : Calcutta HC directs reassessment after invalidating CGST assessment order due to lack of opportunity for hearing....
Goods and Services Tax : Calcutta HC orders the restoration of GST registration for Intek Survey Engineering upon payment of due taxes and filing returns. ...
Goods and Services Tax : Patna HC dismisses Bharti Enterprises' petition against GST registration cancellation due to delay and failure to avail amnesty sc...
Goods and Services Tax : Patna High Court rejects a petition challenging GST registration cancellation, citing failure to use available appeal and amnesty ...
Goods and Services Tax : Maharashtra GST Circular No. 21T of 2024 updates guidelines for recovering outstanding dues after first appeal until the Appellate...
Goods and Services Tax : Instruction No. 03/2024-GST outlines procedures for CGST audits, emphasizing uniformity and reducing litigation through adherence ...
Goods and Services Tax : Kerala SGST department issues a circular clarifying the method of penalty calculation under the IGST Act, 2017 for tax demands mad...
Goods and Services Tax : CBIC's latest updates include a Customs cooperation deal with New Zealand, a new Hindi magazine, and significant seizures of smugg...
Goods and Services Tax : CBIC issues guidelines for a second All-India drive to detect and eliminate fake GST registrations, safeguarding government revenu...
Key proposed amendments to CGST Act, 2017, which would be effective from the date to be notified, upon enactment of Finance Bill, 2022, unless otherwise specified Customs & SEZ Key Update 1. Inclusion of officers under DRI, audit and preventive formation as the “proper officer” under Customs law, retrospectively. Once the proposed amendment comes into […]
Amendments proposed in the CGST Act, 2017 To be effective from the date of enactment of Finance Bill, 2022 ♦ Amendment in Section 50 Sub-section (3) of section 50 of the CGST Act is proposed to be substituted retrospectively, with effect from the 01.07.2017, so as to provide for levy of interest on input tax […]
CA Palash Sharma Article explains Changes in GST Proposed by Union Budget 2022 related to Section 16: Input Tax Credit, Section 29: Cancellation or suspension of registration, Section 34: Credit and debit notes, Section 37: Furnishing details of outward supplies, Section 38: Furnishing the details of Inwards supplies, Section 39: Furnishing of Returns, Section 41: […]
Can payment of pre-deposit for filing of an appeal be made through Electronic Credit Ledger – After amendment proposed in Finance Bill 2022. In this regard I would like to first make a reference to the relevant provisions of the CGST Act, 2017 and CGST Rules, 2017: Section 2(82) of the CGST Act, 2017: “Output […]
Changes in GST proposed in The Finance Bill, 2022 Summary of the Union Budget 2022 proposals for GST – The Union Finance Minister while presenting the Union Budget 2022 on 1st of February 2022, made few important changes in the GST Laws. Below is the summary of such proposals – 1. Tightening of the Input […]
GST has been a landmark reform of Independent India showcasing the spirit of Cooperative Federalism. While aspirations were high, there were huge challenges too. These challenges were overcome deftly and painstakingly under the guidance and oversight of the GST Council. The right balance between facilitation and enforcement has engendered significantly better compliance. GST revenues are […]
Firstly, Recipient can avail input tax credit with respect to supply only if such credit has not been restricted in GSTR-2B. What it means – Ineligible credit not allowed to be taken. Secondly, Time limit for availment of input tax credit by a registered person in respect of any invoice or debit notes pertaining to a financial year upto 31st November of the following financial year. In simple words, 40 days additional time to avail itc as earlier we can claim upto 20th October of following financial year.
This article is presented dealing a comprehensive study on the overall transaction between employer and employee. In generally, transaction arising out of contractual arrangement as per Schedule III are not subject to GST.
♦ Time-Limit To Avail ITC U/S 16(4) Extended Till 30Th November Of Next Year From 30Th September. ♦ Section 41 Of The CGST Act Is Being Substituted So As To Do Away With The Concept Of “Claim” Of ITC On A “Provisional” Basis. ♦ Section 47 Of The CGST Act Is Being Amended So As […]
Amendments in Finance Bill, 2022 in Relation to Central Goods and Services Tax (CGST) SECTION 16: Conditions for Input Tax Credit Changes proposed vide Finance Bill’ 2022 -Insertion of new clause (ba) in subsection 2 -in clause (c), the words, figures and letter “or section 43A” shall be omitted -Time limit to take ITC in […]
