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As per the circular issued by the government, the treatment of trade discounts and credit notes under the Goods and Services Tax (GST) regime; however, the experts caution that it may shift compliance and cash flow burdens onto FMCG distributors. Credit Notes and GST ITC According to GST circular 251, financial or commercial credit notes […]
The Patna High Court recently annulled decisions made by the Goods and Services Tax (GST) Adjudicating and Appellate Authorities. This action was taken due to the authorities’ oversight in not adequately considering the evidence presented by the appellant to support their claim. Binay Rice Mill, operating under the name Sharda Ram Industries and led by […]
The Life Insurance Corporation of India (LIC) experienced significant inflows, surpassing Rs 1,100 crore, on the first day following the repeal of the Goods and Services Tax (GST) on individual traditional life insurance policies, as reported by The Economic Times. The recent surge in monthly premium income is striking when compared to the ₹5,000 crore […]
The Allahabad High Court has initiated proceedings to examine the constitutional validity of Section 127 of the Central and State Goods and Services Tax (GST) Act, 2017. The court has issued notices to both the office of the Solicitor General of India and the Advocate General of Uttar Pradesh, requesting their responses to a writ […]
A crucial update will be implemented on the GST portal by the Goods and Services Tax Network (GSTN). This amendment could permanently block your Input Tax Credit (ITC). Let’s find out how. Three years after the due date for filing GST returns, the GSTN declared that taxpayers would be unable to furnish their GST returns. Taxpayers have not […]
The Karnataka High Court has clarified that not accurately reporting the correct value in tax returns or applying the appropriate Goods and Services Tax (GST) rate does not constitute suppression under Section 74 of the Central Goods and Services Tax (CGST). This ruling emphasises the distinction between honest errors and deliberate suppression in tax reporting. […]
A streamlined tax system in India has been navigated via the introduction of the Goods and Services Tax (GST). For the businesses, one of the complex things in this system is the Reverse Charge Mechanism (RCM). With RCM, the buyer takes that obligation to pay the tax instead of the seller. Business finds it hard […]
Recently, the government announced that reducing the Goods and Services Tax (GST) on the renewable energy value chain from 12% to 5% is projected to lower the annual power procurement costs for distribution utilities (discoms) nationwide by approximately Rs 3,000 crore. This change is expected to significantly support the financial sustainability of discoms and enhance […]
A notification was issued by the Ministry of Finance on September 17, 2025, outlining the deadlines for submitting appeals to the GST Appellate Tribunal, which is the authority that handles disputes related to the Goods and Services Tax (GST). This is part of the rules established in the GST law that was enacted in 2017. […]
