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The state goods and services tax (SGST) department’s probe into the newly uncovered Rs 4,120 crore bogus billing fraud revealed that the data from 1,545 Aadhaar cards had been improperly altered. Afterwards, 2,721 GST registrations were obtained using these cards. Of these registrations, Gujarat accounted for 1,662, or around 61%. Aadhaar data for around 1,545 […]
A person who is registered as a composition taxpayer cannot generate taxable invoices, collect GST from consumers, or claim ITC on purchases, according to the Central Board of Indirect Taxes and Customs (CBIC). The explanation came in response to a popular video showing a restaurant tricking patrons even though it was a composition taxpayer under […]
The business warns that the requirement to pay GST, or the goods and services tax, of 18%, on the services of transporting products, might cause cash flow problems at a time when exports are falling. This is in response to a GST Council that suggests that the location of the service recipient should be used […]
The 49th GST Council Meeting has resolved to change entry at Sl. No. 41A of notification No. 1/2017-Compensation Cess (Rate) so that exemption advantage encompasses both coals reject provided to and by a coal washery, arising out of coal on which compensation cess has been paid and no person has claimed an input tax credit […]
In table 4 of GSTR-3B, the Goods and service tax network (GSTN) initiated the negative values. A few differences in Table 4 of Form GSTR-3B would be notified by the government in order to enable the assessees for reporting the precise data for the claimed ITC, ITC reversals, and ineligible ITC. As per the amendment, […]
GST on the liquid jaggery also called raab would be diminished to nil or 5%. Union Finance Minister Nirmala Sitharaman reported that the GST on “Raab” has been cut from 18% to zero if it is loose during the 49th meeting of the GST Council. Nevertheless, if it is pre-packaged and labelled packages, a GST […]
Under the Chairpersonship of Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the 49th GST council meeting would have launched different suggestions concerning the GST compensation, GST Appellate Tribunal, approval of the Report of Group of Ministers (GoM) on Capacity Based Taxation and Special Composition Scheme in specific Sectors on GST, recommendations relating […]
In a recent decision, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) found that a 7-day delay in filing an appeal might be excused since the CA was preoccupied with income tax and GST compliance. Chennai ITAT has made the observation, when appeals were preferred to it by the taxpayer, as against the […]
The scrap steel sector, which obtains its raw materials mostly from unorganized scrap dealers, has requested that the GST structure be rationalized through the use of a “reverse charge mechanism,” in which manufacturers would be responsible for paying taxes. The GST Council was encouraged on Thursday by the All India Induction Furnaces Association (AIIFA), a […]
