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the National Restaurant Association of India appealed to the government to reinstate input tax credit for restaurants. Additionally, they recommended an increase in the GST rate existing 5% to 12% in anticipation of the upcoming Union Budget. In a letter addressed to Finance Minister Nirmala Sitharaman, the National Restaurant Association of India emphasized the need […]
Corporate India is anxiously anticipating clear guidelines regarding a potential extension to the sunset period for accessing the discounted tax rate of 15 per cent applicable to companies establishing new manufacturing units. Numerous industry associations have formally requested the Finance Ministry to consider a three-year extension to the concessional tax framework, set to conclude on […]
Emphasizing the significance of adhering to due process and complying with statutory obligations, the Jharkhand High Court made a noteworthy decision by nullifying criminal proceedings related to the failure to comply with summons issued under Section 70 of the Central Goods and Services Act, 2017 (CGST Act). It is important to highlight that Section 70 […]
The upcoming Union Budget for the fiscal year 2024-25 might introduce measures to alleviate the minimum threshold, adjust input tax credit, and revise GST rates on insurance products, aiming to facilitate smoother business operations. Nevertheless, Finance Minister Nirmala Sitharaman is likely to refrain from significant alterations to the GST rates due to the presentation of […]
Section 16(4) of the Goods and Services Tax (GST) Act is the attractive provision permitting assessees to avail the ITC lessening the cascading effect that is in the VAT regime which came with the influential catches and setbacks levied in the form of the conditions to be fulfilled transferring the vested ITC nature to a […]
In December, the combined GST revenue gathered by central and state governments amounted to ₹1.64 trillion, slightly under the average of ₹1.66 trillion per month for the year. However, this still marked a significant 10.3% increase compared to the previous year’s figures. In December 2022 nearly Rs 1.5 trillion is been collected by the Centre […]
Section 74(1) of the Central Goods and Services Tax Act, 2017 states that if the proper officer suspects non-payment, short payment, erroneous refund, or wrongful availing/utilization of input tax credit due to fraud, willful misstatement, or suppression of facts to evade tax, they must serve a notice to the person liable for the unpaid tax […]
The Delhi High Court in the case of M/S SETHI SONS (INDIA) Vs. ASSISTANT COMMISSIONER has permitted the GST Refund claim beyond the limitation time owing to a late filing because of GST Portal Glitches. The petitioner lodged this petition due to being dissatisfied with the refusal to refund unused input tax credit (ITC) gathered […]
As small businesses look ahead to further Goods and Services Tax (GST) reforms in the upcoming year, several crucial GST-related changes impacted MSMEs in 2023. Let’s take a swift look back at the significant events of the past year for these resilient small businesses that have navigated through regulatory shifts with determination. Validate the Units […]
