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According to the Ministry of Finance’s announcement on December 1, the government’s Goods and Services Tax (GST) collections surged by 15 per cent year-on-year in November, reaching Rs 1.68 lakh crore. The November GST collections, standing at Rs 1.68 lakh crore, depict a 2 per cent decrease compared to October’s GST collection of Rs 1.72 […]
Nowadays, it has become a common thing to invest in the name of minor children, whether it’s through fixed deposits, insurance policies, or government schemes. However, if any of these investments generate income, such as interest from a fixed deposit, it raises the question of tax implications on the child’s income. Individuals below the age […]
The Bombay High Court has directed the council to refund the tax deposited via HSBC during the protest. The bench of Justice G. S. Kulkarni and Justice Jitendra Jain noted that once the amounts were deposited via the applicant and retained via the council without the authority of law, the applicant’s claim for the refund […]
The Authority of Advance Ruling (AAR Telangana) for the case of M/s. Avinja Biotechnologies Private Limited. has held that the GST Rate of 18% is applicable on Bio Fertilizer and Herbal Supplement. M/s. Avinja Biotechnologies Private Limited.H.No. 14, AOC Center, Plot No 3-43-141, Mohammedi Enclave, Wellington Road, West Marredpally, Hyderabad, Telangana- 500026(36AATCA9073F1Z7) has applied FORM […]
Efforts made by the Delhi government to prevent the entry of fraudulent companies into the GST network are yielding positive results. The Department of Trade and Taxes has established a centralised GST registration cell to get new applications and process them. This initiative has effectively prevented the GST registration of fake trading companies, thereby removing […]
The Delhi GST Department released a circular dated November 29, 2023 (F.6 (4)/GST/Policy/2022/ 1122-23) addressing the necessity of generating and citing Document Identification Number (DIN) or Reference Number (RFN) on all correspondence issued by officers of the Delhi Goods and Services Tax (GST) Department to taxpayers and relevant parties. Aligned with the pursuit of fostering […]
The government is contemplating the revision of the comprehensive GST legislation by introducing an extra provision or changing its definition, accompanied by adjustments in procedures relevant to the service sector. Presently, it is obligatory for businesses to possess a tangible establishment within the jurisdiction of their operations, which poses challenges for e-commerce enterprises and other […]
The central air conditioning plant, lift, electrical fittings, and fire safety extinguishers are immovable property and do not qualify for input tax credit (ITC), Gujarat Appellate Authority for Advance Ruling (AAAR) noted. The petitioner, M/s. The Varachha Co-Op. Bank Ltd., furnished that they are building a new administrative building and incurring the cost of distinct […]
The Gujarat Real Estate Regulatory Authority (GujRERA) has introduced a fresh portal aligned with the RERA Act and GujRERA rules, ensuring precision in project reporting. This revamped platform is a reliable source for the Income Tax and GST departments, preventing developers from manipulating information to alter their tax obligations. Previously, developers exploited loopholes, submitting outdated […]
