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 Finance (No 2) Act 2024 been notified on 16th August 2024. The Finance Act sections 114 to 157 Page 114 to 157 (Page 67 to 6...
Goods and Services Tax : Overview of GST tax liability, self-assessment, and the distinction between scrutiny under Section 61 and actions under Sections 7...
Goods and Services Tax : Karnataka HC ruled that under Section 75(4) of CGST Act, a hearing opportunity must be granted before passing an adverse order. Ba...
Goods and Services Tax : Understand GST provisions for invoices and credit notes in the sale of under-construction flats/shops, including time limits, e-in...
Goods and Services Tax : In the recent times, GST Department by exercising the powers bestowed on them by way of Section 65 of the CGST Act 2017, has been ...
Goods and Services Tax : A Superintendent in Nadiad is sentenced to 5 years for bribery. CBI also investigates two GST officers in Hyderabad for demanding ...
Goods and Services Tax : Join our webinars on GST Tribunals preparation. Learn to grow your IDT practice and prepare for GSTAT with expert guidance. Regist...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : Explore the financial impact of tax exemptions for BCCI and IPL, government actions, and proposed reforms from the latest Rajya Sa...
Income Tax : Explore the latest updates on tax benefits for skill development institutions in India, including GST exemptions and income tax re...
Goods and Services Tax : Sri Avantika Contractors (I) Limited. Vs Appellate Authority for Advance Ruling (GST) and others. (Telangana High Court) Telangana...
Corporate Law : Bombay HC upholds priority of Janaseva Sahakari Bank's secured interest over Sales Tax Dept’s claims, setting aside the mutation...
Goods and Services Tax : Madras HC sets aside dismissal of GST appeal for delay, remands case to the appellate authority for fresh consideration despite th...
Goods and Services Tax : Delhi HC grants interim protection to a petitioner alleging misuse of GST credentials for ITC claims, pending further investigatio...
Goods and Services Tax : Bombay High Court held that amount payable has been quantified before 30th June 2019 and hence eligible to avail benefit under Sab...
Goods and Services Tax : Maharashtra GST Circular No. 21T of 2024 updates guidelines for recovering outstanding dues after first appeal until the Appellate...
Goods and Services Tax : Instruction No. 03/2024-GST outlines procedures for CGST audits, emphasizing uniformity and reducing litigation through adherence ...
Goods and Services Tax : Kerala SGST department issues a circular clarifying the method of penalty calculation under the IGST Act, 2017 for tax demands mad...
Goods and Services Tax : CBIC's latest updates include a Customs cooperation deal with New Zealand, a new Hindi magazine, and significant seizures of smugg...
Goods and Services Tax : CBIC issues guidelines for a second All-India drive to detect and eliminate fake GST registrations, safeguarding government revenu...
Assessment and Audit play an important part in any tax administration. Goods and Services tax law is primarily based on self-assessment. The tax payer would avail the off set of input credit of taxes against his final liability to settle balance taxes which would be paid in cash.
The provisions relating to Point of Taxation (POT) are very essential element of any law as it fixes the point when the liability to pay tax arises.
A Registered person under the proposed GST regime has to file many returns prescribed or otherwise required to be furnished by or under the act & rules made thereunder.
In order to engage with the stakeholders and invite comments from the public at large, recently, the Central Government has issued 3 more Draft Goods and Services Tax (“GST”) Rules viz. Draft GST Rules on Accounts & Records, Appeals & Revision and Advance Ruling, on April 19, 2017, making a total of 14 Draft Rules as on date.
The provisions related to Appeals and Revision are contained in chapter XVIII-from section 107 to section 121. It gives a detailed explanation on authorities on appeal and revision, appealable and non-appealable orders and decisions and procedures in appeal to be followed by appellant and authorities.
Coming to the status of migration, as on date 73% of the existing Central Excise registrants and 34% of the existing Service Tax registrants have migrated. We are fast approaching the last date for completion of migration i.e. 30.04.2017. I urge all zonal Chief Commissioners to take necessary steps to assist all existing taxpayers in their migration to the new regime.
Composition Scheme is a feature of Indirect Tax laws wherein assessee pay tax on value addition by maintaining detail of ‘inputs’ and ‘outputs’.
Under Goods and Services Tax Law, specific provisions have been laid down to levy penalty and interest in case of short-payment or delayed payment or non-payment of GST be it bonafide or in case of fraud, suppression, mis-statement etc.
Remission of tax or duty means relieving the tax payer from the obligation to pay tax on goods when they are lost or destroyed due to any natural causes/ calamities. Remission is subject to conditions stipulated under the law and rules made there under.
The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the actually the price paid or payable, when the parties are not related and price is the sole consideration.
