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The CBIC or The Central Board of Indirect Taxes and Customs has directed its field offices to charge GST on goods stored in customs warehouses by the third party only during final clearance. The move comes after the amendment in the Customs Tariff Act.
Many chartered accountants and GST experts in India had applied to become a practitioner of Goods & Services Tax, however, the applications of many of them are still under processing.
The Goods and service tax is the biggest reform by the Indian government to tackle the complex tax rate structure that was followed until now.
The GST council and the CBEC are being considered as the topmost authority in the upcoming goods and service tax direction. And ahead of GST, the finance ministry is in full preparation to change the name of old The Central Board of Excise & Customs (CBEC) into the specific Central Board of Indirect Taxes & Customs (CBIC) as soon as possible.
The Punjab and Haryana High Court has provided interim relief in a case that questions the imposition of Goods and Services Tax (GST) on corporate guarantees. This decision has temporarily prevented any coercive measures from being taken against the petitioner involved in the case. Asking for relief, Panacea Biotec approached the High Court. The applicant’s […]
In the Union Budget, the Coaching Federation of India has urged Finance Minister Nirmala Sitharaman to rationalise Goods and Services Tax (GST) on coaching and supplementary education services, claiming the existing tax structure is pushing up costs for parents and squeezing small education businesses. The Coaching Federation of India (CFI), New Delhi, in a representation […]
The Telangana High Court has held that revenue generated from the sale of tissue-cultured plants is categorised as farming income and is thus exempt from income tax under section 10(1) of the Income Tax Act, 1961. The Bench of Justice P. Sam Koshy and Justice Narsing Rao Nandikonda has said that the statutory test is […]
The Gauhati High Court, in a ruling addressing one of the most litigated issues under the Goods and Services Tax regime, has held that input tax credit (ITC) cannot be denied to a bona fide purchaser merely because the supplier failed to upload invoices or file appropriate returns. The Court observed that shifting the consequences […]
In the next 57th meeting, the GST council may acknowledge a tax reduction on air and water purifiers because of the poor air quality across the country, and access to safe drinking water remains uneven. The council can analyse reducing the goods and services tax (GST) on air and water purifiers for domestic use from […]
