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With the second wave of corona being more deadly and gripping the entire country within its trap, states are seeking relief from the centre. They are demanding exemption in the GST rates of medicines (Remdesivir, Medical-grade oxygen used in oxygen cylinders, and related supplements) that are used for treating this chronic illness. The GST rate […]
The Gujarat Authority of Advance Ruling (AAR), last week (on Saturday) ruled that 12% GST shall be applicable on the Service of Work Contract that has been allocated by the sub-contractor effective from January 25, 2018. In the aforesaid case, the applicant Messrs Kunal Structure (India) Pvt. Ltd. got into a contract for the constructing […]
Upon the system, the government is implementing to give the report to GST officers upon real-time grounds towards those vehicles who are running excluding the e-way bills to assist intercept stuck trucks at toll plazas and determine the GST theft. The assessee will also give analysis reports upon determining the e-way bill despite there being […]
There are 16 bullet points we should keep in mind while mentioning HSN Code in GST Invoice from this FY means the financial year 2021-22. Mandating the mention of HSN code on all tax invoices was a major change business had to go through. Those 16 major points to consider in this new provision are: […]
The Madhya Pradesh high court furnished that the failure to produce the needed credentials will go towards the revocation of the enrollment for the supply of goods. The petitioner is the owner of M/s Om Trading Company is a dealer registered under the Central Goods and Services Tax Act, 2017, and trades in selling and […]
ICAI President CA. Nihar N. Jambusaria said in a meeting held yesterday that GST Audit by the chartered accountant is not avoidable compliance as it ensures check and balances thus detecting the inconsistencies, errors, lapses, and ambiguities that creep in and rectifying the same. Moreover, ICAI submitted that Audit should be perceived as an investment […]
Slowly and steadily the government is building the e-invoicing important for the bigger number of suppliers, therefore, paving way for the cancellation of IRN. Presently an e-invoice is important for the enrolled people whose turnover exceeds Rs 100 cr in the FY. But from 1/04/2021 e-invoice is set to be mandated for all the enrolled […]
On Flavoured milk, different Authorities for Advance Rulings (AARs) of different states have a clash over GST rates. While on one side, Gujarat AAR followed the ruling of Tamil Nadu, AAR, and Andhra Pradesh, AAR held the GST at the rate of 12% on flavoured milk; Contrarily, Karnataka, AAR has chosen 5 percent GST on […]
Maharashtra (the state that is the largest contributor to GST exchequer across India) in addition to Madhya Pradesh has imposed lockdown-like curfew instead of complete curfew. Contrarily, other states have imposed night curfews to control the rising number of Covid cases. Due to the closing of various organizations specially profit-seeking organizations like shops, businesses, bottlenecks […]
