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A circular has been issued by the Uttar Pradesh Goods and Services Tax (GST) Department explaining the procedure for defining the jurisdiction of traders registered in various corporate circles in the state. The circular, which sought to ease the jurisdictional matters, derives from a thorough analysis of information received via 50,000 dealers, including a list […]
Traders have been given notices by the Goods and Services Tax Department for issuing incorrect or fake invoices. These notices are based on data from the Mera Bill Mera Adhikar Scheme. The Central Board of Indirect Taxes and Customs (CIBIC) started this scheme to encourage the habit of creating bills and invoices during buying and […]
On Wednesday, the Rajya Sabha gave its nod to a bill designed to streamline the establishment of Goods and Services Tax (GST) appellate tribunals (Goods and Services Tax Appellate Tribunal). This endorsed bill introduces significant alterations to the criteria for appointing tribunal members, instituting a mandatory minimum age of 50 for both members and presidents […]
According to Central Board of Indirect Taxes and Customs (CBIC) official Sanjay Kumar Agarwal, the increase in Goods and Services Tax (GST) collections in October is due to economic activity rather than the issuance of notices by tax authorities. Advisories will be issued to businesses that are not practising generating GST e-invoices for their B2B […]
Finance Minister Nirmala Sitharaman, while presenting Union Budget 2021 referenced Rabindranath Tagore and stated that ‘faith is the bird that senses the light and sings while the morning is still black’. As another union budget release approaches, the market and residents remain hopeful and await budget pronouncements with bated breath, under the shadow of another […]
The Indirect Tax department in Uttar Pradesh recently sent notices to the companies renting out infrastructure or heavy equipment for the accomplishment of projects demanding them to register within the states. This has given rise to the question of whether the company renting out complete infrastructure or heavy equipment needed in the construction needs to […]
Tax officials lay a bad trip on B2C sales as a major reason behind emanation of government revenue that comes in the form of goods and services tax (GST). B2C transactions are prone to tax skipping as consumers pay in cash for products & services to the shopkeepers without generation of bills by them. To […]
Talking about the introduction of GST in the Jammu and Kashmir State, Union Minister of state Jitendra Singh mentioned that, the introduction of Goods and Services Tax (GST) in Jammu and Kashmir would help boost the economy of the state, The provisions in GST will certainly boost the economy of the State and put it on the track to emerge as a part of the global economy towards which India is heading.
The Union Cabinet will be holding a meeting on Monday to take the next step required in the implementation of the GST Act in India. The cabinet will decide about the GST council which is an important part of the GST regime. The council will set the GST rates for the different sectors functioning in the country. Over 17 states have already ratified the bill along with President’s nod, the bill is one of the top priorities of the govt.
