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The Goods and Services Tax ( GST ) ecosystem from January 2025 will see a significant update with the rise in the GSTR-2B Excel module. The making of GSTR-2B an auto-drafted ITC statement is for furnishing clarity to the taxpayers for their eligible and ineligible ITC. The same documents are generated monthly for the normal […]
The Goods and Services Tax Network (“GSTN”) has allowed the operation to file a Letter of Undertaking (“LUT”) for the FY 2025-2026 on the GST Portal. Under rule 96A, the letter of Undertaking or LUT would specify to be filed via form GST RFD 11 in which the exporter shows that he or she will […]
The Ministry of Finance in relief for the taxpayer has issued a Notification No. 08/2025 – Central Tax, dated January 23, 2025, exempting late fees u/s 47 of the Central Goods and Services Tax Act, 2017. The same exemption applies to the registered persons who were needed to submit the FORM GSTR-9C (reconciliation statement) along […]
The Goods and Services Tax Network ( GSTN ) in an update to the GST portal has made the functionality to input the negative values in GST return GSTR-3B, permitting the taxpayers to show the precise numbers in the months where there were just the sales return transactions and no sales transactions. The latest update […]
It was held by the Gauhati High Court that Section 69 of the Central Goods and Services Tax Act 2017, which grants the power to arrest a Commissioner under the Act, needs the authority to not only record ‘reasons to believe’ that a taxpayer committed the specified offence but also determine the necessity to arrest. […]
The upcoming Union Budget 2025, scheduled for February 1, will be presented by Finance Minister Nirmala Sitharaman, Experts from the industry concerning the “Insurance for All” are anticipating reforms to propel India towards its goal. Increasing insurance penetration and financial inclusion objective announcements are expected by the insurance sector. Policyholders Tax Incentives Enhancement of tax […]
What does IMS stand for? The mentioned functionality is said to be an effective rise in the ITC ecosystem of GST. Only the accepted invoices through the receiver shall become part of their GSTR-2B as their eligible ITC. Hence, the IMS shall furnish the taxpayer a chance to review the authenticity of the received invoices. […]
The Bombay High Court accepted an unconditional apology rendered via officers of the Goods and Services Tax (GST) Department, under their arrest of the Petitioner while his opportunity to record a statement had been scheduled at a later date. A Writ Petition has been formed by the Petitioner Mishal J. Shah Hindu Undivided Family (HUF) […]
The Kerala High Court in a ruling securing a wide impact on distinct due cases (January 15) carried that held that separate notification is not needed for the cross-empowerment of State officials under the Goods and Services Tax Act. A division bench forming Justice Dr AK Jayasankaran Nambiar and Justice S Easwaran gave this judgment […]
