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A 5% GST on pre-packaged and labelled jaggery is to be levied, Karnataka Authority of Advance Ruling (AAR) mentioned. The two-judge bench of M.P. Ravi Prasad and Kiran Reddy T. uncovered, all sorts of jaggery, pre-packaged and labelled, are covered by S. No. 91A of GST Notification No. 1/2017 Central Tax (Rate) dated June 28, […]
Extracts from the GST-related amendments that were included in the Finance Bill for 2023 (Budget 2023-24), which Union Minister of Finance Mrs Nirmala Sitharaman submitted to the Loksabha on February 01, 2023. Except for those in clause 142, modifications proposed in the Finance Bill, 2023 will go into effect on the date they are announced, […]
In a recent ruling, the Calcutta High Court mandated that the assessee who failed to submit a GST return owing to mental stress and physical illness be given a chance to be heard. The petitioner was a payee for his proprietorship firm under M/S. DYM Auto World. On December 31, 2020, he submitted his GST […]
GST Input Tax Credit (ITC) is related to a taxable entity. Under the CGST Act, ITC includes IGST and CGST, while under the SGST Act, it includes IGST and SGST. These taxes are imposed on each supply of goods and services used or intended to be used in the course of business. ITC also includes […]
Overview of the Direct and Indirect Tax Proposals in Budget 2023 (Finance Bill 2023) presented by Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs. Key Highlights of Finance Bill 2023 for Direct Tax In Budget 2023, the Finance Minister announced a number of changes to personal income tax, including a rise in the […]
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 […]
The total income from GST, comprising CGST, SGST, IGST, and cess, was Rs 1,55,922 crore as of 5:00 p.m. on January 31, 2023. Of this amount, CGST was Rs 28,963 crore, SGST was Rs 36,730 crore, IGST was Rs 79,599 crore, and cess was Rs 10,630 crore (including Rs 768 crore collected on import of […]
The Andhra Pradesh High Court held that the term ‘any proceedings directed to in the proviso to Section 98(2) of the CGST Act/ Andhra Pradesh GST act (APGST Act) that consists within its boundary the analysis executed against the petitioner beneath the mentioned act. The bench consists of Justices U. Durga Prasad Rao and T. […]
Finance Bill 2019-20 revises the Central Goods and Services Tax (CGST) Act with retrospective effect by inserting a new proviso in section 50(1) to compute the interest on late GST payments. Due to this amendment, there is now an arbitrary and illegal distinction between the balance in the electronic credit register (ECrR) due on cash […]
