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 : As per Section 18(6) of the Central Goods and Service Tax Act, 2017 In case of supply of capital goods or plant and machinery, on ...
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...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
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 financial impact of tax exemptions for BCCI and IPL, government actions, and proposed reforms from the latest Rajya Sa...
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 : Allahabad High Court ruled Section 130 of GST Act can't be applied for excess stock found during search; Section 73/74 should be u...
Goods and Services Tax : Allahabad HC rules that GST authorities can survey business premises for verifying transactions when goods are intercepted without...
Goods and Services Tax : Madras High Court judgment on Hajee S M Ahamed and Company vs Deputy State Tax Officer, remanding ₹25,000 GST demand and ₹1.36...
Goods and Services Tax : Calcutta HC reinstates GST appeal for Rahul Bansal, ruling technical glitches can't negate statutory rights to challenge orders un...
Goods and Services Tax : Kerala High Court grants a petitioner the opportunity to challenge GST assessment orders uploaded post-registration cancellation, ...
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...
As the last date of filing GSTR-1 for April, 2021 has been extended up to 26th May, 2021 and IFF up to 28th May, 2021, the GSTR-2B for April, 2021 shall be generated on 29th May, 2021. Source- https://www.gst.gov.in/
Nowadays, the Business houses are entering into sale and lease back transaction of capital assets in order to meet the working capital requirement of the transaction. The Sale and lease back transaction needs to be carefully analysed to determine the correct tax implications. A humble attempt to list down the GST implication on sale and […]
Aristo bullion pvt. Ltd. is in business of supply of Gold (including Gold Plated with Platinum) unwrought or in semi-manufactured forms or in powder form, based metal clad with silver, not further worked than semi-manufactured, coin etc; that it involves some manufacturing process also and in the said activities various inputs viz. Gold Dore, silver […]
Taking cognizance of hardship faced by taxpayers in view of the COVID-19 pandemic, Central Board of Direct Taxes (‘CBDT’) has provided certain relaxations to taxpayers by extending the following due-dates: ♦ Due-date for filing appeal before Commissioner (Appeals) [‘CIT(A)’] or objections before Dispute Resolution Panel (‘DRP’) in time-barring cases has been extended to 31 May […]
GST: Input Tax Credit (ITC) for packing materials consumed in packing of Exempted/Nil rated/Zero rated & Non GST supplies; Under the GST Acts which comprises the Central Goods & Services Tax Act, 2017 (CGST Act), State Goods & Services Tax Acts,2017 (SGST Acts), Integrated Goods & Services Tax Act,2017 (IGST Act) and the Union Territory […]
The country is dealing with a very challenging situation due to second wave of COVID-19 Pandemic which is more devastating in many ways than the one before. We need to be self-disciplined and follow all the Covid safety protocols. The government is also contributing their best to facilitate the trade and industry through facilitation measures. […]
Are you worried about your customers defaulting in payments? Vendors defaulting in fulfilling their terms after you pay advance to them? Are you capturing all relevant details before you deal with any party? Business entities often do not ver0ify the background or creditability of their customers/ vendors before initiating transactions with them. However, they may […]
HSN Reporting Changes I have in this article attempted to explain the changes in HSN Reporting from May 2021 in GSTR 1, as I feel that many members may have questions in respect of same. This is an effort to address and provide answers to select questions for the benefit of all. Table 12- Reporting […]
Practicing advocates exempted from service tax/GST, should not have to face harassment from GST Department The Hon’ble Orissa High Court in Devi Prasad Tripathy v. the Principal Commissioner CGST and Central Excise [W.P.(C) No. 27727 of 2020, dated April 22, 2021] quashed the notice demanding to pay service tax/GST issued to the advocates. Held that, […]
Brief Background Tour Operator (hereinafter referred as Service Provider) provides services to the ultimate consumers (Recipient) through various counterparts such as the Airline companies, local taxi operators, hotel, embassy issuing visas and many other services. The major sources of Income for Tour Operators are: 1. Domestic/ International Hotel Bookings 2. Air Ticket & Commission from […]
