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 : This article explains why GST registration is not limited to turnover thresholds. It highlights transaction-based triggers that ca...
Goods and Services Tax : The article highlights how aggressive GST actions impact genuine businesses. The key takeaway is the need for balanced enforcement...
Goods and Services Tax : Understand the mandatory GST compliances when closing a business, including return filing and tax on stock. The guidance clarifies...
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 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 issue was whether a taxpayer could seek revocation after missing the prescribed timeline due to portal restrictions. The Court...
Goods and Services Tax : The issue was mismatch between Section 74 mentioned in summary and penalty imposed under Section 73. The Court allowed rectificati...
Goods and Services Tax : The issue was whether tax demand can exceed the amount and scope mentioned in the show cause notice. The Court held that such exce...
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 : 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...
New Functionalities made available for Taxpayers on GST Portal (January, 2021) 1 – Registration 1. Deemed approval of Registration Application in Form GST REG-01 In terms of Notification No 94/2020-CT, dated 22nd December, 2020, all applications for fresh registration will get deemed approved in 7 working days, instead of 3 working days (as was earlier) […]
A racket of fake/bogus firms has been busted by our officers of CGST G.B Nagar , unearthing fake GST invoicing of Rs 55.89 Cr involving fraudulent ITC of Rs 8.83 Cr, 1 person has been arrested. PRESS RELEASE 01 PERSON ARRESTED IN CASE OF ISSUING FAKE INVOICES OF RS. 55.89 CRORES AND PASSING OF INADMISSIBLE […]
. The modus operandi Inter alia involved creating of fake firms and generating of fake/bogus invoices through them, and passing of inadmissible Input Tax Credit on the strength of such fake/bog us invoices, without actual supply of goods.
Proposed amendments to CGST Act, 2017 Budget 2021 1. GST on supply by clubs, associations etc to its members -Section 7(1)(aa) and an explanation clause proposed to be inserted in the CGST Act, retrospectively with effect from the 1st July 2017,To ensure levy of tax on activities or transactions involving supply of goods or services […]
The Union Budget for financial year 2021-22 has been laid in Parliament on 1st February, 2021 by the Finance Minister. The Budget revolves around three themes i.e., inspirational India, economic development and caring society. The Budget made a statement that of all the structural reforms, the Goods and Services Tax (GST) has been the most […]
Goods and Service Tax ‘GST’ is a trust-based taxation regime wherein a taxpayer have to self-assess his tax liability, tax payment, and returns. Thus, to ensure the correctness of assessment by the assessee GST audit is compulsory. GST audit involves an examination of records, returns, and other documents maintained by the assessee. To ascertain that self-assessed GST […]
In this Article we will discuss about the Eight Terms of Supply. First we will understand the definition of Goods. Goods:- As per the Section 2(52) of CGST Act, 2017 ‘goods’ means every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming […]
This is an attempt to apprise you in detail of the Quarterly Return-Monthly Payment (QRMP) scheme has recently been launched by the Central Board of Indirect Taxes and Customs (CBIC). Please note that a Quarterly Return-Monthly Payment (QRMP) scheme has recently been launched by the board and a circular bearing no. 143/13/2020-GST dated 10 November […]
Changes under Income Tax – Union Budget 2021: 1. No Changes in Income Tax Slab rates. 2. Income Tax Return need not be filed by Senior citizens provided that: He is Resident of India and of the age 75 years or more during the previous year He has only Pension and/or Interest Income He shall […]
Journey well started: GST was claimed to be Good & Simple Tax by the Modi Government. The world acknowledged the reform as game changing too. Indian business houses too gave warm welcome to the law. Teething problems were bound to be there initially. No Law can be robust or full proof from day one. But […]
