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The implementation of the Goods and Services Tax (GST) in India on July 1, 2017, aimed to simplify the nation’s complex taxation system. Replacing several indirect taxes such as excise duty, VAT, and service tax, GST is a complete, multi-stage, destination-based tax. However, businesses are now faced with compliance procedures and may encounter situations where […]
In the current fiscal year, officials have informed that the Central government anticipates a recovery of over Rs 50,000 crore in evaded Goods and Services Tax (GST). This figure is more than double the recovery achieved in the previous fiscal year, FY23, potentially making it the highest annual tax recovery ever. As of now, during […]
The Bengaluru Solid Waste Management Limited (BSWML), which was established by the state government to effectively manage solid waste, has been granted an exemption from paying 18% GST to the state government. This decision to exempt BSWML from GST was made during the 52nd GST council meeting held on October 7 in New Delhi, chaired […]
The Gujarat High Court halted the proceedings for the problem concerned with the levy of the GST on the transfer of the leasehold rights to Gujarat Industrial Development Corporation (GIDC) land and sent the notice to the department. The same order was passed by the bench of Justice Biren Vaishnav and Justice Mauna M. Bhatt […]
The Allahabad High Court’s recent ruling stipulates that an assessee is ineligible to claim input tax credit unless they successfully demonstrate unambiguous proof of the actual transaction and the physical movement of goods. Referring to Sections 16 and 74 of the UP Goods and Service Tax Act, 2017, Justice Piyush Agrawal stated that “it is […]
Recently, the State GST department sent out almost 20,000 notifications to a range of taxpayers from different industries, concentrating primarily on real estate developers, requesting explanations regarding their expenses during the 2017–18 fiscal year. GST authorities claim that this scrutiny is a result of the lack of a reliable mechanism to track suppliers’ compliance with […]
The Supreme Court bench, comprised of Justice B.V. Nagarathna and Justice Ujjal Bhuyan, in the landmark ruling, has allotted the Kerala State Cooperative Agricultural and Rural Development Bank (KSCARDB) the 80P deduction benefit under the Income Tax Act, 1961. The taxpayer/petitioner, in brief, stated that Kerala State Cooperative Agricultural and Rural Devt Bank is a […]
The Tax Department is prepared to conduct an investigation of more business premises regarding the payment of goods and services tax (GST). The search operation has already issued many show-cause notices to India Inc. and should be prepared to deal with more such notices. As per the sources, more such GST notices have already been […]
The Goods and Services Tax (GST) Act was inaugurated at midnight on July 1, 2017. This legislation’s primary objective is to provide a framework for imposing and collecting taxes on the intra-state supply of goods or services, or both, by the central government and related matters. Under the GST Act of 2017, 13 distinct types […]
