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 issue was whether buyback of shares attracts GST. It was held that since shares are securities excluded from GST, buyback is n...
Goods and Services Tax : Courts are divided on whether GST notices can cover multiple financial years in one proceeding. The key takeaway is that the final...
Goods and Services Tax : This case examines whether ITC can be denied when a supplier fails to deposit tax despite a genuine transaction. Courts ruled that...
Goods and Services Tax : The issue concerns vague GST cancellation notices lacking facts. Courts held that absence of details violates natural justice and ...
Goods and Services Tax : Taxpayers were unable to file appeals when demand orders reflected zero liability despite disputes. The advisory clarifies that re...
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 case examined whether a single show cause notice could cover multiple tax periods. The Court held such consolidation violates ...
Goods and Services Tax : The case addressed whether a refund rejection without granting a personal hearing and providing only seven days to respond was val...
Goods and Services Tax : The court refused to entertain the writ petition, holding that an effective appellate remedy was available under the GST law. It e...
Goods and Services Tax : The Court held that Rule 86A applies only when the assessee fraudulently avails ITC. Since the allegation concerned the recipient...
Goods and Services Tax : The case addressed an assessment order passed without considering the taxpayer’s response to the show cause notice. The Court qu...
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’s been almost 3 years when for the first time GST got introduced and since then there have been many challenging issues in GST and one such challenging issue is, whether to treat ex-factory sale as an intra state transaction or an Inter-state transaction. The actual issue is in the drafting of the relevant provisions […]
Faceless Assessments under Customs Faceless Assessments – Customs Cir – 28/2020 dt 5th June 2020 N No 50/2020 dt 5th June 2020 Ins 09/2020 dt 5th June 2020 Various Digitalization & Ease of Business Initiatives by Customs – 1. E- Gatepass 2. E- Out of Charge 3. Faceless Assessments – Start on 8th June & […]
The growing digital economy has caused an explosion in indirect taxes rules around the globe and this has created both complexity and opportunity. The Asia Pacific (Asia Pac) region is no exception to this phenomenon. Very soon the number of countries with electronically supplied services (ESS) (or remote services) rules will exceed 100 and this […]
Treatment of input tax credit (ITC) in case finished goods destroyed as normal loss In this article , I have analysed the treatment of input tax credit in case finished goods of a company gets destroyed at the time of packaging, transportation etc. as normal loss of business. There are many industries dealing with products […]
The pandemic did hit the Pause button for all the commercial activities. Slowdown of entire economy is having its impact leading to occurrence of various events which lack any precedence in the recent past. However, with Unlock 1, there has been a resumption of commercial activities in a phased manner, it is important for the […]
Summary of Extended/Conditional Due Dates After The 40th GST Council Meeting Held On 12th June 2020 Time and again changes are being made in due dates of GST compliance’s, to provide some relief to the taxpayers. Also note that these due dates might change again, due to confusing created regarding waiver of late fees for […]
The 40th GST Council took place on 12th June, 2020 and the key decisions taken by the Council are mentioned below: Waiver of Late Fee for Past Return Proposal – No late fee for delayed filing of GSTR-3B for the period July, 2017 to January, 2020. Applicability – For taxpayer having ‘NIL liability’ during the […]
Credit notes issued after change in rate of tax in respect of goods or services When ever there is a rate change in the goods or services, the tax payers need to revisit their cost structures and business process. Though anti profiteering is one of the major concerns, one key confusion that arises is whether […]
Introduction The composition scheme is a very simple, hassle free compliance scheme for small tax payers. Mainly, the scheme is for small business as to provide them relief so that they need not be burdened with the compliance provision of law. Composition scheme is not mandatory scheme, as it is an optional scheme. Person eligible […]
Central Board of Indirect Taxes and Customs (CBIC) vide its Circular No: 140/10/2020 – GST dated 10th June 2020 clarified the levy of GST on Director’s Remuneration. Director’s remuneration which is declared separately ‘Other than Salaries’ in the Company’s accounts and subjected to TDS under Section 194J of the IT Act as Fees for professional or […]
