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 involved challenge to provisional attachment under Section 83 of the CGST Act. The Court refused to interfere, holding t...
Goods and Services Tax : The Court held that cancellation based on grounds not mentioned in the show cause notice violates natural justice. The order was s...
Goods and Services Tax : The court ruled that cancellation was unsustainable where authorities ignored documents and passed non-speaking orders. It emphasi...
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 : 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...
1. GST PORTAL UPDATES 1.1. GSTR-9 of FY 2019-20 is available now Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available. Please ensure that all applicable returns of the said year have been filed before attempting to file the said return. 1.2. Auto population of details in Form GSTR-3B from […]
Arjuna, the year 2020 has seen a large number of false transactions & malpractices of the taxpayers. Hence in the new year 2021, to curb malpractices used by taxpayers for tax evasion, the GST department is now implementing its new tools to brush out anomalies in the system.
9th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall. A total amount of Rs.54,000 crore released so far to all States and UTs with legislation. This is in addition to additional borrowing permission of Rs.1,06,830 lakh crore granted to the States
The 42th Council meeting of 2020 held on 05.10.2020, has introduce new Return scheme with some relaxation of monthly return filing for small business registered under GST Act. Here is this Article we discuss in details the notification and circular that has been issued and applicable from 1st January 2021 Notification Number & Dated Remarks […]
CBIC issues Corrigendum to Notification No. 94/2020-Central Tax, dated 22nd December,2020 and corrected two of its mistake in the notification. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) CORRIGENDUM New Delhi, the 28th December, 2020 G.S.R. 801(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue, […]
For a quick recap of the year, our commitment to the trade and industry to move to a ‘Faceless. Paperless. Contactless’ environment, even before the advent of Covid- 19. had given us a head start.
Firstly, it is to be noted that currently, only companies and LLPs (collectively referred to as the ‘Corporate Debtor’ or ‘CDR’) can be subject to the provisions of the IBC. Thus, partnership firms, proprietary concerns, individuals etc. do not fall under IBC as on date and thus such persons will not be governed by the provisions of the Code.
Allegation of Wrong Availment Of Input Tax Credit (ITC) is Not Sustainable If Conditions of Section 16 of CGST Act Satisfied and Tax Has Been Paid at The Time of Supply The wrong and fraudulent availment of input tax credit and their utilization became a matter of discussion now a days, as recently department arrested […]
1. Rule 86B (Restriction on use of Input Tax Credit for discharging the output liability) has been inserted into CGST Rules, 2017 vide notification no. 94/2020-Central Tax Dated 22nd December 2020 (Central Goods and Services Tax (Fourteenth Amendment) Rules, 2020, to be implemented w.e.f.1st January, 2021. Announced at midnight, nonetheless. 2. This rule basically says […]
BJP Economic Cell, Rajasthan has requested Hon’ble Union Finance Mister to extend due dates of ITR for person (Non-Audit) (FY 2019-20), Tax Audit Reports (FY 2019-20), ITR for other persons (FY 2019-20), GST Annual Return GSTR9/9C/4 (FY 2018-19), GST Annual Return GSTR9/9C/4 (FY 2019-20), Vivad Se Vishwas Scheme, 2020, Companies Fresh Start Scheme. 2020 and […]
