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What is Section 15 Under GST Act? The value of the supply of goods or services or both is described in Section 15 of the CGST ACT 2017 as the “Transaction Value,” which is defined as the price actually paid or payable for the supply of goods or services or both when the supplier and […]
The Ministry of Finance has been approached by the Real estate developers for the subject of the impact of GST charged on the rehabilitation apartments that has developed and given back, at no cost, to existing occupants under the portion of redevelopment projects. The Confederation of Real Estate Developers’ Association of India (CREDAI) – MCHI, […]
A letter has been written to the Finance Ministry by the Indian Steel Association (ISA), an industry body of major steel mills that comprises Tata Steel, JSW, SAIL, JSPL, etc for the GST rate rationalization on some steel-making raw materials like scrap and also by-products like slag. The goal is to reduce rates in both […]
In the month of May, the GST collections of India surged by 11.5%, standing slowest in 6 months to cross Rs 1.57 lakh cr with the revenue from the domestic transactions rising 11% and imports which generate 12% additional taxes compared to before year. May’s revenue for the transaction that takes place in the month […]
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 […]
The Uttar Pradesh Appellate Authority for Advance Ruling (AAAR) in its recent ruling, held that 18% Goods and Services Tax (GST) would be subjected to be applied to work contract services to Uttar Pradesh Jal Nigam (UPJN). The bench of Dr Uma Shanker and Ministhy S. sees that the Uttar Pradesh Jal Nigam (UPJN) is […]
All Central and State tax authorities in India have launched a special drive campaign for GST registrations, to catch suspicious or fake businesses, verify them, and then take additional corrective action to remove them from the GST eco-system and protect government revenue. GST officers may visit your company’s location as part of this move. 5 […]
Estern Coalfields, the respondent, was prohibited by the Jharkhand High Court from deducting money from invoices because GST amounts were not shown in the GSTR-2A as invoices were not uploaded. In a letter to Estern Coalfields, the petitioner, M/s Tycoons Industries Pvt. Limited, requested to make sure the Circular 183 issued by the Central Board […]
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 […]
