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Traders and retailers have praised the Central Board of Indirect Taxes and Customs (CBIC) initiative to find out bogus GST registrations and make offenders pay for the deed. Fake registrations are used to submit invoices for the input tax credit (ITC) even in the cases of not offering delivery of goods or services. The ‘Special […]
In this post, the discussion will be in the direction of the GST Forward charge mechanism, analyze its working, and discussion of its related advantages. Moreover, we shall discuss the FCM impact on small businesses and find out the methods to resolve the cost of compliance. The execution of the Forward charge mechanism (FCM) would […]
On the transfer of GIDC plots, the industrial units based in Gujarat’s GIDC estates are combating the GST levy. In some cases, MSMEs would owe a higher GST liability than their profits as they transferred the plots to the other companies in a short span since the business was not profitable, as per the Chartered […]
The work contract services beneath the General Construction service for long-distance underground/overland/ submarine pipelines, communication and electric power lines (cables); pumping stations, and related works service shall subject to get taxed at an 18% rate, the Telangana State Authority For Advance Ruling (AAR) stated in a ruling. The petitioner M/s. Transmission Corporation of Telangana Limited […]
Nearly 10,000 bogus GST registrations have been fetched by the central and state goods and services tax officials in the initial week of the joint drive. The officials would have performed a door-to-door physical verification of addresses prior to executing any action. On May 15 the campaign against the bogus invoices and registration would get […]
Vinay Pratap Singh, deputy commissioner-cum-excise and taxation commissioner, assured on Tuesday that the procedure will be restricted to physical verification alone and will not in any way involve an inspection of the taxpayers’ commercial properties. The initiative is part of a unique, two-month nationwide campaign that the central and state GST administrations initiated from May […]
The sale or right to use a parking lot is not naturally packaged with construction services, according to the West Bengal bench of the Appellate Authority of Advance Ruling (AAAR), supporting an earlier decision. As a result, it won’t be considered a composite supply and will instead be subject to GST at a higher rate […]
For All India Special Drive, Rajasthan Commercial Taxes issues clarification against the fake GST registration. However, the genuine assessee would not be needed to worry. The government would be needed to suffer a loss in revenue and the honest assessees would be required to suffer from the issues because of the fake practice of ITC. […]
The Goods and Services Tax Department has extended its investigation against some insurance companies on the belief that they are involved in the wrongful availment of the Input Tax Credit (ITC). The Director General of GST Intelligence (DGGI) is expected to issue show cause notices to 10 more insurers soon, taking the number of firms […]
