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The Income Tax Appellate Tribunal (ITAT), Mumbai, has delivered an important ruling on the treatment of Goods and Services Tax (GST) for non-resident taxpayers. According to the tribunal’s decision, GST collected by a non-resident assessee must be excluded from ‘gross receipts’ when determining presumptive income under Section 44BB of the Income-tax Act, 1961. This clarification […]
The Tripura High Court has recently clarified that a penalty paid under economic pressure cannot be considered a voluntary admission of liability. The Court further emphasised that tax authorities are still required to issue a final, well-reasoned order in accordance with the Tripura State GST Act, 2017. A recent ruling has emerged from the case […]
The Forum for Internet Retailers, Sellers & Traders (FIRST India), an association representing more than 300 online platforms focused on micro, small, and medium enterprises (MSMEs), has reached out to Finance Minister Nirmala Sitharaman for clarification on the Goods and Services Tax (GST) regulations. Their communication highlights concerns surrounding the ambiguity in classifying intra-state and […]
The Kerala Goods and Services Tax department has started a GST registration drive in the State in a bid to bring more traders under the tax net and ensure tax returns are submitted in said time. Finance Minister K.N. Balagopal, presenting the 2025-26 State Budget last February, had declared that State-level campaigns would be organised […]
In October, Goods and Services Tax (GST) collection surged 4.6% to Rs 1.96 lakh crore compared to Rs 1.87 lakh crore in October 2024, as per the data of the government. The net tax collections of the government, post deducting refunds, have arrived at Rs 1.69 lakh crore, or 0.6% more than in October 2024. […]
The Delhi Sales Tax Bar Association, a well-established group of tax professionals in India, has approached the Union Finance Minister with an important request. They are asking for the quick setup of the GST Annual Return (Form GSTR-9) and Reconciliation Statement (Form GSTR-9C) for the financial year 2024-25 on the GST online platform. This will […]
In India, the Goods and Services Tax (GST) system represents a significant step in easing the collection of taxes on goods and services. An update has been launched by the government called GST 2.0, which revises the way taxes are structured to make the system simpler to comprehend, transparent, and effectively suited to the requirements […]
In today’s meeting, the Goods, Services Tax Council, led by Finance Minister Nirmala Sitharaman, will discuss a shift to a two-slab system anticipated to lessen the costs of daily items by rationalising and reducing the brackets under which most goods are taxed. Below Are the Updates Recommendations on rate rationalisation, which Prime Minister Narendra Modi […]
The Gujarat Chamber of Commerce and Industry has urged Finance Minister Nirmala Sitharaman, in a letter, to ease the GST framework by issuing industry-specific guidance notes, as the government is working on next-generation GST reforms. Nayan Sheth, chairman of the indirect tax committee of the GCCI, cited that the devotion of the government to lessen […]
