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 : ECGC payouts in INR do not qualify as export proceeds under GST and FEMA laws. Exporters must secure AD bank write-offs to avoid r...
Goods and Services Tax : The issue was whether unregistered individuals could exercise appellate rights. The Court held that procedural hurdles like absenc...
Goods and Services Tax : The issue was denial of ITC transfer due to different State registrations of entities. The Court ruled that no such restriction ex...
Goods and Services Tax : The issue was delays and inconsistencies in GST fund settlement under the earlier framework. The new rules introduce a fully autom...
Goods and Services Tax : The issue was taxation of intermediary services as domestic supply. The law now treats such services as exports, allowing zero-rat...
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 CBI arrested a CGST Assistant Commissioner for demanding a bribe to halt GST proceedings. The officer was caught red-handed ac...
Goods and Services Tax : The Government reduced GST on paper sacks and bags from 18% to 5% following GST Council recommendations. The move addresses farmer...
CA, CS, CMA : ICAI has recommended mandatory verification of the Certificate of Practice for Chartered Accountants appearing before GSTAT to ens...
Goods and Services Tax : The Government introduced reforms such as e-invoicing and auto-population of data in GST returns. These measures improve accuracy,...
Goods and Services Tax : The Court held that GSTIN cannot be cancelled solely based on supplier irregularities without examining the taxpayer’s transacti...
Corporate Law : The Court held that input tax credit claimed on invoices from non-existent dealers justified penalty under VAT law. It reaffirmed ...
Goods and Services Tax : The Court set aside a show cause notice that combined several financial years into one proceeding. It held that each assessment ye...
Goods and Services Tax : The Court held that each financial year creates a separate cause of action, making a consolidated notice legally unsustainable. It...
Goods and Services Tax : The ruling found that issuing a single notice for multiple tax years violates statutory requirements. The Court quashed the notice...
Goods and Services Tax : GSTN has enabled editing of the pre-deposit percentage in APL-01 filings. The change allows taxpayers flexibility, while verificat...
Goods and Services Tax : Taxpayers faced issues filing appeals where adjudication orders showed zero demand. GSTN clarified that such system limitations re...
Goods and Services Tax : Both domestic and import revenues contributed to GST growth, alongside increased refunds. The figures highlight improved tax admin...
Goods and Services Tax : The government introduced new rules replacing the 2017 framework to streamline IGST settlement between Centre and States. The rule...
Goods and Services Tax : Maharashtra Government has extended the time limit to file appeals before the Appellate Tribunal for orders communicated before Ap...
According, to model IGST law, IGST shall mean the tax levied under the IGST act on the supply of any goods and services in the course of inter-state trade or commerce. IGST act shall apply to whole of India.
CBEC has released Format of FORM GST 9A i.e. format of Audit Report under Central/ State Goods and Services Tax Act, 2016 and Central/ State Goods and Services Tax Rules, 2016 and Format of FORM GST ITC – 1C i.e. Input Tax Credit Mismatch Reports for E-commerce Operators.
In the digital era is there anybody who is ready to think out of box and allow the system to work automatically. Can government get out of concept of binding assesse for mandatory filing of returns under new regime of GST and if not complied then heavy penalties can be extracted as in case of Annual Return the penalty could be upto 1/4 % of Turnover (and Turnover is defined to include entire world) and in other cases maximum upto Rs. 5000/-.
It has been informed that all decisions have been made unanimously. However, to our surprise, no formal communication is available in public domain to general public of so called ‘decisions’ of the GST Council. Thus, though we have been hearing about the decisions of GST councils from various mediums, there is no authenticity of the information that can be quoted.
E-Commerce is defined u/s 43B of GST Act as: ‘electronic commerce’ shall mean the supply or receipt of goods and / or services, or transmitting of funds or data, over an electronic network, primarily the internet, by using any of the applications that rely on the internet, like but not limited to e-mail, instant messaging, shopping carts, Web services, Universal Description, Discovery and Integration (UDDI), File Transfer Protocol (FTP), and Electronic Data Interchange (EDI), whether or not the payment is conducted online and whether or not the ultimate delivery of the goods and/or services is done by the operator.
It is destination based taxation system i.e. goods or services are taxed in the place where they are received or consumed as the case may be. Due to this feature few States did not support the biggest ever indirect tax reform due to loss of revenue to State Government. Concept of Supply – It includes all forms of supply and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in course of business. It also includes import of services with or without consideration and also includes supplies specified in Schedule I of GST Act.
1) Every registered taxable person required to furnish the details: (a) of outward supplies of goods and/or services effected during a tax period under sub-section (1) of section 25; and (b) of outward supplies of goods and/or services effected during an earlier tax period under sub-section (2) of section 25
Any registered taxable person, except the persons covered by notification issued under clause (d) of sub-section (6) of section 38, claiming refund of any tax, interest, penalty, fees or any other amount paid by him, may file an application in FORM GST RFD-1 electronically through the Common Portal either directly or from a Facilitation Centre, notified by the Board or Commissioner
In GST we are going towards old regime of excise/Vat registration in which physical verification of business premises is required. Under current Service Tax Registration process, requirement of physical verification of business premises is not required.
CBEC has released a PPT on Goods and Service Tax (GST) and covered the following Topics :- Why GST :Perceived Benefits Existing Indirect Tax Structure Features Of Constitution Amendment Bill Features Of Proposed GST Model Features Of Draft GST Law GSTN Role Of CBEC Way Forward Download / Read PPT on GST by CBEC GST […]
