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FM Nirmala Sitharaman dismissed the fact that increasing goods and services tax (GST) collections only provides an advantage before the Centre. She elaborated that the indirect tax system increases the revenue of the state by nearly Rs 9 trillion between 2018-19 and 2022-23 compared to the amounts that have been collected via the before subsumed […]
The petitioner via opting to pay the GST at a lower rate by not claiming the ITC on the goods and services used in his supplies has renounced his right to claim for the input tax credit, the Telangana Authority of Advance Ruling (AAR) mentioned. The bench of S.V. Kasi Visweswara Rao and Sahil Inamdar […]
Mumbai bench of Income Tax Appellate Tribunal (ITAT), mandated to validate the documents concerning Form 10-IC in case of dispute in the concessional rate of tax at the time of processing of income return. The taxpayer Traxit Engineers Pvt. Ltd is a private company. Post income return filing for AY 2020-21 on 14.10.2020 declaring a […]
The Central Board of Direct Taxes (CBDT) through its Notification No. 94/2023 dated 31/10/2023 has introduced changes to the ITR-7 form to accommodate the taxable income of individuals eligible to file the ITR-7 form under the tax rates applicable to AOP, which aligns with the slab rates applicable to individuals. The CBDT has issued the […]
On October 31, 2023, as per Circular No. 205/17/2023-GST, the CBIC issued a clarification concerning the GST rate applicable to imitation zari thread or yarn, aligning with the GST Council’s 52nd meeting held on October 07, 2023. At the 50th meeting, the GST Council suggested reducing the GST rate to 5% for imitation zari thread […]
The refund of the Integrated Goods and Service Tax (IGST) amount including a subjected interest to an applicant who mistakenly filed IGST on a higher rate compared to the concessional applicable rate, Gujarat High Court ruled. The applicant, Tagros Chemicals India Pvt. Ltd., had been registered under GST as its introduction, and the case related […]
The Authority of Advance Ruling (AAR), the Uttar Pradesh bench has ruled that solar home lighting systems are subject to 12% GST. The Rajendra Kumar and Harilal Prajapati bench has noted that ‘solar home lighting systems are included under the category of solar-based devices covered under HSN Code 94055040. The applicant proposed to supply a […]
The country’s tax base is being estimated by Finance Minister Nirmala Sitharaman, who also listed that the government has implemented a new income tax system with lower tax rates. The FM emphasised that numerous measures are being taken in order to widen the tax base. It is a parallel and simplified new income tax regime […]
The GST (Goods and Services Tax) panel has decided to finalize the classification of millet-based products to regulate the applicable tax rates on them. As per the sources, a panel of officials from the Center and States would categorize products keeping millet as a main ingredient. For now, the GST does not have any specific […]
