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The Central Board of Indirect Taxes and Customs has made it clear that once a company enters the bankruptcy process, it cannot be made to pay back taxes, such as GST, in excess of the “reduced amount” established. Banks and investors will benefit from the change in a more assured way. CBIC mentioned that when […]
GST annual return would be the compilation of all the company transactions that happened during a Financial Year included in the GST Annual Return. If your Turnover exceeds 2 cr you must file a GST Annual Return. If your revenue exceeds Rs. 5 crores, you must file a GST Reconciliation Statement in addition to your […]
The method for submitting a request for a refund by an unregistered person under the GST system has been defined by the Central Board of Indirect Taxes and Customs (CBIC). Considering the cases that have been brought to light, where unregistered purchasers, had a contract or arrangement with a builder for the provision of services […]
The Central Board of Indirect Taxes and Customs (CBIC) specified that the entitlement of ITC in which the supply place is defined for the proviso to sub-section (8) of section 12 of the Integrated Goods and Services Tax Act, 2017. Under clause (a) of the mentioned subsection, the supply place of the services through the […]
Under the GST act, an assessee would need to reverse the ITC that was claimed by 30th November for the case when his supplier could not deposit the dues the taxes via 30th September. PAN-linked mobile along with the email could be used with biometric authentication or GST Registration. The Central Board of Indirect Taxes […]
GST AAR in Karnataka has ruled that tax exemption is applicable on transfers of independent business parts which is related to mobile software. According to the two-member bench of M.P. Shri Ravi Prasad and Shri Kiran Reddy T., The transfer of an independent part of the “Loan Front” app, a mobile software application, qualifies as […]
The Maharashtra Authority of Advance Ruling (AAR) held that the transfer of monetary proceeds via IVL India to the petitioner IVL Sweden shall be obligated towards the payment of the integrated goods and services tax beneath (the RCM) reverse charge mechanism. The two-member bench of M. Rammohan Rao and T.R. Ramnani sees that excluding the […]
The GST council issued recommendations at its 49th meeting regarding GST compensation, the gst appellate tribunal, the gom report on capacity-based taxation and special composition scheme for certain commodities, GST rates, and additional trade facilitation measures. On February 18, 2023, in New Delhi, the GST Council’s 49th meeting was presided over by Smt. Nirmala Sitharaman, […]
The homebuyers who cancel the buying of the under-construction home post furnishing the purchase cost and goods and service tax (GST) shall obtain a refund via the government. In the 48th GST council meeting, no mechanism would be there to claim for the tax refund that is delivered via unregistered purchasers in matters in which […]
