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 : The Court ruled that limitation under Section 54 cannot bar refund of mistakenly paid GST. It held that excess tax collected witho...
Goods and Services Tax : Explains why liquidated damages are generally not subject to GST unless linked to a supply. Highlights the importance of distingui...
Goods and Services Tax : The Court ruled that ITC on GIDC charges is allowable where no construction is involved. It also held that Section 74 proceedings ...
CA, CS, CMA : The update discusses GST rulings on ITC and refunds, income tax relief interpretations, and insolvency reforms. It also covers dis...
Goods and Services Tax : The court held that recovery cannot proceed against a legal heir without determining liability under Section 93, reinforcing due p...
Goods and Services Tax : The representation highlights ambiguity in whether the ₹2.5 crore ITC threshold should be annual or cumulative. It emphasizes th...
Goods and Services Tax : Authorities arrested the key accused for orchestrating fake ITC claims and fictitious export transactions. The case highlights str...
Goods and Services Tax : Authorities uncovered fraudulent ITC claims exceeding ₹8 crore without actual supply of goods. The ruling highlights that ITC is...
Goods and Services Tax : The case highlights that summons lacking details of the underlying inquiry violate procedural fairness. It underscores the need fo...
Goods and Services Tax : CBI arrested GST officials for demanding a bribe to facilitate registration approval. The case highlights strict enforcement again...
Goods and Services Tax : The court refused to entertain a constitutional challenge raised to bypass limitation. It allowed filing of appeal with delay cond...
Goods and Services Tax : The court declined to examine the constitutional validity of Section 16(2)(c) in absence of clear factual basis. It held that disp...
Goods and Services Tax : The court addressed denial of input tax credit due to mismatch with GSTR-2A and missing invoices. It allowed the taxpayer to seek ...
Goods and Services Tax : The court held that an adjudication order passed without considering the taxpayer’s reply is unsustainable. It remitted the matt...
Goods and Services Tax : The Court held that a single show cause notice covering multiple assessment years is not legally sustainable. Authorities were per...
Goods and Services Tax : This case highlights how delays in filing appeals against adverse GST orders weaken the department’s legal position. It undersco...
Goods and Services Tax : This case examines delays in transferring non-priority files after departmental restructuring. It mandates systematic redistributi...
Goods and Services Tax : This case highlights lapses in examining tribunal orders before filing revisions. It mandates detailed legal analysis and reasoned...
Goods and Services Tax : The ruling highlights gaps in recovery proceedings due to unclear role allocation. It strengthens the system by redefining respons...
Goods and Services Tax : The GST portal launches an Excel-based IMS Offline Tool to help taxpayers efficiently manage and process invoices. It enables bulk...
Amnesty measures under the GST Acts have been proposed as a measure of trade facilitation, by extending due dates of return filing and rationalising the late fee imposable. Simplifications in the filing of Annual Returns have also been approved.
43 GST Council meeting has recommended capping of Late Fees of GSTR 3B Return for from the period from July, 2017 to April, 2021 (if filed from 01.06.2021 to 31.08.2021). Meeting his also recommended capping of Late fees Prospective Tax period for GST returns namely GSTR- 3B, GSTR- 1, GSTR- 4 and GSTR- 7. Period […]
The GST Council met for the 43rd time on 28th May 2021 at New Delhi. The Council made certain key recommendations on changes in GST rates on supply of goods and services and changes related to GST law and procedure GST Law and procedures. The changes are categorized in below major areas and summarized for […]
There is a burning issue in GST since very beginning “Whether the recipient are required to reverse their Input Tax Credit (ITC) due to mismatch of 2A or due to non-submission of GSTR 1 or GSTR 3B by supplier” As per Section 16 (2)(c) of the CGST Act, Input Tax Credit (ITC) shall be claimed […]
Recommendations of 43rd GST Council meeting Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns; Late fee also rationalised for future tax periods I. Amnesty Scheme of reduced/waived late fee for those who didn’t file GSTR-3B returns for the tax periods July, 2017 to April, 2021, if said GSTR-3B returns for […]
The Central Board of Indirect Taxes and Customs, on the recommendations of the GST Council, had released a notification (94/202-Central Tax) on December 22,2020 making a number of crucial amendments to the Central Goods and Service Tax Rules, 2017. The said amendments caused a disruption in the business community, who were worried that the amendment […]
The GST Council’s meeting, the first in the year 2021, comes at a time when the country is reeling under the second wave of coronavirus infections. Finance Minister Nirmala Sitharaman chaired the 43rd GST Council meet on 28th May 2021 after a gap of almost eight months amid the second wave of the COVID-19 pandemic. […]
Hon’ble Finance Minister, Smt. Nirmala Sitharam in her Budget Speech on 1st day of February 2021, omitted Section 35(5) and substituted Section 44 [by Section 101 & 102 of the Finance Act, 2021 respectively] of the CGST Act, 2017, so as to remove the mandatory requirement of furnishing a Reconciliation Statement (GSTR-9C) duly audited by a Practicing Chartered Accountants or Cost Accountants and to provide for filing […]
The 43rd GST Council Meeting was a much-anticipated meeting considering the demands of the industry for extension of compliance requirements and other relaxations and benefits in imports etc. The first few months of year 2021 were one of the best in terms of GST revenue for the government despite the havoc created by the ongoing […]
In the 43rd GST Council Meeting Certain COVID-19 related relaxations to be provided, it should be a booster does for GST Taxpayers in second waive, in council meeting mainly focus to relaxation on compliances which effected during lock down in mostly state, Relaxation in certain due date of GST Returns and other compliances of F.Y. […]
