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The government is exploring the inclusion of electricity within the goods and services tax (GST) framework. The Union Power Ministry is actively assessing its potential effects on various fronts such as industry, state revenues, and household electricity expenses. Historically, electricity, along with commodities like petrol, diesel, and natural gas, has existed outside the realm of […]
A GST assessee is permitted by the Bombay High Court to amend the bonafide mistake in the GST Form GSTR-1 beyond the set time duration. The petition contested a communication dated 27th September 2023 from the respondent-Deputy Commissioner, State Tax. In response to the petitioner’s application to modify or amend form GSTR-1 for the financial […]
The government seems to collect more GST in this fiscal year compared to the expectations with the continuous surge in the monthly mop-up recommending the Budget estimate for 2023-24 can be amended upwards if the Finance Minister Nirmala Sitharaman shows the Interim budget for 2024-25 dated 1st Feb 2024. In the initial 8 months of […]
Punjab’s Finance Minister, Harpal Cheema, announced on Saturday that the state has witnessed a 16.61 percent growth in gross Goods and Service Tax (GST) collection until November. Furthermore, the Excise revenue has demonstrated a remarkable growth of 11.45 percent in the initial eight months of the fiscal year 2023-24, surpassing the figures recorded during the […]
Finance Minister Nirmala Sitharaman said on Monday that the Goods and Services Tax (GST) system is progressing from unpredictability to assurance regarding certain matters. This statement aimed to alleviate concerns of global firms regarding “tax certainty,” particularly in light of recent tax demands and investigations conducted by revenue authorities. According to the Finance Minister, the […]
The Rig Owners and Agents Welfare Association in Madurai expressed their concerns regarding the absence of clear government instructions exempt GST on rig/borewell work which is used for agricultural activities. According to the association members, farmers were burdened with paying 18% GST due to the lack of clarity. Note: Madurai District Rig Owners and Agents […]
The Allahabad High Court ruled that once an e-way bill is generated by the taxpayer and not cancelled within the time specified in the Goods and Service Tax Act, 2017, the movement of goods and legitimacy of the transaction cannot be contested by the Department. Justice Piyush Agrawal, while nullifying the penalty order issued under […]
The Madras High Court ruled that the GST Council doesn’t have the authority to determine the classification of flavoured milk while providing relief to Parle Agro regarding its taxability. In a recent judgment, a single judge bench declared that flavoured milk should be subject to a 5 percent GST rate. This contrasts with the GST […]
Nearly Rs 1600 cr as GST has been paid by the Indian subsidiaries of as many as 80-90 multinational corporations (MNCs) together on the claimed services from the offshore pertinent companies. In the former months, the taxes filed via MNCs are towards the transactions incurred between FY18 and 22. Before distinct MNCs in the past […]
