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
Read More
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.
Read More
Now, the Karnataka AAR (KAAR) has stated that Rawa Idli Mix will attract Goods & Services Tax (GST) at the rate of 18 per cent.
Read More
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
Read More
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.
Read More
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.
Read More
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
Read More
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.
Read More
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
Read More
Union Ministry of Textiles, after receiving inputs from industry associations, has now decided to approach the GST secretariat seeking restoration of the rate of Goods and Services Tax to 5 percent, CNBC-TV18 reported
Read More
The concept of taxation is based on the foundation of the welfare of citizens. While the primary focus of indirect tax legislation is on revenue recovery and monetary penalties, indirect tax authorities can also take actions including arrests in disciplining those who misuse the provisions of such legislations
Read More
Madurai MP Su Venkatesan made a representation to Union finance minister Nirmala Sitharaman to withdraw the 12% GST on Sungudi saris
Read More
The Centre earned nearly Rs 8.02 lakh crore from taxes on petrol and diesel during the last three fiscal years, of which more than Rs 3.71 lakh crore was collected in FY 21
Read More
The government has decided to go slow on the Goods and Services Tax rate rationalization exercise and the date for the new Group of Ministers meeting is not yet decided
Read More
Directed Revenue Department to either modify the GST portal to facilitate filing of TRAN 1 to claim the ITC or accept returns manually
Read More
After ice cream, papad and paratha, cheese balls is another food item that triggered the dispute of goods and services tax (GST). The dispute has for now been settled by the appellate authority for advance ruling in Uttar Pradesh, Business Standard reported.
Read More
In a good news, the Ministry of Finance on Sunday announced new relaxations for the goods and services tax (GST) taxpayers. Taking to Twitter, the Ministry said that taxpayers with Annual Aggregate Turnover (AATO) up to Rs 5 crore are not required to file the reconciliation statement in Form GSTR-9C for fiscal year (FY) 2020-21 onwards.
Read More
Anti-evasion Wing, Central Goods and Services Tax Bhiwandi Commissionerate, Mumbai have busted a network of fictitious entities in Maharashtra. The entities were involved in availment and utilization of ITC against fake invoices without actual supply of goods.
Read More
The central is planning to meet in first week of January with the GST council. The meeting is likely to discuss inverted duty structure for a few more items and will also serve as a platform for pre-budget discussion as reported by business standard.
Read More
As per the recent tweet of Ministry of Finance, the Central Board of Indirect Taxes & Customs (“the CBIC”) has sanctioned IGST refund of Rs. 27,778 crore during F.Y. 2020 – 21 via a special drive to enhance liquidity.
Read More
The GST Council, expected to meet later this month, is likely to take up the issue related with levy mechanism on ice cream parlour. Ice cream companies have urged for clarification on the applicability of GST at the rate of 18 per cent on parlour
Read More
