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The AAR and AAAR decisions on the applicability of the Goods and Services Tax (GST) on the issuing of vouchers were recently overturned by the Karnataka High Court. The Court determined that there was no GST owed on the vouchers that the assessee had issued in the form of prepaid payment instruments. The corporation in […]
GST input tax credit Input tax is related to a taxable entity, which means the (IGST and CGST) in respect of the CGST Act and (IGST and SGST) in respect of the SGST Act are imposed upon each supply of goods and any services on the entity that is used by it or that is […]
According to Vivek Johri, the chairman of the Central Board of Indirect Taxes and Customs (CBIC), GST collection would be the “new normal” in FY24 and is anticipated to average approximately Rs 1.50 lakh crore per month. According to CBIC Chief Johri, the indirect tax collection target set for the upcoming fiscal year would be […]
Finance Minister Nirmala Sitharaman proposed nine legislative revisions to the GST law in the Union Budget 2023. Decriminalization GST Offences Facilitate Microbusiness E-commerce Operators Unregistered suppliers and composition taxpayers will now be able to provide goods within a state via E-commerce operators (ECOs), subject to a few restrictions. Changes to Schedule III of the 2017 […]
According to the Goods and Services Tax Act of 2017, the Delhi High Court’s Division Bench recently ordered the return of the money the GST officers had taken into their possession, along with interest. The authorities discovered and seized custody of cash totalling Rs 1,22,87,000 during the course of the search at the petitioners’ home. […]
The total income from GST, comprising CGST, SGST, IGST, and cess, was Rs 1,55,922 crore as of 5:00 p.m. on January 31, 2023. Of this amount, CGST was Rs 28,963 crore, SGST was Rs 36,730 crore, IGST was Rs 79,599 crore, and cess was Rs 10,630 crore (including Rs 768 crore collected on import of […]
According to the Goods and Services Tax Act of 2017, the Delhi High Court’s Division Bench recently ordered the return of the money the GST officers had taken into their possession, along with interest. The authorities discovered and seized custody of cash totaling Rs 1,22,87,000 during the course of the search at the petitioners’ home. […]
On February 1, 2023, Finance Minister Nirmala Sitharaman will begin delivering the Union Budget 2023-24. Middle-class taxpayers are anticipating for big tax reduction from Finance Minister this time, despite high prices and a global slump. Some of the requests of Indian income taxpayers include an increase in the basic income tax exemption level, a bigger […]
SAG Infotech, India’s popular tax solution provider, finally created the Gen GST e-return filing and billing mobile app as a comprehensive GST solution. The app also offers an easy-to-browse design that helps users simply navigate through the program’s functionality and features relevant to GST return filing and billing. SAG Infotech’s Gen GST software, in addition […]
