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Life Insurance Corporation of India (LIC) announced that it has received a notification regarding payment of Goods and Services Tax (GST). Including interest and penalty, the notice stated the amount of Rs. 806 crore. LIC plans to challenge this decision and will file an appeal. The notice was received on January 1. According to LIC, […]
The GSTN issued Advisory No. 620 on January 01, 2024, on the functionalities available on the portal for the GTA assessees. The Functionalities Below are Made Available on the Portal for the GTA Taxpayers To Follow the Notification Above the Online Filing in Annexure V Form and Annexure VI Form are available on the portal […]
On 28th December, the Central Board of Direct Taxes (CBDT) furnished the guidelines on the problem of deduction of 1% income tax of the gross amount of the sale of goods or services via e-commerce companies in the multiple-operator model framework. An e-commerce operator under section 194-O of the Income Tax Act, 1961 (‘the Act’) […]
ICICI Bank Ltd and Kotak Mahindra Bank Ltd, private sector lenders, announced on Thursday (December 28) that they’ve been issued demand notices by the Goods and Services Tax (GST) Department. The notices amount to ₹26.8 crore for ICICI Bank and ₹62.3 lakh for Kotak Mahindra Bank. ICICI Bank reported that it received a notification from […]
The Delhi High Court in the case of M/S SETHI SONS (INDIA) Vs. ASSISTANT COMMISSIONER has permitted the GST Refund claim beyond the limitation time owing to a late filing because of GST Portal Glitches. The petitioner lodged this petition due to being dissatisfied with the refusal to refund unused input tax credit (ITC) gathered […]
In the hope of bringing user-friendly changes to taxpayers and reducing litigation related to indirect taxes, the Center is considering allowing taxpayers to file revised Goods and Services Tax (GST) returns. For income tax filers this provision is already available. Right now, you can’t submit revised returns under GST, only small changes in invoice details […]
Before Finance Minister Nirmala Sitharaman, Real estate developers have made a representation to revise the circular that levies an 18% GST on the corporate guarantees provided via concerned parties. “According to developers, GST at 18% rate should apply to either the actual consideration or 1% of the guaranteed amount, choosing the lesser of the two,” […]
On Wednesday, the Andhra Pradesh Medical and Sales Representatives Union (APMRSU) and the Federation of Medical Representatives Associations of India (FMRAI) held a protest, urging the government to lower medicine and medical device prices and exempt them from Goods and Services Tax (GST). U.V. Krishnaiah, the State general secretary of APMRSU, highlighted that medical and […]
ICICI Bank has informed exchanges about a demand notice from the Maharashtra Goods and Services Tax (GST) department, totalling over Rs 7.47 crore. This encompasses GST and interest claims exceeding Rs 3 crore each, alongside a penalty of Rs 11 lakh. The GST audit raises concerns about the bank’s invalid input tax credit (ITC) claims […]
