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Audits of businesses under the indirect tax regime from this financial year are jointly conducted by Central and state goods and services tax (GST) officials, a relief for taxpayers since it will remove duplicate notices and dual investigations. According to industry assessments, there are approximately 11,000 such cases of dual investigation by both the central […]
The Supreme Court issued notices to the Central government, the GST Council, the Central Board of Indirect Taxes and Customs, and others concerning the constitutional validity of anti-profiteering provisions under the goods and services tax (GST). A bench of Chief Justice D.Y. Chandrachud, with Justices J.B. Pardiwala and Manoj Misra, did not issue the prayer […]
The Central Board of Indirect Taxes, Ministry of Finance to acknowledge extending the advantage of time extension to file a petition under section 107(1) of the Central Goods and Services Act, 2017 to orders passed under Section 129 and Section 130 of the Act, Allahabad High Court rendered. On 2nd November 2023, the Central Board […]
The government is contemplating a heightened use of technology-driven advanced risk profiling to prevent input tax credit (ITC) fraud. They aim to halt suspected claims until undergoing thorough scrutiny. This move comes as Goods and Services Tax (GST) evasion, totalling over ₹4 lakh crore, has been unearthed in merely four years, with less than 30% […]
In the hope of bringing user-friendly changes to taxpayers and reducing litigation related to indirect taxes, the Center is considering allowing taxpayers to file revised Goods and Services Tax (GST) returns. For income tax filers this provision is already available. Right now, you can’t submit revised returns under GST, only small changes in invoice details […]
Patna HC’s Order for M/s Prince Sanitation Gandhi Path
According to an official, the government is expected to introduce a mandatory requirement for businesses to generate electronic or GST E-invoices for B2C transactions within the next 2-3 years. Presently, for companies with a turnover of Rs. 5 crores and above, it is mandatory to issue e-invoices for their Business-to-business (B2B) sales and purchases. The […]
The CBIC official mentioned that approximately 33,000 GST notices have been dispatched by central tax officers to businesses due to inconsistencies in filed returns and underpayment of taxes during the financial years 2017-18 and 2018-19. Additionally, the official mentioned that the National Coordination Committee, led by the Revenue Secretary, is expected to convene by the […]
The government is contemplating the revision of the comprehensive GST legislation by introducing an extra provision or changing its definition, accompanied by adjustments in procedures relevant to the service sector. Presently, it is obligatory for businesses to possess a tangible establishment within the jurisdiction of their operations, which poses challenges for e-commerce enterprises and other […]
