A group of companies has took the government and the indirect tax department to court over denying ...
A group of companies has took the government and the indirect tax department to court over denying ...
The term ‘search’ involves an attempt to find something. Search in tax context, is an action of a ...
Every person who is liable to pay tax in accordance with the provisions and fails to pay such tax shall pay interest on default amount. Further, a taxable person who makes an undue or excess claim of input tax credit shall pay interest on such undue ...
When a consignment of goods is accompanied with an invoice or any other specified document and also an e-way bill, proceedings under section 129 of the CGST Act may not be initiated in case of minor mistakes like Error in the pin-code but the address ...
The International Monetary Fund (IMF) has stated that the goods and services tax (GST) collections in India have been below potential. The organization said that multiple rates along with exemptions and implementation challenges have affected the GST ...
M/s. Chalet Hotel Ltd, which runs the J. W. Marriott Hotel was planning to launch a business of providing food-beverages for consumption at 'The Cheaters', Mumbai. Both the hotel and the retail arcade (mall) are owned are interconnected by a private ...
CBI questioned Manish Sisodia’s OSD, Gopal Krishna Madhav and middleman Dheeraj Gupta and gathered evidence that many other officials working with the GST (Goods and Services) department are involved in corruption, after which the CBI carried out rai ...
Goods and Services Tax (Compensation to States) Act, 2017 was enacted to levy Compensation cess for providing compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax with effect from the d ...
The Government has reiterated its commitment to introduce new returns and e-invoicing system from April 2020 in continuation of its efforts to simplify and ease the GST compliance framework.
Several sectors, including Auto, Petroleum and Healthcare, ...
Non-compete agreements during acquisitions that restrict the seller from starting a new venture for some time or poaching employees and customers, have attracted the taxman’s attention. According to the tax department, a non-compete agreement is esse ...
States and the GST Council have to decide when they will bring petroleum products under GST. “No amendment (to the law) will be required. Whenever the states decide to bring this under the new regime, it can be done.” said Finance minister Nirmala Si ...
10-year of imprisonment for hacking into the Government’s India's Goods and Services Tax (GST) Database and its associated infrastructure dependencies installed at GST Network (GSTN), as the assets have been declared as 'Protected Systems' by the Fin ...
Rajasthan High Court Jodhpur bench has intervened to address the grievances and extend the due date of filing GSTR-9 and GSTR-9C for taxpayers in the state till February 12, without late fees. The court further directed the department to file a detai ...
Continuing with our series of updates from the Union Budget 2020, today we will talk about some of the key amendments proposed to the existing GST structure.
1. COMPOSITION LEVY
It is proposed that dealer registered under GST for supply of goods ...
Govt. plans to introduce lottery offers between Rs. 10 Lakh and Rs. 1 Crore under GST to encourage customers to take bills while making purchases.
As per Central Board of Indirect Taxes and Customs (CBIC), every bill under GST is supposed to be a pr ...
Dividend income from shares and MFs will now be taxable in the hands of the recipient at applicable income tax rates, instead of the company or MF house.
Further tax will be deducted at source i.e. TDS on such dividend incomes will be deducted at t ...
Finance minister presented the budget for fiscal year 2020-21.
FM introduced a new optional personal income tax system which has a lower tax rate on income computed without availing most of the exemptions and deductions. Around 70 of the exemptions ...
Goods and services tax (GST) collection has crossed the Rs 1 lakh crore-mark for the third month in a row in January on the back of anti-evasion steps taken by tax officers.
This is second time since introduction of GST in July 2017 that the monthly ...
With complaints rising against the IT system of Goods & Service Tax (GST), the Finance Ministry has summoned Infosys to seek an explanation.
The Finance Ministry has called CN Raghupati, Senior Vice-President and V Rangnathan, Vice-President of Inf ...
Ahead of the Union Budget, the Oil Ministry has made a renewed pitch for inclusion of natural gas in the ambit of GST to promote the use of the environment-friendly fuel by reducing multiplicity of taxes and improving business climate.
When the Good ...
Manufacturing companies in India may need to comply with 1,984 compliances under various central and state laws, which require a lot of time and increase the cost of doing business, the FICCI industry pressure group has told top government officials ...
The Central Board of Indirect Taxes and Customs (CBIC) has blocked goods and services tax (GST) credits worth Rs 40,000 crore of more than 2,000 companies so far because of mismatch in filings and returns.
Companies are entitled to credits on tax ...
Given the ongoing slowdown and lower than expected collection of GST and direct taxes, due to a cut in corporate tax, the Centre is likely to keep the revenue targets modest in the forthcoming Budget for FY21 and instead focus on raising more resourc ...
Chief Justice of India SA Bobde sounded a note of caution against imposing too much tax, saying “arbitrary and excessive tax results in social injustice by the government”.
Justice Bobde had a word of advice for tax officials. “The method of taxat ...
Ocean freight is the cost incurred through an agreement between two foreign parties to bring goods to India via ocean.
The Gujarat High Court has declared imposition of integrated goods and services tax (IGST) on ocean freight as violative of the Co ...
Nirmala Sitharaman hinted at reform in personal income tax, speculation is rife that the government will cut income-tax rates in the coming Budget. This would be ill-timed, given the huge shortfall in revenues after the steep cut in corporate tax tha ...
Over 65.65 lakh GSTR-3B returns were filed till January 20, for the tax month of December, of which 13.30 lakh GSTR-3B returns were filed on the last day, as per data from Goods and Services Tax Network (GSTN).
“This month’s return filing data till ...
The government has said lawyers are exempt from service tax and there is no move to impose the levy on them for providing legal services.
The response came after some lawyers raised the issue with the finance ministry following notices from tax a ...
The government is looking to get services professionals such as plumbers, electricians and beauticians listed on online platforms onto the Goods and Services Tax Network, in what could be yet another move to bring gig economy workers into the fold of ...
Courier companies such as FedEx, DHL, and UPS are in a bind over-delivering imported goods to customers because of a goods and services tax rule that bars defaulters from issuing e-waybills. The document is mandatory for transport of goods worth over ...
A wave of orders is expected from the National Anti-profiteering Authority (NAA) in the next three months, with the Centre stepping up a goods and services tax (GST) compliance drive.
About 40 orders are expected to be issued shortly on complaint ...
Member of 15th Finance Commission and former chief economic adviser to the centre, Ashok Lahiri has slammed the goods and services tax (GST) as it could be messy and disruptive in the short run. He has also indicated that the economy needs some corre ...
Auto industry urged the Centre to consider a temporary reduction in goods and services tax (GST) to 18% for two-three years from 28% as the anticipated 20-25% increase in acquisition cost would reduce the number of buyers, affecting the industry’s ...
Auto industry urged the Centre to consider a temporary reduction in goods and services tax (GST) to 18% for two-three years from 28% as the anticipated 20-25% increase in acquisition cost would reduce the number of buyers, affecting the industry’s fi ...
The government has once again extended the last date for availing a waiver on late fee for delay in filing GSTR-1 from July 2017 to November 2019. The date has been extended by a week till January 17, 2020. The earlier deadline was set at January 10, ...
Some small and medium enterprises have dragged the government to court over levying cess on firms exempted from customs duty even as the revenue department scrambles to boost tax collections.
These SMEs have filed a writ petition in the Gujarat H ...
• India Inc is set to face first ever tax audit under the goods and services tax.
• The taxman has started issuingGST audit notices to taxpayers for the first year of the roll-out, i.e. GST FY17-18.
• Tax authorities have issued notices seeking ...
At the time of implementation of the Goods and Services Tax (GST) on July 1, 2017, the Centre had promised to compensate states for loss of revenue for five years at an agreed formula
This implied that states will need to either generate an equiva ...
Because of massive amount of frauds detected by GST authorities, the Central Board of Indirect Taxes and Customs (CBIC) has now written to Directorate General of Foreign Trade (DGFT) to continuously seek a compliance and verification reports from oth ...
Economic slowdown due to demonetisation and introduction of GST cannot be a ground for delaying completion of housing projects by real estate companies, National Consumer Disputes Redressal Commission held while directing Noida developer Mahagun to r ...
The Central Board of Indirect Taxes and Customs (CBIC) has paid over 83500 exporters the IGST refunds worth Rs 1.12 lakh crore. Stating the refunds pending with Customs, the release added, "refunds of only Rs. 3,604 crores are pending with Customs. 1 ...
Telecom companies will not get input tax credit refund as the Goods and Services Tax Council (GSTC) will decline any such requests, said Bihar Deputy Chief Minister Sushil Kumar Modi. The input tax credit means reducing the taxes paid on inputs from ...
Appellant Rep by: Shri Arijit Chakraborty, Adv.
Respondent Rep by: Shri A K Singh, AR
CORAM: P K Choudhary, Member (J)
P V Subba Rao, Member (T)
Cus - The appellants are importers of readymade garments from Bangladesh - The Bills of Entry were as ...
Economists call for more simplification of GST & implementation of DTC
By TIOL News Service
NEW DELHI, DEC 22, 2019: THE Union Minister of Finance & Corporate Affairs, Mr Nirmala Sitharaman, held her 8th Pre-Budget Consultation Meeting wi ...
Following clarifications and guidelines are issued in Circular to clarify the issue ( appropriate procedure to be followed in case of non - furnishing of return under section 39/44/45 of CGST Act ,2017 .)(i) A system generated message would be sent ...
Grievance Redressal Committees will be set up at the state and zone levels soon to assist trader and industrialists combating the technical issues on GST portal.
The committees will also have representatives from central and state GST officials, GST ...
The government is of the view that GST rate structure for a range of products, starting from footwear and fertiliser to mobile phones and medical equipment and tractors and textiles, shall be reviewed.
These are products on which rates on the inpu ...
From today onwards, CBIC mandated generation and quoting of Document Identification Number (DIN) by the department officials on specified documents w.r.t. search authorisations, summons, arrest memos, inspection notices, etc., to begin with, will bec ...
Companies undergoing resolution under the Insolvency and Bankruptcy Code (IBC) may be allowed by government to pay current levies of goods and services tax (GST) without the mandatory payment of past dues. This will remove a hurdle in the bankruptcy ...
GST compensation to nine large states is expected to double to Rs 60,000-70,000 crore in 2019-20. The states are
• Gujarat
• Maharashtra
• Karnataka
• Kerala
• Tamil Nadu
• Haryana
• Punjab
• Rajasthan
• West Bengal
ICRA, in a report, said ...
The Finance Ministry is considering setting up facilitation centers and developing an app to help traders and ...
The Fifteenth Finance Commission (FFC) recently submitted its report for the year 2020-21 to the President. The panel’s chairman, Mr. N. K. Singh recently hinted at the need for incentives to states that have higher collection and a need to have pred ...
GST Council likely to discuss prevention of Revenue Leakage
Several measures aimed at plugging revenue leakages under the goods and services tax (GST) regime are expected to figure at the upcoming GST Council meeting as the Centre and the stat ...
Congress leader and former GST Council member Krishna Byre Gowda has cautioned the Council that if it were to go ahead with any increase in GST rates on essential items, it will only worsen the situation for low-income group families with perilous im ...
Tobacco-to-consumer goods conglomerate ITC may touch its lowest levels of 2019, as Goods and Services Tax Council could increase taxes on cigarettes. Expectations of a tax hike on cigarettes have pulled ITC shares down by 8% in a month. In spite of t ...
Promoters file plea in Delhi HC, challenging GST provisions related to arrest, freezing of bank a/c over suspected tax evasion. A dispute over the taxman’s power to arrest promoters of companies and freeze their bank accounts over suspected evasion o ...
This is the first time after introduction of GST that taxpayer consultation is being done on such a large scale. On 7th December 2019 tax authorities will seek views from businesses, traders and tax experts across the country on the new Goods and Ser ...
For the 1st time since introduction of the Goods & Services Tax, the GST council is expected to discuss major restructuring to raise the base slab from 5% to 9-10%, while moving 243 items from 12% segment to the 18% band. These moves will increase t ...
The government withdrew a circular issued in July on what constituted ‘intermediary’ services, providing respite to the business and knowledge process outsourcing (BPO, KPO) industry. Under the circular, they were not regarded as exporters but as int ...
Kerala may approach the Supreme Court over delay in the payment of compensation to states under the goods and services tax (GST) regime even after the assurance of Union Finance Minister Nirmala Sitharaman them that the amount for August and Septembe ...
Things have started to heat up ahead of the meeting of ministers which is expected before the end of this month. In a move to raise revenue, the government has begun discussing with states, the possibility of bringing a few exempted items under the l ...
Facts: A contract was awarded for supply of Engineering, Procurement & Construction (EPC) for establishment of Integrated Cryogenic Engine & Stage Test Facility (ICET) wherein both goods & services are supplied.
Contention: Advance ruling was sou ...
GST is to be made less complex, among the demands of industry. As regards the rationalization of the taxation… too many rates, too many high rates and so on. The finance minister said they would further like to simplify GST. “As regards the rationali ...
India’s Business Process Outsourcing industry is in uncertainty as refunds of taxes paid on inputs remain stalled for want of a clear directive from the government. A directive that sought to clarify what constitutes exports, and hence shouldn’t be s ...
Grievance Redressal Committees will be set up at the state and zone levels soon to assist trader and industrialists combating the technical issues on GST portal.
The committees will also have representatives from central and state GST officials, GST ...
Finance commissionChairperson seeks big changes in GST structure
Finance commission chairman N K Singh called for major changes in the GST structure, including reducing the complex compliance procedures and also doing away with frequent rate changes ...
While filing the form GSTR 9 and GSTR-9C, the registered person has got relaxations from CBIC. Some of the major simplifications are listed below:
1. The registered person has an option to fill Table 4B to Table 4E net of credit notes, debit notes, ...
CBIC issued a circular clarifying the following list of things:
1. Restriction is not imposed through the common portal hence the taxpayer can avail credit on self-assessment basis for sub-rule (4) of rule 36.
Taxpayers can avail full ITC in resp ...
CBIC wants companies to proportionately distribute common costs from head office to branch offices and treat this cost as supply of services, which will result in creation of liability to pay GST. Once this is treated as a supply, 10% of this elemen ...
Clubs have been keen to know whether services provided to their members would be covered by the definition of supply under Section 7 of the CGST Act. Using the logic of the Calcutta Club decision, the answer should be "No". The rationale behind it is ...
In a big relief for GST taxpayers, the Union government has recently clarified the new rules related to availing input tax credit under the GST. It said that a certain category of Input Tax Credit claims such as ITC in respect of the IGST paid on imp ...
The GST Council has newly approved the introduction of ‘E-invoicing’ or ‘electronic invoicing’ for business to business (B2B) transactions from January 1, 2020. Once implemented, it can help arrest tax evasion as it enables pre-populating of GST retu ...
Finance Minister Nirmala Sitharaman asked revenue intelligence officials to be "facilitators" for taxpayers and ensure they do not feel intimidated when it comes to paying taxes. "There are times when I have gone around the country in the ...
Starting November 8, all search authorization,summons, arrest memo, inspection notices and letters issued by Central Board of Indirect Taxes and Custom (CBIC) to taxpayers will have computer generated ‘Document Identification Number’ ...
Facts - Petition filed praying for issuance of a Writ of Certiorari to quash the letter issued by AC of GST and CEX directing respondents to enable the petitioner to avail and utilize the credit pertaining to Education Cess, Secondary and Higher Educ ...
Since the rolling-out of GST two and half years ago, Petroleum and Natural Gases have been the topics of debate and concern that whether these items must be kept under GST or not and under which slab of GST. Petrol and other Natural gases were kept o ...
A recent amendment in GST rules has put the changes in entry of S.No. 26 of Notification no. 11/2017 Central Taxes (Rate) Dt. 28.06.2017 through Notification 20/2019 no. Central Taxes (Rate) Dt. 30.09.2019. There was confusion regarding applicabilit ...
Agents supplying exempted agricultural produce not liable for compulsory GST Registration
Recently, it has been sought in an advance ruling that whether the applicant is liable to obtain GST registration for services ...
GST taxpayers would be getting a big relief as CBIC have extended their arms for rendering taxpayer services. A nodal officer will be appointed in CGST and Customs Commissionerate to sort out their grievances.
In the current scenario, the taxpayer ...
The news - People with orthopedic physical disability are eligible for a lower rate of GST on certain type of motor vehicles.
The rate - Lower GST @ 18% instead of 28 %.
Type of vehicles - Motor vehicles up to 4 metre in size, including those ru ...
At times, discounts are not known at the time of supply and thus, are offered after the supply is already over. Let’s take an example. Mr. X supplies 1000 bottles at ₹ 10 per bottle. No discount is given. Subsequently, a discount of ₹ 1 is given and ...
As per the latest rankings released by the World Bank, India has jumped 14 places to rank 63rd in the ease of doing business. This further strengthens the government’s aim to take India within the top 50 nations over the next few years.
Finance Mini ...
In 37th meeting, held in Goa on September 20, the GST Council reorganized the slabs from four to three and reduced the highest tax from 28% to 18%. To make this effective, the Central Board of Indirect Taxes and Custom (CBIC) and State Tax authoritie ...
Spare parts of automobiles supplied to research institutions to be taxed at 5% GST
Facts Involved : The applicant company ( VE Commercial Vehicle Limited ) is engaged in business of manu ...
E-invoicing, a game-changer for GST? 'E-invoicing' or 'electronic invoicing' was approved on 20th September by GST council for B2B transactions and will be applicable from 1st January 2020. Since it enables pre-filling of GST returns with the e-i ...
Goods services procured for promotion are not eligible for ITC
Facts Involved : The applicant is engaged in business of manufacturing decorative paints. The applicant framed incentive scheme ...
Cos stressed on change in rules regarding ITC claim
Nowadays, Companies are facing stress on their working capital due to a Goods and Services Tax (GST) regulation which has resulted in hundreds of crores of rupees stuck in ITC claims.
By a regulat ...
GST rate cuts by Government depend on revenue scenario
As per Central government Revenue Secretary Mr. Ajay Pandey, GST collections, which had shown very good growth during the last two years, have only slowed down during the last two months and tha ...
GST offline tools
Mostly GST related activities including GST registration, GST filing and application for GST Refunds are transacted online, the official GST portal does provide a range of downloadable GST Offline Tools. These tools are available f ...
GST collection hit by fall in imports & slowdown in some sectors
The slowdown in three sectors — automobiles, cement and iron & steel — along with falling imports have taken a toll on GST collections, even as the services sector has managed to hol ...
Govt. Demands GST on Brands & Logos
Some big Indian corporates and foreign banks are under observation for allowing subsidiaries or Indian entities to use brand names and logos they own for free. Govt. wants these entities to put a valuation on the ...
The Central Board of Indirect Taxes ( CBIC ) has issued Clarifications to allow Re-Filing of Refund Claim where NIL Refund Claim was filed inadvertently under Goods and Services Tax ( GST ). In a Circular issued by CBIC said that, “Whenever a r ...
Tax Occasions in September 7th Sept., 2019-Due date for deposit of Tax deducted/collected for the month of August, 2019 10th Sept., 2019 - GSTR-7: Return of TDS (Tax deducted at source) with payment of tax. GSTR-8: Statement by e-commerce oper ...
A burdensome time for states
Now small taxpayer can file return through SMS
One in five GST payer will get away without having to file monthly or quarterly returns from April 2020. Instead of filling up the form online, all that, those with 'Nil' return, will have to do, is to ...
Tax cuts not enough to lift sentiment on Auto
Sharp cuts in the estimated earnings of auto companies are expected despite the recent corporate tax cut. Downgrading Maruti Suzuki to hold after the recent run up in share price, the auto sector is stil ...
CAIT says e-commerce portals avoiding GST during festival sales
Traders body “Confederation of All India Traders” (CAIT) on Sunday alleged that e-commerce portals during the festive sales are causing huge loss of revenue to the government by levying ...
GST Network starts online refund processing
GST Network, the IT backbone of the indirect tax system, on Thursday unveiled an online refund process as decided by the GST Council.
With the deployment of online refund functionality, taxpayers can now ...
Construction of tunnel & its allied work is not earth work
Facts Involved : The applicant is engaged in the construction of infrastructure projects. Godavari Marathwada Irrigation Development Corporation, Aurangabad asked the applicant to under ...
Requirement of Transaction Decleration Form (TDF) with E-way bill
Facts involved : Petitioner-consignor in pursuance of an order issued to it for supply of 1936 Units of Biscuits for the consignee booked the consignments through Ajay Road Lines, Gw ...
Govt. expects GST shortfall of Rs. 40k cr.
The government is expecting a shortfall of around Rs 40,000 crore in the GST collections compared to what has been budgeted for 2019-20. This could put pressure on the compensation that states are eligibl ...
Cos. can maximise tax cut gains
Companies incorporated in India on or after 1st October 2019 making fresh investment in manufacturing sector and commencing production on or before 31st march 2023 have to pay tax rate of 15% plus surcharge and cess ...
GST Council may qualify BPO as exports
Goods and Services Tax Council could consider a proposal to clarify that business process outsourcing services will qualify as exports and not be taxed at 18%.
The government had clarified the issue in July, ...
Only selective Auto Makers likely to gain most from GST cut
Auto shares have gained 6-11% in the past month on the hopes of a possible cut in taxes during the GST Council meeting on September 20.
However, selecting the right stocks may be tricky si ...
Cos. filed cases against GST authorities on Long term Land Lease
Some companies have dragged the government and the indirect tax department to court over goods and services tax (GST) levied on long-term lease agreements.
The companies filed a wr ...
Learn to live with 28% GST
N Srinivasan, MD of India Cements, on Thursday joined Rajiv Bajaj, MD of Bajaj Auto, saying there was no necessity for any GST cuts on automobiles as the current crisis was a result of bad planning by automakers. The GST ...
GST relief for auto Cos may become a burden for others
Amid intense lobbying for a reduction in goods and services tax (GST), the government is expected to send a message that a tax cut is only possible if the compensation cess on luxury and sin g ...
No GST if maintenance paid to hsg soc is less than ₹7,500 every month
The GST exemption on maintenance charges paid to a housing society by a member is available only if it doesn’t exceed Rs 7,500 per month, the Authority for Advance Rulings (Tamil ...
GST rate cut relief likely for compact cars, parts makers
The clamour for lowering the goods and services tax rate for the auto industry, may prompt the GST Council to announce a rate cut for automobile components and sub-four meter cars (the cars ...
Gadkari backs lower GST on BS-6, hybrid vehicles
Transport minister Nitin Gadkari supported the auto industry’s demand for lower goods and services tax on hybrid cars and those running fitted with BS-6 engines and promised to raise it with finan ...
Chemical fertilizer ‘Single super phosphate’ exported out of India is taxable @ 18% GST
Facts Involved:-
The Sai Fertilizers (P.) Ltd ("The Applicant") is engaged in manufacturing of chemical fertiliser, namely ‘single super phosphate'(hereina ...
Rail wagon makers buck the trend, seek higher GST
Amid the clamour for cuts in goods and services tax (GST) rates to help revive demand, rail manufacturers are seeking the opposite—an increase. General Electric and Bombardier, w ...
No ITC on inward supplies for in-house hospital providing free medical facilities to employees: AAR
Facts:
Chennai Port Trust (“the Applicant”) is engaged in supply of port services and incidental supply of goods like disposal of discarded assets ...
No GST on everyday items like milk and meat
As a consumer, it’s important to know what’s the right GST amount you need to pay, and which items are exempt from GST altogether. Here are a few everyday items, across three categories, on which you don’ ...
Two years after its implementation, the extent to which the
Goods and Services Tax (GST) regime is an improvement upon the earlier system
of multiple excis ...
Road Ministry seek GST rate cut for Hybrid cars and CNG vehicle
The ministry of road transport and highways has written to the finance ministry, seeking a goods and service tax rate cut for vehicles running on hybrid power and compressed natural g ...
Royalty paid to obtain license for mining lease f is taxed @ 18% GST
GST - Applicant is engaged in the business of mining of soapstone and dolomite and royalty on behalf of the State government is collected by M/s Shivganga Minerals P Ltd. from appl ...
Top
FMCG and pharma companies are facing a retrospective tax burden of thousands of
crores of rupees for pus ...
The Modus Operandi Of E-Invoicing
Electronic invoicing (also called e-invoicing) is a form of electronic billing. E-invoicing methods are used by trading partners, such as customers and their suppliers, to present and monitor transactional documents ...
Gujarat fishmeal makers join nationwide strike against GST
Fishmeal producers of Gujarat suspended operations of their plants and joined the nationwide strike going on since the beginning of this month against imposition of 5% Goods and Services Tax ...
No arrest merely on suspicion of evasion: Gujarat HC
In an assessee-friendly verdict, the Gujarat HC has stayed the Goods and Services Tax (GST) authorities from arresting a city-based trader Vimal Goswami merely on suspicion of tax evasion. The tra ...
Consuming states such as Bihar, Odisha, UP and Madhya Pradesh many of whom may be poorer but have large populations — are are faring better in goods and services tax (GS ...
The Goods and Services Tax, which is considered as one of the most significant change in the recent history, has failed to live up the expectations on multipl ...
1) What is the scheme?
-> This scheme covers disputes/liabilities relating to Excise and Service Tax enactments. Additionally, it covers more than 26 other enactments such as Sugar cess Act, Tobacco Cess Act etc.
...
Facts Involved: The United Engineering Works (“The Applicant”) is manufacturing and supplying pump sets and also engaged in installing the same as ...
Even after lapse of more than seven months after the due date,
only around 20 percent of the Goods and servi ...
GST-registered businesses that have reported decline in annual revenue by 20% or more over the previous year have received a flurry of notices over the last few weeks fr ...
Facts Involved: The Bajaj Finance Ltd. ("The applicant") ...
Now Companies are free to raise prices of products and
services as per their business cycle without fear of getting caught in the
anti-profiteering provision in ...
Facts Involved: The Bengal ...
A year after the worst floods in almost a Century, Kerala has
become the first state to impose an additional cess. Starting August 1, Kerala
will be implementing ...
The Comptroller and Auditor General (CAG) in its first report
on the implementation of Goods and Services Tax (GST) has noted that the
failures in proper impleme ...
Recently, the central government has announced that it is
looking for the options to pre-empt GST dodging by taxpayers based on their
risk profile. The motive be ...
Facts Involved: The Nation ...
The curious case of Rs 442 bananas has managed to catch
everyone's attention.
...
Facts Involved: Daewoo-TPL JV (“the Applicant”) is a joint venture between M/s. Daewoo Engineering & constr ...
The Union Budget 2019 has provided relief to GST-registered taxpayers with several new updates. One such amendment relates to the interest on the delayed payment of GST liability ...
Facts Involved: The applicant is Navi Mumbai Municipal Corporation. To provide facilities to public, the procurement of various goods and services are awarded through tendering process which includes online and offline tendering. The applicant has c ...
GST is payable on the 'transaction value' (section 15 of CGST Act). 'Transaction value' is the price actually paid or payable for the said supply of goods and/or services between un-related parties and where 'price is the sole consideration'.
Typica ...
Facts Involved: Daimler Finan ...
More than a dozen banks have dragged the government to court over its move to levy Service tax and GST (Goods and Services tax) on services offered to customers who maintain large deposits for services like wealth management or lockers without paying ...
Facts
Involved: M/s All Rajasthan
Corrugated Board and Box Manufacturers Association (“the Applicant”) is
conducting a conference and exhibition for upliftment and advancement of
Corrugation industry. It wants to organize and ...
The indirect tax department has started questioning some of
the leading online fantasy gaming companies such as Dream 11 and other eGaming
companies to ascertain if there is a revenue leakage on account of the
methodology followed by these platfor ...
Facts Involved: M/s Tata Marcopolo Motors Ltd. (“the
applicant”) is engaged in the business of building and mounting of body on the
chassis of different models of buses. Further, the applicant, procures various
inputs on ...
The
Union Government has shortlisted 167 transformative ideas for implementation in
the first 100 days of the Modi led government’s second tenure - that is by
October 15. Finance Ministry will be taking measured steps for turning India
into a $5 ...
On account of
increased transparency and clarity on the post implementation of RERA (Real
Estate Regulation Act) and GST (Goods and Services Tax), the NRIs have started
to show their interest in investing in Indian real estate sector. The Industry ...
The Government of Rajasthan presented its Budget for the
financial year 2019-20. Calling it “a
people’s budget,” chief minister Ashok Gehlot said it was prepared after
discussion with “all the sections of the society” and claimed that the
...
Facts Involved: In
the case of Suresh Kumar Singhal vs
Union of India the GST Authority issued to the assessee a notice informing
that Central Excise and Service Tax Audit of his unit for the period from
20 ...
Since the enactment of GST Laws,
trade and industry has faced multiple issues relating to uploading of returns,
availing Cenvat credit under TRAN-1
form, various confusions regarding the generation of e-way bills and many other
such petty b ...
A petition filed by a group of lawyers challenging the press
release dated October 18, 2018 , issued by the central government with regard
to availing input tax credit was upheld in Gujarat High Court on 8th
July 2019. In October 2018, the central ...
In order to
provide a major relief to exporters, the Central Government will now pay the
Input tax credit (ITC) refunds of state taxes. It will reduce transaction time and costs, and
manual interference in claim processing.
As pe ...
As pe ...
In the recent budget, Retrospective exemption from service
tax has been provided in respect of following services:
1. Service by way of grant of Liquor licence
· No Service Tax shall be levied or collect ...
1. Service by way of grant of Liquor licence
· No Service Tax shall be levied or collect ...
In a step forward
towards ease of doing business, the government has proposed an amnesty scheme for old disputes relating
to Central Excise and Service Tax for a faster closure of such
disputes and litigations.
On Friday, Nirmal ...
On Friday, Nirmal ...
Today,
Finance Minister Nirmala Sitharaman presented the Union Budget 2019 in the
Parliament. She announced no change in personal income tax slabs but levied
cess on petrol & diesel, levied additional
surcharge on super rich. She also s ...
Incidentally, this year the budget will coincide with the second year
anniversary of GST – which the Government in its previous term has pushed a lot.
The setting up of a parallel body in the GST council may have taken away the
sheen from the Unio ...
Before
filing claim for refund of input tax credit, please ensure that all GST returns
(GSTR-1 and GSTR-3B) are filed upto date.
To claim
for the ref ...
Of late, one
topic which has been under discussion, is the tax treatment of post-supply
discounts offered by suppliers and eligibility to claim input tax credit (ITC)
thereof.
CBIC has clarified about the tax treatment in cases of secondar ...
CBIC has clarified about the tax treatment in cases of secondar ...
Today, GST is celebrating its second Anniversary after coming
into existence on 1 July 2017. From today, several reforms would become
effective in GST system with introduction of new return system, rationalisation
of cash ledger system and a singl ...
Recently, An Independent director
of a large public sector company received a message from GST authorities that
there was a mismatch in GST Return filed by the company. After that the
director immediately contacted the company management, which in ...
Automotive component industry body ACMA asked the government to ensure a
uniform GST rate of 18 percent on all auto components as part of measures to
support the sector that is going through a tough phase.
Automotive Component Man ...
Automotive Component Man ...
In view of the postponement of the last date for filing Annual Return GSTR-9 & 9C by two months upto 31st Aug 2019, the GST Audit Directorate has sent a circular to all concerned GST authorities outlining the broad strategy for conducting th ...
The GST e-way bill system is likely to be integrated
with NHAI's FASTag mechanism to help track movement of goods and check GST
evasion.
The revenue department has set up an officers committee to integrate e-way bill, FASTag and Delhi-M ...
The revenue department has set up an officers committee to integrate e-way bill, FASTag and Delhi-M ...
The government is all set to make it clear that services
provided by an office of an organization in one state to another office in
another state will face GST. A Circular to this effect will be issued soon as
per Government sources.
Th ...
Th ...
To strengthen anti-profiteering measures in the country, the
National Anti-profiteering Authority (NAA) has proposed a Standard Operating
Procedure (SOP) for Central and State GST officers to keep an eye on top 20
suppliers in their jurisdictions, ...
Chaired
by the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman,
the GST council held its 35th meeting yesterday.
There were in total 12 agenda items up for discussion during the meeting.
The key decisions taken ar ...
There were in total 12 agenda items up for discussion during the meeting.
The key decisions taken ar ...
There
has been a lot of buzz around the National Anti-Profiteering Authority (NAA).
The NAA has certainly played a pivotal role in safeguarding the consumer interest and making sure that companies pass on the benefits of ...
The NAA has certainly played a pivotal role in safeguarding the consumer interest and making sure that companies pass on the benefits of ...
The
frauds related to IGST credits on imports by the exporters are on the rise for
quite some time. To deal with this menace effectively Indian customs officials
could soon get more powers. The government is contemplating amending the
Customs Act ...
India, with 22 of world’s 30 most polluted cities has
to take immediate steps to improve the quality of air in the country.
The government is not only serious about clean mobility, but is in a hurry to get there. In ...
The government is not only serious about clean mobility, but is in a hurry to get there. In ...
There have been constant murmurs about the inclusion
of Oil products under the GST regime. The speculations further escalated
when Punjab’s Chief Minister, Captain Amarinder Singh wrote to the PM, urging
him to bring Oil products under the ...
In the
past, we have talked about the importance of the National Anti-Profiteering
Authority (NAA) in safeguarding the end user’s interests. The government
too is well aware of the role played by NAA in dealing with complaints of profite ...
The GST council, in its 31st meeting
had decided to introduce a new GST return system to replace the existing one.
However, in order to facilitate an easy changeover to the new system, roadmap
for the transition plan has been released by the gover ...
We don’t need a Silver fork to eat good food. The Indian restaurant
industry went through a
technological revolution of sorts in the last few years with the emergence of the
online food ordering service. GST rate on resta ...
If you are in Pune and are tempted to
park your vehicle in the ‘No Parking’ zone, then think again, because
soon, the fine for parking in the non-designated zones will get costlier by 18%,
courtesy, GST.
Cases of parki ...
Cases of parki ...
The
Export Promotion Capital Goods (EPCG) Scheme allows exporters to import a
certain amount of capital goods for upgrading technology related to exports
at Zero duty.
However, some of the services that were allowed in t ...
However, some of the services that were allowed in t ...
Our society’s increasingly
electrified, electronic, and data-driven society places steadily rising demand
on energy efficient appliances - that is, on electricity available 24/7.
Servers never sleep, nor does air conditioning during hot nights. In ...
The powers of the tax authorities to arrest evaders
and defaulters help in establishing confidence among the tax payers and
ensuring a smooth implementation of the law.
THE CGST Act empowers the commissioner, for offenses
specified, to order t ...
Elections
are over and the incumbent government has come back to power with a thumping majority. The beauty of Indian
democracy is in the fact that keeping political
rivalry aside, leaders are willing to aim for the nation’s growt ...
Many times, political leaders make
promises during the heat of electoral battle and then forget about them once the elections have been won.
However, the Modi Government 2.0, seems to be delivering on its promises from th ...
However, the Modi Government 2.0, seems to be delivering on its promises from th ...
Discounts,
which is a general business practice,
have become a bit of distress for
a few.
In our blog dated 22nd May, we discussed the unfair trade practise followed by some sellers when it comes to charging GST on the di ...
In our blog dated 22nd May, we discussed the unfair trade practise followed by some sellers when it comes to charging GST on the di ...
The
Online fantasy sports gaming industry is in a dilemma about what portion of their operations should
be charged under GST.
According to news reports, an industry body, The Indian Federation of Sports Gaming (IFSG) that repre ...
According to news reports, an industry body, The Indian Federation of Sports Gaming (IFSG) that repre ...
The current
system of generating E-way bills for transporting goods valuing more than ₹ 50,000 has proved effective in implementing a real-time
authentication mechanism for manufacturer and traders.
In a move to have more che ...
In a move to have more che ...
As already mentioned in our blog dated 23rd May, chances are that with the new Finance Minister taking charge this week,the GST council is expected to meet in June to discuss, among other things, the possibility of bringing Natural Gas & ...
With the initial hiccups of GST, we have come a
long way wherein realtors might get GST relief on development rights and will surely
sail through difficult times. A new service
tax ruling may offer real estate developers
relief on the Goods ...
India’s ruling party, the BJP, promised in its election manifesto to ease GST related processes if voted back to power.
Now, with the country trusting the government with a thumping majority, businesses are looking forward to the ...
Now, with the country trusting the government with a thumping majority, businesses are looking forward to the ...
For a real New India to arise, the
government has started depending upon the gains from Goods and Service Tax
(GST) and high recovery from bad debt which is now subject to insolvency
resolution to move up the World Bank’s ease of doing business ra ...
With the incumbent government all set to come back to power, the industry is expecting stabilization and reformsin the current GST regime. Recently, there have been numerous reforms aimed at bringing clarity and uniformity in the ta ...
Everyone
loves discounts, don’t we all? But
do we bother with checking the small *
mark saying ‘Conditions Apply’?
We often don’t and hidden in these so-called conditions are sometimes the words
“Taxes Extra”.
...
...
There
is some good news from the Hon’ble
Gujarat High Court for importers as well as final consumers. Based on a
petition filed, the court has stayed
the levy of Integrated Goods and Service Tax (IGST) on ocean freight.
...
...
Come
June this year, we can expect the GST council to consider a proposal on setting
up a national bench of the Appellate
Authority for Advance Ruling (AAAR).
Under the GST regime in the country, each state is required to set ...
Under the GST regime in the country, each state is required to set ...
There
have been numerous cases where the goods were detained by the department for
defects in E Way bills. One of such cases (C/SCA/7189/2019) was adjudicated by
the Hon’ble Gujarat High Court and is summarized below:
Facts - The ...
Facts - The ...
In our
Blog on 9th May, we
discussed how the CBIC, through its FAQ clarified the option given to builders of
under construction projects to opt for GST @ 5% or 1 % for affordable homes without
ITC or 12% with ITC. This option was to be exe ...
The
Anti Profiteering framework was set up in the country to protect the consumers
from inflation and sudden price hikes post introduction of GST in 2017 and to
make sure that the companies passed on the benefit of savings from lower taxes ...
The
data available with the Society of Indian Automobile Manufacturers (Siam) have
painted a grim picture for the automobile sector in the country. As Compared
with April 2018 which recorded a sale of 2,380,294 units, April 2019 figures
show a de ...
After
the implementation of GST and e-way Bill,
trucks have been able to cover 10-15 per cent more distance in a day than what
they used to do in the pre-GST era, helping in reduce cost of logistics, said
Mahindra Logistics, which saw a demand sl ...
10th May
2019 will mark a significant event in the country’s housing and
construction sector post introduction of the GST regime. Lauded as a welcome
relief for buyers, the GST council had, in February earlier this year, reduced
...
It’s been almost two years since the GST
regime was introduced and yet the Solar Power industry is in dark about the tax
rate. The GST council, in it’s 31st Meeting held in December 2018
recommended that, in case of contracts of supply for solar p ...
With almost two years into GST implementation , the government is now focussing on anti-evasion measures to shore up revenue and increase GST compliance. In order to pull out an effective tool to curb tax evasion under the ...
The real estate sector is one of the most globally recognized sectors. In India, the real estate sector was always in a dilemma on the taxability of preferential charges, right to use car parking, etc. the essential reason being as to whether some of ...
Gone are the days when "Campus Placements" were a luxury to Engineers and MBAs. Looking at the future prospects,The Institute of Chartered Accountants of India (ICAI) laid the foundation and began its campus placement process in the ye ...
SECTION 22 OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 – REGISTRATION
As the goods and services tax (GST) regime completes almost two years, GST integrated the country into a common market by removing barriers across states and enab ...
As the goods and services tax (GST) regime completes almost two years, GST integrated the country into a common market by removing barriers across states and enab ...
Real estate industry is one of the most important
pillars of the Indian economy. Owning a
residence is a dream of every Indian citizen. We can assess its growth by
demand of affordable housing requirements, proposed development of new cities,
ini ...
Someone said “See the world.
It's more fantastic than any dream made or paid for in factories. Ask for no
guarantees, ask for no security.”, but like really!! With the coming trends of
vacation everyone in some or the other way indeed needs a leis ...
Ruling
no. Raj/AAR/2018-19/42
The Rajasthan Authority for Advance Ruling has delivered a significant ruling on 29.03.19 on the controversial issue of works contract service which is worth noting. The details are as follows ...
The Rajasthan Authority for Advance Ruling has delivered a significant ruling on 29.03.19 on the controversial issue of works contract service which is worth noting. The details are as follows ...
With
the temperatures soaring throughout the country, there is something for the
dealers registered under the Composition scheme to feel chilled out about.
Lauded as yet another relief under the GST regime, the Central Board of Indirect Taxes ...
Lauded as yet another relief under the GST regime, the Central Board of Indirect Taxes ...
The govt. has been frequently changing the rules for the utilisation of ITC under
GST regime which has caused confusion and a sense of uncertainty amongst the
tax payers. An attempt is being made to clarify the same as follows:
1. &n ...
1. &n ...
It is very surprising that the govt. had issued circular in Dec 18 to the effect the effective value for the purpose of GST shall be the value of goods inclusive of TCS to be collected under I.T. Act 1961. And now after about 2 months it has reversed ...
At what time an application for advance ruling be made?