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A day prior to the central Finance minister Nirmala Sitharaman starting the customary pre-budget meets with the stakeholders, the confederation of Indian Industry (CII) asked for a reduction in the personal rates of the income tax for reviving the demand. The same can provide the advantage to nearly about 5.83 cr people who become part […]
The Central Board of Indirect Taxes and Customs (CBIC) published a thorough explanation on submitting information regarding the reversal ITC and ineligible ITC as well in August 2022. State GST authorities have asked assessees to furnish true and proper details of ineligible Input Tax Credits (ITC) and reversals. This is significant since the GST return […]
Instructions regarding the process for initiating action against non-GST returns filers under the TNGST Act, 2017 have been issued by The Tamil Nadu GST Department. The proper officer will proceed to determine the registered person’s tax due under section 62 if the registered person fails to file the GST return under section 39 even after […]
Dr Amit Mitra, Former Finance Minister of West Bengal on Wednesday wrote to Union Finance Minister Nirmala Sitharaman aiming for an urgent Goods and Services Tax (GST) Council meeting, which he pointed out had not taken place in the last four and a half months. He was one of the founding members of the GST […]
As per a recent ruling from the Maharashtra Appellate Authority of Advance Ruling (AAAR), the housing society is ineligible to claim ITC on contract services acquired from their designated contractor. This is due to the ineligibility of housing societies to claim ITC on repairs, rehabilitation and renovation work. A two-member bench comprising Ashok Kumar Mehta […]
Beneath the GST evasion problem the insurance industry would be asked before the government to resolve the problems. A top representative team that comprises some of the CEOs of leading private sector general insurers has already met Tarun Bajaj, retiring Revenue Secretary, Ministry of Finance (MoF), the representatives of life insurers are preparing to meet […]
In this article, we will learn and understand the complete process of the GST Input Tax Credit (ITC) reversal if in case the clients and the concerned parties miss the payments for more than 180 days or so. The post will take the sections and other major amendments in the provisions of the sub-sections. There […]
The Central Board of Indirect Taxes and Customs (CBIC) furnishes the notification to permit Input Tax Credit (ITC) claims and revisions of invoices till 30th November 2022. From the former week, a GST portal would have initiated permitting the revision concerned to the FY 2021-22 in Oct 2022 return duration. The same is with the […]
At the end of the next year, the centre would have intended to set the GST appellate tribunals (GSTATs) in the country with the principal bench in New Delhi to solve the issues concerning the indirect tax and facilitate doing business and increase the collection of taxes. Despite the launch of the GST, the country […]
