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According to recently released time series data from the Income-tax department, the combined number of income tax returns (ITRs) submitted by personal income tax filers (PIT), which includes both individuals and Hindu Undivided Family (HUF), experienced a substantial 94% increase during the initial nine years of the Narendra Modi government, spanning from FY15 to FY23. […]
The KGST Department has recently issued a circular no. 16/2023, under its authority in accordance with Section 168 of the Kerala State Goods and Services Tax (KSGT) Act, 2017 to establish a standardized issuance of notices under Sections 73 and 74. These sections deal with the determination of tax liabilities, where Section 73 applies to […]
In this post, we have discussed the recent GST changes effective from the 1st of October 2023. Sections 137 to 162 of the Finance Act, 2023 (the FA,2023) (except Sections 149 to 154) wef October 01, 2023 vide Notification no. 28/2023-Central Tax dated July 31, 2023. From August 01, 2023 Sections 149 to 154 of […]
On October 7th, 2023, the 52nd Goods and Services Tax (GST) Council Meeting, presided by the Union Finance Minister, was conducted. The minister was accompanied by Revenue Secretary Sanjay Malhotra, State Finance Minister Pankaj Chaudhary, CBIC chairman ..etc. The Council has proposed an alteration to sub-rule (2) of Rule 159 within the CGST Rules of […]
The government’s recent announcement, effective from October 1, exempts payments for goods imported via ocean freight from the 5 percent integrated Goods and Services Tax. The Finance Ministry has officially modified the IGST Act, specifically addressing the payment of integrated GST on ‘ocean freight’ for imported goods, beginning October 1. As it stands, importers are […]
The government is currently developing a supplier database that will assess suppliers based on their history of complying with the goods and services tax (GST), their credit history, transaction records, and past instances of non-compliance. This plan could be included in the upcoming budget proposal and put into action during the following year. Companies will […]
In a recent development, there is growing concern in Kerala and Lakshadweep over the allocation of GST Appellate Tribunal benches by the Union Finance Ministry. Despite earlier assurances to Kerala about the establishment of two benches, a recent notification has designated only one bench, leading to confusion and disappointment in the state. This decision has […]
This summary highlights four important circulars issued in July 2023 regarding tax compliance. The first circular addresses the reconciliation of Input Tax Credit (ITC) between GSTR-3B and GSTR-2A, outlining how changes in rules have impacted ITC claims. The second circular discusses refund-related issues, clarifying that refunds are now limited to the ITC amount shown in […]
A senior government official has revealed that pilot initiatives aimed at testing biometric and geotagging authentication for GST registration have been postponed due to disagreements concerning access to the Aadhaar identity database. Nevertheless, the finance ministry remains optimistic about implementing both biometric and geotagging authentication methods in Fiscal Year 2025. These measures are designed to […]
