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Last week, the Government included the Goods and Services Tax Network (GSTN), an IT branch that manages the GST Portal, with several agencies including the Financial Unit (FIU), an authority under the Prevention of Money Laundering Act (PMLA), to share information with. According to the list, the FIU, a national agency for receiving, processing, and […]
The 50th GST Council may provide clarification on July 11 regarding the TCS liability of suppliers engaged in e-commerce trading through Open Network Digital Commerce (ONDC) when multiple operators are involved in a transaction. The Department for Promotion of Industry and Internal Trade (DPIIT) has introduced a new program called ONDC, Open Network for Digital […]
As per the notification issued on July 7, the government has included the Goods and Services Tax Network (GSTN) within the Prevention of Money Laundering Act (PMLA). The Finance Ministry’s recent notice has changed a previous notification from 2006, making it simpler for the GSTN, the Enforcement Directorate, and other investigative agencies to exchange information. […]
Any prospective modifications in the Goods and Services Tax (GST) rates will need to be carefully considered and may need to be made gradually, according to Vivek Johri. In an interview, the Central Board of Indirect Taxes and Customs (CBIC) Chairman highlighted the significance of revenue efficiency and suggested that rate reduction be considered judiciously […]
For checking the bogus registration, the GST council would seem to diminish the 30 days duration from 45 days at present, for the submission of PAN-linked bank account information of the individual asking for the registration with the tax council. The meeting of the council dated 11th, July would seem to furnish for the compulsory […]
The Bombay High Court has ruled that the IGST (Integrated Goods and Services Tax) paid on zero-rated supplies will be refunded to the petitioner along with 7% interest. A two-member bench consisting of Justice G.S. Kulkarni and Justice Jitendra Jain have determined that the petitioner has the right to claim a refund for the IGST […]
Before the Goods and Services Tax (GST) Council meeting scheduled for July 11, the Fitment Committee has reportedly recommended a revision in tax rates for certain items. Sources reveal that the committee has proposed the elimination of taxes on Dinutuximab, a cancer drug, and a reduction in the tax rates for Kachri papad and steel […]
According to a statement released by industry group Assocham quoting Chief Executive of GSTN Manish Kumar Sinha, there are plans to disclose additional tax data related to location and industry to the public through the Goods and Services Tax Network (GSTN), a body responsible for processing GST returns. Sinha mentioned during an event that a […]
In the current investigation drive going all across India against the bogus registration, GST authorities would have fetched nearly 17000 non-existent GSTINs and cancelled over 4,900 registrations. Under Goods and Services Tax there are 1.40 cr businesses enrolled at present, pre-GST launch, there were almost twice as many enterprises registered under the indirect tax system. […]
