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.
CA, CS, CMA : Major rulings and notifications clarified tax treatment, compliance timelines, and financial regulations. The updates emphasize ef...
Goods and Services Tax : The case examines whether stranded compensation cess credit due to GST reform must be refunded or lapsed, impacting working capita...
Goods and Services Tax : This explains the constitutional boundary between property tax and GST on land-related activities. The key takeaway is that owners...
Goods and Services Tax : This compares opposing judicial views on GST notifications extending time limits. The key takeaway is that validity depends on for...
Goods and Services Tax : This explains how courts have imposed strict safeguards on ITC blocking under Rule 86A. The key takeaway is that due process is no...
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 court held that a provisional attachment under Section 83 ceases once a final order under Section 74 is issued. The ruling rei...
Goods and Services Tax : Madras High Court held that it is not justifiable to impose disproportionate liability under section 74 of the respective GST enac...
Goods and Services Tax : The Court dismissed the petition after finding that the petitioner failed to establish a clear connection with the goods and trans...
Goods and Services Tax : The Court ruled that cotton seed oil cake qualifies as cattle feed and is exempt from GST. The key takeaway is that exemption appl...
Goods and Services Tax : The case examined validity of a GST demand passed without hearing the taxpayer. The Court held that absence of personal hearing vi...
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...
Articles clarifies on Amendment in the meaning of Advance Authorization, section 140(1) of the CGST Act, 2017, GST on Services of Business Correspondent (BC)/ Business Facilitator (BF) to Banking Companies, GST on supply of food and beverage services by Educational Institutions, GST on Printing of pictures, Applicability of GST on services provided by ADB and IFC, Applicability of GST on various programmes conducted by the Indian Institutes of Managements (IIMs) and Approval of National Bench of Appellate Tribunal.
As per GST Law 20th October was the last date to add/modify/correct/delete any details of outward supplies or inward supplies pertaining to previous financial year. So that means any rectification in already filed return of July 2017 to March 2018 is possible on or before 31.10.2018 (being due date for filing GSTR 1 as per relaxation given by Govt).
Introduction For the purpose of computation of GST on second hand goods let us divide the second hand goods into 2 parts:- 1. Second hand vehicles 2. Other Second hand goods Concept of Margin Scheme under GST In GST law the outward tax is always payable on the Sale Value of goods sold, like in […]
Q.1 Who is the person responsible to make assessment of taxes payable under the Act? Ans: Every person registered under the Act shall himself assess the tax payable by him for a tax period and after such assessment he shall file the return required under section 39.
Q.1 What is the purpose of returns? Ans: a) Mode for transfer of information to tax administration; b) Compliance verification program of tax administration; c) Finalization of the tax liabilities of the taxpayer within stipulated period of limitation; to declare tax liability for a given period; d) Providing necessary inputs for taking policy decision; e) Management of audit and anti-evasion programs of tax administration.
Q.1 What is Input Service Distributor (ISD)? Ans: ISD means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST),
Q 1. What is input tax? Ans. Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to a registered person. It also includes tax paid on reverse charge basis and integrated tax goods and services tax charged on import of goods. It does not include tax paid under composition levy.
Q.1 What is job work? Ans: Job work means undertaking any treatment or process by a person on goods belonging to another registered taxable person. The person who is treating or processing the goods belonging to other person is called job worker and the person to whom the goods belongs is called principal.
Fast forward progress with timely TDS compliance e-file TDS statement for the quarter ended on 31st December, 2018 by 31st January, 2019 File your TDS Statement before the last date 31st January, 2019 to avoid late fee of Rs 200/- per day and penalty upto Rs. 1,00,000 DOWNLOAD TDS CERTIFICATE In Form 16A, containing 7 character TDS certificate number, mandatorily […]
Cabinet approves creation of the National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the creation of National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT). The National Bench of the Appellate Tribunal shall be situated at New […]
