The government is working to bring changes in the GST Act and other public platforms so that companies can utilise data to grow big in size and scale, Jayant Sinha, Chairperson, Parliament Standing Committee on Finance, said on Thursday.
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E-commerce cuts across various sectors. Therefore the provisions of various laws such as Foreign Exchange Management Act, 1999, Information Technology Act, 2000, Competition Act, 2002, Companies Act, 2013, Consumer Protection Act, 2019 among others are attracted for regulating the sector.
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No Input Tax Credit (“ITC”) would be available for Corporate Social Responsibility activities excluded from normal course of business.
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GST leviable on reimbursement of electricity and water charges and to be included in the value of supply
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Come January and the government is empowered to send its recovery officials to your premises to collect GST without notice, if your tax liability shown in the requisite form is less than what invoices, mentioned in the outward supply form, should draw.
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Know Top 10 changes in GST Law effective from January 1st, 2022
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The Reserve Bank of India (RBI) vide circular dated February 05, 2021 and May 05, 2021, has allowed Scheduled Commercial Banks (SCBs) to deduct the amount equivalent to credit disbursed to New MSMEs.
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The GST Council has not recommended bringing petroleum products under the reformed taxation regime even as certain representations have been made to the government to include petrol and diesel in GST, Parliament was informed on Tuesday.
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The CBIC vide Notification No. 39/2021–Central Tax dated December 21, 2021 notified the below mentioned amendments made vide Section 109 of the Finance Act, 2021 w.e.f. January 01, 2022:
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The GST Council in it’s 45th meeting inter alia made recommendations regarding Aadhaar authentication of registration to be made mandatory for being eligible for filing refund claim and application for revocation of cancellation of registration under GST.
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In its recent order, the GST-Authority for Advance Rulings (AAR), Maharashtra bench, has held that partial recovery of transport costs from its employees by a private company is not a “supply” and hence not subject to the goods and services tax (GST).
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The telecom department has asked the finance ministry to consider refunding input tax credits (ITC) that telcos have accumulated under the goods and services tax regime, two officials aware of the matter said. Though GST rules permit companies to claim refunds for taxes paid on inputs, telecom infrastructure remains specifically excluded.
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The Kolkata High Court has proposed a blueprint for grievance redressal for GST payers facing problems on account of input tax credit (ITC) denial due to fake invoices or cancellation of supplier registration with retrospective effect
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Telangana Industries Minister KT Rama Rao on Sunday urged the Centre to withdraw its proposed plan to increase GST rates from 5 per cent to 12 per cent on garments and fabrics from January 1, 2022. In a letter to Union Textiles Minister Piyush Goyal, Rama Rao said for the past two years, the handlooms sector has been going through a difficult phase due to coronavirus pandemic, an official release said here.
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Now, the Karnataka AAR (KAAR) has stated that Rawa Idli Mix will attract Goods & Services Tax (GST) at the rate of 18 per cent.
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The CBIC vide Circular No. 167/23/2021–GST dated December 17, 2021 issued clarification regarding modalities of compliance to the GST laws in respect of supply of restaurant service through e-commerce operators
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Government finances, both of the Centre and states, have shown remarkable resilience during the first half of the current fiscal, with tax mop-up surpassing expectations by a wide margin and expenditure remaining broadly in line with Budget estimates despite higher pandemic-related spending, says the December issue of the RBI bulletin.
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Finance Minister Nirmala Sitharaman is likely to Friday introduce a Bill in Lok Sabha to strengthen the disciplinary mechanism on chartered accountants, cost accountants and company secretaries.
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The Supreme Court has reversed the Gujarat High Court’s judgment wherein the High Court observed that GSTR-3B is not a return specified under section 39 of the Central and State Goods and Services Acts. In the year 2019, the Gujarat High Court held that Section 39(1) of the CGST/GGST Act
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The Centre on Thursday reduced the Goods and Services Tax rate to 5% from 18% on ethanol meant for blending, under the Ethanol Blended Petrol (EBP) programme.
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The officers of CGST, Thane (Rural) Commissionerate have arrested a Chartered Accountant who had generated fake input tax credit to the tune of Rs. 92 crores involving fake invoice of more than Rs. 500 crores without actual receipt of goods
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