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Corporate guarantees provided to related parties will be subject to an 18 percent goods and services tax (GST) on either 1 percent of the guaranteed amount or the actual consideration, whichever is greater. On the other hand, personal guarantees extended by the company’s promoter or director may not be subject to taxation. These clarifications may […]
Starting from October 1st, there will be an 18% Integrated Goods and Services Tax (IGST) imposed on the import of online services for personal use from offshore digital service providers. These providers include software vendors, content streaming platforms, social media companies, and search engines that host advertisements. This new tax regulation is by a directive […]
On October 7th, the Goods and Services Tax (GST) Council, the central indirect tax authority, is scheduled to assemble to address issues regarding the establishment of GST appellate tribunals and their distribution nationwide. According to an official statement, millet flour in powdered form, comprising a minimum of 70% millet by weight, will be exempt from […]
In a recent development, there is growing concern in Kerala and Lakshadweep over the allocation of GST Appellate Tribunal benches by the Union Finance Ministry. Despite earlier assurances to Kerala about the establishment of two benches, a recent notification has designated only one bench, leading to confusion and disappointment in the state. This decision has […]
The Hon’ble Madras High Court has set aside the order issued by the Adjudicating Authority in the case of M/s. Sri Renga Timbers v. The Assistant Commissioner (ST) (FAC) [W.P. No. 22854 of 2023, August 17, 2023]. The court affirmed that legally availed credit cannot be refused, even if there were errors committed twice in […]
The implementation of the Goods and Services Tax (GST) system in India has brought some significant transformations in how businesses handle their tax compliance responsibilities. Given the range of requirements including e-invoicing, e-way bills, invoice management, credit and debit notes, input tax credits, tax payments, annual return filings, and reconciliations, it is crucial for businesses […]
On September 14, 2023, the National Informatics Centre, operating under the Ministry of Electronics and Information Technology (MeiTY), issued a clarification concerning Goods and Services Tax (GST) e-invoicing for Government Supplies. The GST Policy Wing has issued this clarification in reference to the implementation of e-invoicing for transactions involving Government departments or agencies, as detailed […]
ITC could not be restricted to the purchaser only on the basis of the non-reflection of transaction in the GSTR-2A form, Kerala High Court ruled. Justice Dinesh Kumar Singh ordered the issue to be sent back to the Assessing Officer so that the purchaser, who is the petitioner here, could have a chance. “If on […]
What is GST Section 161? Section 161 of the CGST Act, 2017 states the rectification of mistakes or errors that are recognized from the records. It mentions that the authority responsible for issuing decisions, orders, summons, notices, or certificates may rectify any mistake that is found in the records in such documents. These rectifications are […]
