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...
it has been decided to extend the due date for filing Annual Return (FORM GSTR-9/GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) for Financial Year 2018-19 from 31st October 2020 to 31st December, 2020.
1. What is utilization of cash/ ITC for payment of demand or any other amount due about? It is about payments of non-return related liabilities created through generation of Demand ID which may be reference number of the order or application, appearing in the Electronic Liability Register (Part-II).
A. FAQs on Electronic Liability Register under GST Q.1 What is an Electronic Liability Register? Ans: All return related liabilities accrued are displayed in the Electronic Liability Register: Part I: Return related liabilities. Payments made from the Electronic Cash Ledger and/or credit utilized to discharge the liabilities are also shown in the register. Liabilities pertaining […]
A. FAQs on Electronic Credit Ledger under GST Q.1 What is an Electronic Credit Ledger? Ans: In the Electronic Credit Ledger, all credits accrued on account of inward supplies made by a taxpayer within a tax period are accumulated. The ledger is maintained Major Head-wise, i.e., IGST, CGST, SGST, and CESS. Q.2 Who maintains the […]
FAQs on Filing and Viewing Form GST PMT-09 Q.1 What is Form GST PMT-09? Ans: Form GST PMT-09 enables any registered taxpayer to perform intra-head or inter-head transfer of amount as available in Electronic Cash Ledger. Thus, a registered taxpayer can now file Form GST PMT-09 for transfer of any amount of tax, interest, penalty, […]
The Electronic Cash Ledger contains a summary of all the deposits made by a taxpayer. In the ledger, information is displayed major head-wise i.e., IGST, CGST, SGST/UTGST and CESS. Each major head is further divided into five minor heads: Tax, Interest, Penalty, Fee and Others.
53 GST and Trade Associations, under the banner of the ‘All India Joint Representation Committee for GST’, have come together, to submit a joint representation to the Union Finance Minister, Smt.Nirmala Sitharaman, on various relaxations which are required in GST to ease the suffering of businesses as well as meet the emergent circumstances of lockdown. […]
Article discusses about The Import of services and treatment under GST. Effective from 01.07.2017 many services are included under Tax Net in India. The Goods and Services Tax Act, 2017 is introduced all over India (Except Jammu and Kashmir up to 7.7.2017). In Jammu and Kashmir GST Act is been applicable from 8.7.2017. Let us […]
1. Deemed Exports Under Section 147 of CGST Act, 2017, it refers to those transactions in which the goods supplied do not leave the country and the payment for such supplies is received either in Indian rupees or in free foreign exchange. 2. Essential conditions of Deemed Exports i. It is applicable only for the […]
Direct Taxes Professionals’ Association requested Hon’ble Finance Minister to allow filing of GSTR 9, 9A and 9C for the F.Y. 2018-19 at least till 31st December 2020 and to waive the late fees and penalty till then, extend time limit to claim credit on the invoices pertaining to FY 2019-20 as envisaged in Section 16(4) […]
