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The decision of the Goods and Services Tax (GST) Council to charge an 18% tax on the resale of used electric vehicles (EVs) has made confusion. The explanation Finance Minister Nirmala Sitharaman who directed a tax on the margin value of resales has recommended that individuals selling their used cars shall be obligated to tax. […]
The 55th GST Council meeting held on 21st December 2024 in Jaisalmer, Rajasthan was chaired by Union Finance Minister Nirmala Sitharaman. The committee’s recommendation has been approved by the council suggesting the measures for distinct problems raised by the States concerning the problems related to the IGST settlement and seeking for the committee to conclude […]
The Apex court putting to rest a 15-year-old dispute carried that coconut oil in small packages can be categorized as edible oil, and will, thus, draw lower taxes compared to non-edible ones. The Supreme Court said that if the coconut oil is packaged in small bottles and labelled for use on hair then it shall […]
It was carried by the Andhra Pradesh High Court that badam-flavoured milk is not counted as a beverage however it is categorized under a particular entry as milk. The case shows another categorization issue under the goods and services tax (GST) regime that reached the courts and baffled both the dairy industry along the assessees. […]
While addressing an Application filed by the Reserve Bank of India ( RBI ) Maharashtra Authority for Advance Ruling ( AAR ) carried that the penalties, Late Fees, Penal Interests or Fines levied and collected by RBI from contravening banks, non-banking financial institutions and other such entities could not be considered as ‘Supply’ under the […]
The Group of Ministers (GoM) has the task of easing the structure of the Goods and Services Tax (GST) and for that, the meeting will be conducted on October 20 to deliberate on rate rationalization proposals pertinent to the foods, footwear, and textile items. The reviewed items are in the 12% tax bracket. Bihar Deputy […]
The Central Board of Indirect Taxes and Customs (CBIC), in an update to the penal provisions for the inspection and search operations under the Goods and Services Tax (GST) regime, via Notification No. 20/2024 – Central Tax dated October 08, 2024, has made a vital substitution in form GST INS-01. The same revisions align with […]
The Central Board of Indirect Taxes and Customs (CBIC) on October 8, 2024, via GST Notification No. 20/2024 – Central Tax, introduced Rule 47A into the Central Goods and Services Tax (CGST) Rules, 2017. The very revision will come into force from 1st November 2024 and obligates a strict duration to issue the tax invoices […]
A majority of the issued SCN to the assessees under the GST regime in the previous year related to the data discrepancies in the tax return filings and measures are in progress to utilize the technology to use technology to solve these mismatches and solve the disputes of them along with the pain points for […]
