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...
Movement of goods to job workers is an essential business situation which occurs frequently. Many times a manufacturer send goods to a job worker for getting further work done on them, and receive the goods back from job worker or sell the goods directly from the place of job worker
In the existing VAT, service tax and excise legislation, there are no specific provisions for e-commerce operators to pay taxes on sale of goods or to make any tax deductions from the payments being made by them to actual seller of goods
Ease in making payment towards tax and other dues is very important in a country like India. Challenge before the Empowered Committee was to usher in a mechanism of payment which is user friendly and at the same time allows payment through various modes
Threshold limit for the regime be Rs. 20 Lakhs. The Council agreed on the preposition to set the threshold exemption limit to Rs. 20 Lakhs for all States except North Eastern states, where this limit will be Rs. 10 Lakhs. However various states were in favour of exemption limit of Rs. 25 Lakhs since such small dealers represent only 2% of total Indirect tax collection
The concept of ‘supply’ is the key stone of the proposed GST architecture. GST is a multi-stage tax levied on supply of goods and / or services, collected at each stage of the production and distribution, in proportion to the value added by each taxable person in the chain of supply.
Registration of any business entity under Model GST Law implies obtaining a unique number from the concerned tax authorities so that all the operations of and data relating to the business can be processed and agglomerated in seamless manner with a view to allow smooth flow of Input Tax Credit and also ultimately flow of fund in inter sate transactions.
The legal and conceptual foundations of the Goods and Services Tax have thus been laid out. The power to levy GST is drawn from Article 246A proposed in the Constitutional Amendment Act. In pursuance of the same Section 7 of the CGST / SGST Act and Section 4 of the IGST Act levy the respective taxes also determining the incidence of the respective taxes therein.
Interest is a consideration for allowing someone to use your money. It could be termed as Compensation paid to one who allows his money to be used by another person. This is a common understanding and no big brains are required to understand this proposition.
Taxable person would therefore, cover both – one who are registered as taxable person under the Act and two, persons who are not so registered but required to be so registered. Thus, even unregistered person would be called a taxable person liable as such under the Act.
Q 1. What are the basic objective of Settlement Commission? Ans. The basic objectives of setting up of the Settlement Commission are:- i. to provide an alternate channel for dispute resolution for the taxpayer; ii. to expedite payment of GST involved in disputes by avoiding costly and time consuming litigation process; iii. to provide an opportunity to tax payers to come clean who may have evaded payment of tax;
