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The government is prepared to draw the petrol and diesel under the GST ambit given that the states would have agreed on the same mentioned by the Petroleum and Natural Gas Minister Hardeep Singh Puri. The minister sees that various countries in the world are facing the fuel shortage and higher rises in cost however […]
CBIC has provided the policies for the verification of the GST transitional credit claims and the specified assessee would not be allowed to furnish the amended returns to claim the credit. When Goods and Services Tax (GST) was incorporated on July 1, 2017, the assessee was permitted to file Form TRAN-1 and TRAN 2 and […]
As per data released by the Finance Ministry on Tuesday, GST collections for October 2022 (for sales in September 2022) rose to Rs 1,51,718 crore, the second highest since the indirect tax regime was implemented in 1st July 2017. There were 1,51,718 crores of gross GST collected in October 2022, of which 26,039 crore was […]
A lot of challenges have been faced by the idea of the government i.e merging the National Anti-profiteering Authority (NAA), which penalizes businesses for goods and services tax (GST)-affiliated profiteering, with the anti-trust regulator Competition Commission of India (CCI) along with the short span of nearly about a month left prior to the lapse of […]
The Apex court, post to the enactment of the Central Goods and Services Tax Act in 2017, the centre was not being restricted to carrying on with its pre-existing 100% outright excise duty exemption policy of 2003 for publicizing the activities of industries in some of the states like Uttarakhand and Sikkim where it is […]
Nearly Rs 510 cr has been already returned by the businesses which they made allegedly through the consumers, they face to return the bigger amount to consumers as per the official’s estimates on the statutory actions on the goods and services tax (GST) corresponding profiteering by the industry. Companies have either returned to the consumers […]
There are more than 7.9 million MSMEs in India dated 27th March 2022, as per the Ministry of Micro, Small, and Medium Enterprises. Nearly 30% of the country’s manufacturing production comes from MSMEs. In the 2022 Statista report, there are nearly 110 million Indians who worked in MSMEs in the financial year 2016. As compared […]
What is the GSTAT? The Central Goods and Service Tax Act, 2017 (CGST Act) in Section 109 mandates the constitution of a Goods and Service Tax Appellate Tribunal (GSTAT) and its Benches. Under the GST laws, the GSTAT would be a specialized appellate authority for resolving disputes. GSTAT has not yet been applied even after […]
Mr Tarun Bajaj (Revenue Secretary) has said that the Indian government will come up with new compliance for compounding offences under GST in an interview with Businessline. When & How will GST Offences be Decriminalized? We are working on the same and very shortly we shall release the document. We will proceed in the same […]
