Goods and Services Tax : Understand the new GST adjudication process under Section 74A for determining tax, interest, and penalties from FY 2024-25 onwards...
Goods and Services Tax : Budget 2024 introduces new sub-sections in Section 16 of CGST Act to regularize Input Tax Credit claims past the deadline, aiding ...
Goods and Services Tax : Understand Input Tax Credit (ITC) under GST: Learn about eligibility, conditions, and types of ITC. Stay updated with latest amend...
Goods and Services Tax : Understand the time limit to avail Input Tax Credit (ITC) under Reverse Charge Mechanism (RCM) and the implications for registered...
Goods and Services Tax : Explore the nuances of input tax credit under GST and its commercial expediency, drawing parallels with income tax jurisprudence a...
Goods and Services Tax : Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC co...
Goods and Services Tax : CBIC detected Rs. 36,374 crore worth of fake ITC in FY 2023-24 involving 9,190 cases. Key measures and data on ITC fraud detection...
Goods and Services Tax : Join our live webinar on Block Credit in GST u/s 17(5) to understand ITC, eligibility criteria, and critical provisions. Expert in...
Goods and Services Tax : Meerut CGST Commissionerate exposes a syndicate claiming fraudulent Input Tax Credit of over Rs. 1,000 crore through 232 fake firm...
Goods and Services Tax : Explore the limitations and settlements regarding GST input tax credit, including late fees, penalties, and recent amendments. Dis...
Goods and Services Tax : Rajasthan HC rules on N.H. Lubricants case involving fake firms and ITC claims. Court directs petitioner to seek alternative remed...
Goods and Services Tax : Delhi HC upholds provisional bank account attachment in ITC fraud case. Petitioner failed to prove attachment was unwarranted. Cas...
Goods and Services Tax : Madras High Court orders reconsideration of Silk Junction vs Deputy State Tax Officer case over GSTR 1 and e-way bill mismatch....
Goods and Services Tax : Read the Madras High Court's judgment restoring GST registration due to COVID-19 and ill-health reasons, setting conditions for co...
Goods and Services Tax : Delhi High Court permits Steelmart India to contest GST show cause notice (SCN) despite not receiving the memo, addressing allegat...
Goods and Services Tax : Clarification on the availability of input tax credit for ducts and manholes used in optical fiber cable networks under CGST Act, ...
Goods and Services Tax : Clarification on ITC entitlement for insurance companies on motor vehicle repairs under reimbursement claim settlement as per CGST...
Goods and Services Tax : Explore the detailed minutes and recommendations from a recent Grievance Redressal Meeting chaired by the Principal Chief Commissi...
Goods and Services Tax : Catch up on the latest CBIC updates including legacy cases, gold smuggling bust, GST fraud crackdown, and inspiring achievements. ...
Goods and Services Tax : Understand the procedures for voluntary tax compliance under Sections 73 and 74 of the KSGST Act, 2017. Detailed analysis of Circu...
The Common issue involved in these writ petitions was with regard to denial of Input Tax Credit by the Assessing Authority on the ground that the dealers from whom the petitioners have purchased goods, have not deposited full tax in the State Treasury. The purchasers-petitioners have not been held entitled for deduction of Input Tax Credit in terms of the provisions of Section 8(3) of the Haryana Value Added Tax Act, 2003.
With the introduction of Cenvat Credit Rules in 2004 (“the Credit Rules”), cross credit between Service tax and Excise duty was allowed for the first time. While the intention of introducing these Rules was to prevent the cascading effect of taxes,
The CENVAT Credit Rules, 2004, introduced with effect from 10.9.2004, provides for availment of the credit of the Service Tax paid on the input services/Central Excise duties paid on inputs/capital goods/Additional Customs duty leviable under section
Compulsorily filing of E return. With effect from 1 July, 2010, a registered dealer whose gross annual turnover exceeds Rs 40 lakhs, is now required to file the return electronically. Penalty for Non/late submission of return/annual return. With effect from 1 July, 2010, if a company registered under Companies Act, 1956 fails to file return/annual return on due date then the commissioner can impose penalty not exceeding Rs 5000/-.
Filling Station dealers i.e. Retail outlets of oil companies are not required under the Punjab VAT Act 2005 to calculate output tax or input tax on the sale and purchase of petrol and diesel in view of explanation 8 which was added lately to section 2(zg) explaining the sale price of oil companies in relation to the petrol and diesel under the Punjab VAT Act which runs as under:
Twofold GST: A dual GST with defined functions and responsibilities of the Centre and the States is recommended. An appropriate mechanism that will be binding on both the Centre and the States should be worked out whereby the harmonious rate structure along with the need for further modification could be upheld, if necessary with a collectively agreed Constitutional Amendment.
Department of Revenue has agreed to most of the recommendations put forward by Empowered committee in FDP on GST relating to harmonious structure of rate, taxation base, exemptions, chargeability, definition of taxable event, taxable person, valuation, classification etc.However, there are certain areas where Department of Revenue has suggested changes or deviated from FDP. The said areas of differences are discussed below:
The Centre has turned down the proposal of the empowered group of state finance ministers to keep alcohol out of goods and services tax. The government has in fact suggested that both alcohol and tobacco, which are demerit goods and considered harmful for health, should be kept under GST, with the states getting the power to levy excise duty over and above GST on alcohol. The Centre would have the same power in case of tobacco.
The indirect tax regime in India is evolving into GST in the year 2010. The steps towards introduction of GST have commenced. The Empowered Committee of State Finance Ministers has introduced the First Discussion Paper on GST in India on November 10, 2009. A dual structure of Central GST (CGST) and State GST (SGST) is proposed to be imposed on the manufacture of goods and on provision of services.
GST has been the preferred mode of taxation of goods and services and has been introduced in more than 140 countries. Most countries have single GST rate, however some countries like Canada & Brazil has dual GST structure. White paper proposes dual structure for GST in India. Standard GST rate in most countries vary between 15-25%.
