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Life Insurance Corporation of India (LIC) announced that it has received a notification regarding payment of Goods and Services Tax (GST). Including interest and penalty, the notice stated the amount of Rs. 806 crore. LIC plans to challenge this decision and will file an appeal. The notice was received on January 1. According to LIC, […]
Goods and Services Tax (GST) collections of Maharashtra have shown a significant growth constantly by 18% from April to July this year. It surpassed the national growth rate of 11-12%. The state clocked its highest GST collection at ₹33,196 crore ($4.6 billion) in April, reduced in May, but it has shown growth again for June […]
The Maharashtra bench of the GST-Appellate Authority for Advance Rulings (AAAR) has ruled that the incentive received by the reseller from a US firm cannot be considered a “trade discount.” As a result, the reseller will be liable to pay an 18% GST on the incentive, as it was based on meeting quarterly goals for […]
Karnataka has set a record by collecting net GST collection of Rs. 14,593 crore. Although Karnataka has secured second position after Maharashtra which has a total GST collection of Rs. 33,196 crores, the state has again surpassed Gujarat (Rs. 11,721) and Tamil Nadu (Rs. 11,559) and put them in third and fourth position respectively. Telangana […]
The Maharashtra Authority of Advance Ruling (AAR), posing Rajiv Magoo and T.R. Ramnani, has mentioned that 18% GST is subjected to be furnished on PV DC cables. The petitioner does the business of manufacturing and supplying solar cables, commonly known as photo-voltaic DC cables (PVDC cables), and is selling in the name of various brands. […]
A 5% GST shall be needed to file on turmeric in its whole form as it comes under the agricultural produce said Maharashtra Appellate Authority of Advance Ruling (AAAR). The two-member bench of Rajeev Kumar Mital and Ashok Kumar Mehta sees that the farmers who had the first supply of turmeric in the whole form […]
Odisha, Kerala, Gujarat and Maharashtra GST revenue collections are shocked as per the May 2022 report by suddenly increasing and dropping big differences in last month’s same year’s percentage. The post includes all the revenue generated by state governments in the given time period. One can determine the overall GST collections and can compare them […]
The Maharashtra Authority for Advance ruling has recently stated the decision for the Nagpur waste-water management Pvt ltd which had sorted the answers for the issues and queries of its business-related input tax credit and GST payment to the parties. The Nagpur waste-water management private limited is a private limited company that is registered under […]
The GST-Authority for Advance Rulings (AAR) provided the ruling for Puranik builders which seems to influence the builders as well as buyers as it raises the price. The AAR urged that the other charges obtained through the builder beneath the sale agreement shall not be composite supply and needs to be levied GST at 18%. […]
