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Circular No. 239/33/2024-GST, dated December 4, 2024, has been issued by the Central Board of Indirect Taxes and Customs (CBIC) amending the provisions for the adjudication of the Show cause notices furnished via the officers of the Directorate General of Goods and Services Tax Intelligence (DGGI). Authority has been provided to the Additional Commissioners and […]
The Punjab Textile Merchant Association has asked Punjab Finance Minister Harpal Singh Cheema to counter-urged amendments to the Goods and Services Tax (GST) on garments at the forthcoming 55th GST Council meeting. The association members in a letter to Cheema emphasized their concerns towards the surge in GST rates. The proposals comprise of raising the […]
It was revealed by Pankaj Chaudhary minister of state in the Ministry of Finance that the government has collected Rs 4792.4 crores from Goods and Services Tax (GST) applied before the education services in the FY 2023-24. Such services are not waived under GST with an 18% tax rate imposed on them under Service Accounting […]
Through Goods and Services Tax (GST) the revenue collected by the union government on healthcare and life insurance services has moved up by 680 per cent to Rs 16,398 crore in 2023-24 from Rs 2,101 crore in 2019-20, Minister of State for Finance Pankaj Chaudhary said in a written reply in Lok Sabha. Marginally GST […]
The Ministry of Skill Development and Entrepreneurship (MoSD) has recommended categorizing manpower services as “merit services” within the Goods and Services Tax (GST) system. If approved, this reclassification could lower the GST rate on such services from 18% to 5%, making them more affordable for businesses and possibly reshaping the labour market. According to the […]
In the case of Bar Code India Limited vs Union of India, the Punjab & Haryana High Court ruled that corrections to a purchaser’s GST number in the GSTR-1 return cannot be made after the limitation period has expired. The court emphasized that errors by a company, causing financial loss to another, do not initiate […]
The Goods and Services Tax (GST) department typically initiates an audit when it detects discrepancies or suspicious activities, such as inconsistencies in GST returns or a significant mismatch between input and output tax credits. After completing the audit, a report is prepared, and a notice is issued to the taxpayer based on the findings. For […]
The Noida Power Company Limited (NPCL) in an action set to propose certain financial relief to the power consumers in Greater Noida, has exempted 18% Goods and Services Tax (GST) on distinct ancillary services of the electricity distribution, as per the officials. The waiving off applicable to significant services to the electricity distribution sector makes […]
Definition of New GST Forms SPL-01 and SPL-02 In November 2024, the Goods and Services Tax Network (GSTN) announced that GST Forms SPL-01 and SPL-02, to claim the exemption of interest and penalties under section 128A of the GST Act will be introduced in January 2025. Latest Update 53rd GST Council Meeting From the suggestions […]
