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India’s Gross Goods and Services Tax (GST) revenue collection for the month of July 2023 has surpassed a whopping ₹1,65,105 crore, representing an outstanding 11% year-on-year rise. This significant milestone marks the fifth time that GST collection has topped the 1.6 lakh crore threshold since its implementation. The country’s economic resiliency and the successful implementation […]
Businesses are in dilemma responding to increasing GST notices from different state departments, as most companies handle taxation issues centrally. Especially service-based businesses face barriers to differentiation as per each state. These letters from various states request specific documents and representations as part of tax scrutiny. Furthermore, the frequency of such notices has dramatically increased […]
The Indian government introduced the new GST regime six years ago and a recent statistical report by GSTN provides a comprehensive analysis of its implementation. The following is a list of the contents which is merged with the report: The report shows the total number of returns filed on a monthly basis since July 2017, […]
Union Finance Minister of State, Pankaj Chaudhary shared data in the Parliament during the monsoon session where at least 58 cases of Goods and Services Tax (GST) invoices have been found to be registered fraudulently in Chandigarh in the past five years. Replying to a question asked in the Loksabha, Chaudhary said that the authorities […]
Buying a bigger utility vehicle that consists of an SUV and MPV (multi-purpose vehicle) shall cost higher. The UVs especially those that are more than 4 meters would seem to witness a rise in the prices by 2% with the 50th GST council surging the cess from the present 20% to 22% which is a […]
The GST collection in Delhi for Q1 of the Financial Year 2023-24 has witnessed 15% growth comparing the same period in the last fiscal year. The Delhi Government shared the data where they mentioned that the GST collection in the first quarter of an FY has increased by over 81% since 2018-19 when the new […]
For setting the GST appellate tribunals and hiring the members post-approval via GST council the central govt shall provide the guidelines, CBIC official stated. Shashank Priya member of the Central Board of Indirect Taxes and Customs (CBIC) (GST) mentioned that the department would be rendering for growing the assessee base and performing the data triangulation […]
The Central Board of Indirect Taxes and Customs (CBIC) has introduced an online feature that allows taxpayers to conveniently track the status of their refund applications in real time. This initiative aims to provide a more efficient and transparent process for taxpayers. To facilitate the tracking of refund applications, different colours have been assigned to […]
On the supply of goods and services in India, GST would be the complete indirect tax that would get charged. The Goods and Services Tax (GST) has been in place for more than five years, but the GST litigation is still in its infancy. It is anticipated that as time quickly passes, more and more […]
