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In a huge relief for taxpayers, the Calcutta High Court has authorised a rectification application for Input Tax Credit (ITC) applications that were previously denied under Section 16(4) of the GST Act. The decision is based on the retrospective modification implemented under the West Bengal GST (modification) Act, 2024, which provides much-needed relief to people […]
Harmonizing State and Central GST Regulations The Maharashtra Legislative Council passed the Maharashtra Goods and Services Tax (Amendment) Bill on December 19, 2024, following its approval in the state assembly. While presenting the bill, Deputy Chief Minister Ajit Pawar emphasized the need for uniformity between state and central GST policies, supporting the “One Nation, One […]
In a potential ray of hope for the metal industry, which has been looking for a change in the treatment of goods and services tax (GST) on steel scrap, the upcoming 52nd meeting of the GST Council on October 7 is expected to engage in a detailed discussion on the matter. Sources have disclosed that […]
For enabling the setting of the appellate tribunal with its principal bench in Delhi, the state government has been questioned by the centre to approve the revisions of their respective GST laws. By December, the tribunal shall secure the benches within the states. In March the Parliament would provide its nod to revise the GST […]
Finance Minister Nirmala Sitharaman proposed nine legislative revisions to the GST law in the Union Budget 2023. Decriminalization GST Offences Facilitate Microbusiness E-commerce Operators Unregistered suppliers and composition taxpayers will now be able to provide goods within a state via E-commerce operators (ECOs), subject to a few restrictions. Changes to Schedule III of the 2017 […]
GSTN would have been initiated to permit the revision concerned with the FY 2021-22 in October 2022 return period. The same is within the recent revision in the GST Law in which the revision could be performed up to 30th Nov. of the subsequent fiscal year. The information of the taxable outward supplies could get […]
The Rajasthan Assembly on Thursday issued the Rajasthan Goods and Services Tax (Amendment) Bill, 2022, that asks for the registration of the companies shall not get cancelled despite the same losses to furnish the return for 6 months. Indeed the system to provide the credit notes would get started. Education minister BD Kalla has launched […]
As the current inflation is running it is not expected to change the GST rates on the goods and services. Goods and services would get taxed in four slabs of 5%, 12%, 18%, and 28% beneath the GST regime. It was acknowledged to diminish these tax slabs reaching three, a practice that engaged raising the […]
Everyone was concerned about the union budget 2022 and now it is finally out. FM Nirmala Sitharaman reflects various reasons for an effective future. The budget speech and the economic survey in 2021 show the economic revival of the country after the pandemic. Also, the deficiencies have been diminished, revamp in the foreign exchange reserves, […]
