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GST CMP-08 is the statement that dealers registered under the Composition Scheme use to report their self-assessed tax liability. It provides information on taxes owed for sales and purchases (subject to the Reverse Charge Mechanism) and has replaced Form GSTR-4. Composite Dealers are required to file CMP-08 Return every quarter through the GST Portal. They […]
Punjab’s furnace industry has petitioned the state and federal finance ministers to reduce the GST on scrap from 18% to 5%. Businessmen assert that this would halt the harassment of legitimate businessmen and put a complete end to the fraudulent invoicing and tax evasion of several thousand crores that are being carried out by fraudsters. […]
The GST Portal has undergone several changes as a result of the Goods and Services Tax Network (GSTN). Input Tax Credit (ITC) auto-population in Form GSTR-3B has been modified. The new modifications now auto-populate ITC as the net of credit notes in table 4 of the GSTR-3B form rather than treating them as reversals as […]
The installation of a digital platform under the GST system has transformed the process of tax assessments and compliance verification. The system now generates show-cause notes under GST automatically, in contrast to the pre-GST period when tax authorities would manually perform audits and issue notices based on their findings. Why are System-generated GST Notices Sending? […]
A top official stated on Monday that India would not change its Goods and Services Tax (GST) regime in the upcoming fiscal year, delaying a move that has been considered for more than a year to streamline its tax system and lessen the burden on consumers. The GST, which was adopted in 2017 and unifies […]
The Delhi High court rendered the revenue heads to allow the budgetary support for the manufacturing units beneath the “Scheme of Budgetary Support under Goods and Services Tax (GST) Regime”, open for the qualified units situated in the mentioned states. The Court noted that the petitioner was qualified for a Central Excise Duty exemption before […]
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 […]
