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The central government has declared to allocate Rs 30,000 crore as GST compensation to states for the financial year FY 21, the finance ministry said yesterday. Interestingly, last week while giving a reply in the budget session, Finance Minister Nirmala Sitaraman had acknowledged in the Rajya Sabha that for the month of March 2021, States […]
The covid-19 pandemic has given a setback to the goods and services tax (GST) collections through India so far, the fiscal year obtaining lower than half of the revised full-year target. The central government has obtained only 47% of the amended full-year target of Rs 6.90 lakh crore GST collections. It is to note down […]
When the Goods and services tax (GST) regime was made on July 1, 2017, the commercial tax department recognized an 85% rise in the number of assessees who denied filing the returns. The council also mentioned a rise in the number of cases in which tax left still not have been furnished from the last […]
The Karnataka AAR held that 18% GST is relevant on erection & commissioning of lifts or escalators for domestic use. The applicant is the owner of M/s BG Elevators and Escalators Private Limited is an enrolled private ltd company that performs trading and erection and commissioning of lifts and elevators for domestic and commercial use. […]
As per the ruling of West Bengal’s Authority for Advance Ruling (AAR), selling and serving eatables within the office premises is not subject to the benefit of Input Tax Credit (ITC). However, selling eatables and sweets within the office premises for consumption outside office premises is subject to the benefit of Input Tax Credit (ITC). […]
The Comptroller and Auditor General of India (CAG) has reported technical glitches in the entire mechanism of Goods and Services Tax (GST) even after 3 years of its implementation and further advised computerisation of legal processes and legal procedures in addition to fixing the roll-out plan of a simplified GST regime. Starting from the legal […]
Businesses are in an unfortunate situation. Things are not as easy as they appear apparently. While the centre is busy putting in efforts to accelerate tax compliance by implementing technology-driven infrastructure, the businesses are losing tax credits owing to supplier defaults. Notably and Interestingly, while one entity (Suppliers) is committing a mistake, the repercussions of […]
Andhra Pradesh High Court has quashed the assessment order of the GST Department on the ground that the notice was posted at the previous Address even when the address was amended in the GST registration certificate. “The petitioner is M/s. OSTRO Anantapur Private Limited, Anantapur, and it is involved in the trade of generation and […]
The Central Board of Indirect Taxes and Customs (CBIC) has already made e-invoicing mandatory for all businesses with a turnover of 5+ crore. CBIC first mandated it for businesses having turnover of 500+ crores in October 2020, for businesses having turnover of 100+ crores in January 2021, 50+ crores in Apr 2022, 10+ Crores in […]
