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The Bombay High Court has recently decided on the constitutionality of provisions within the Goods and Services Tax (GST) laws that pertain to the taxation of intermediary services provided to clients outside India. However, the court did not give any specific insights regarding the type of tax—whether it would be the central goods and services […]
In accordance with Notification No. 13/2017, Central Tax (Rate), dated June 28, 2017, which provides details on the services liable for tax under the Reverse Charge Mechanism of the CGST Act, services rendered by directors of a company or a body corporate situated in a taxable area to the said company or body corporate will […]
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 […]
In this article, we have discussed the new tax regime that allows you to set zero tax liability if you earn up to 10 lakhs from rental income. Under the new tax regime the tax-free income limit– The latest tax regime has been incorporated in India which allows people to optimize their tax savings with […]
On the transfer of GIDC plots, the industrial units based in Gujarat’s GIDC estates are combating the GST levy. In some cases, MSMEs would owe a higher GST liability than their profits as they transferred the plots to the other companies in a short span since the business was not profitable, as per the Chartered […]
The finance ministry has issued a notification dated May 24, 2023, in line with the budget 2023 proposal, to announce an increased ceiling for the encashment of earned leave exempt from income tax. This change will be implemented from April 1, 2023. Following the powers granted by sub-clause (ii) of clause (10AA) of section 10 […]
The GST revenue collection for the month of April 2023 stood the highest ever at Rs 1.87 lakh cr, Rs 19,495 crore which is exceeding the following highest collection of Rs. 1,67,540 lakh crore, in April 2022. In the month of April, the gross GST revenue collected 2023 is Rs 1,87,035 crore where CGST is […]
An application for an advance ruling that was recently rejected by the Rajasthan Bench of the Authority for Advance Ruling (AAR) involved supplies that were already being made and for which the applicant had already made Goods and Services Tax (GST) payments. In its request for an advance judgement, the assessee, M/s Vishwas Green Energy, […]
According to the Central Board of Indirect Taxes and Customs ( CBIC ), dealers, are opted under the composition scheme under GST. And being late for filing their GSTR-4 are eligible for a full late fee waived. If they do not have any tax liability. A composition dealer is a small taxpayer that has to […]
