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...
1) Relevant Provision Section 16(1) and (2) of the CGST Act: “16. Eligibility and conditions for taking input tax credit. (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply […]
The Central Board of Indirect Taxes and Customs (CBIC) has issued an instruction to its commissioners for a special drive to dispose all the pending refund claims vide Instruction No. 10/2021 – Customs dated 13/05/2021. The drive is called as “Special Refund and Drawback Disposal Drive” which would be for the period from 15th of […]
Extension of the due date of filing Revocation application of Cancellation In view of Notification No. 14/2021 dt. 01.05.2021, the timeline for filing the ‘Application for Revocation of Cancellation’ has been extended to 180 days from 90 days which will be valid up to 15th June 2021 Thanking You, Team GSTN | 14/05/2021
Since the roll out of GST on 1/07/2017, the entire journey of approximately 4 years hasn’t been a smooth sailing ship but rather full of mighty storms and commanding blows. The journey full of everyday amendments, date extensions for months, sometimes even an entire year, lack of clarity on topics, shaky infrastructure and an ineffective […]
The AAAR, Tamil Nadu, in the matter of M/S Tamil Nadu Generation and Distribution Corporation Limited, [Order-in-Appeal No. TN/AAAR/12/2021 of dated March 30, 2021] has upheld the ruling of the AAR and held that GST is applicable on supply of operation and maintenance materials used in regular day-to-day functioning by one subsidiary company engaged in […]
GST implications on Foreign Liaison Offices in India In the age of globalisation where world economy is open for everybody, any company can set-up its business in any another country in any form they want. Based on the fact, if any company residing outside India wants to initiate its business in India, it can enter […]
1. Introduction 1.1 Dawn of GST started with a proposed system of undertaking transaction-level matching in the form of GSTR 1, 2 & 3 to check the claim of input tax credits (ITC). Further, the provisions in the law were also drafted keeping the proposed system in mind. However, due to the reasons best known […]
Roshni Sana Jaiswal Vs Commissioner of Central Taxes (Delhi High Court) The petitioner was acting as a director on the Board of Directors of a company, between 2006 and 2008 and the department initiated investigation against that that company alleging that the company was availing Input Tax Credit against fake/ineligible invoices. The petitioner was also […]
Since last year or so, the entire country is going through tumultuous patches for society as a whole. Present second wave of COVID-19 has put the resources of country at greater strain wherein the entire mankind is struggling to keep their hope float leave alone the prospects of future.
What is reconciliation? The word “reconciliation” has not been defined under the GST Act. Although, in accounting terms, “reconciliation” can be explained as a process of matching balances at the end of a particular period to ensure two sets of accounting records agree with one another. With the amendments brought out in Finance Budget, 2021, […]
