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In just six years, the Goods and Services Tax (GST) has increased significantly. From around 68 lakh in 2017 to around 1.4 crores the number of assessees would have twice, indeed the average monthly revenue has also climbed approx to the identical rate from near to Rs 90,000 crore in 2017-18 to Rs 1.69 lakh […]
The nationwide campaign against fraudulent GST registration has caused problems for e-commerce businesses, that run virtual offices across several states with little staff and no books of accounts. Tajinder Singh, vice president of taxation at MakeMyTrip Group, told PTI that the GST officials should consult the head offices about virtual offices before labelling the state […]
On the supply of goods and services in India, GST would be the complete indirect tax that would get charged. The Goods and Services Tax (GST) has been in place for more than five years, but the GST litigation is still in its infancy. It is anticipated that as time quickly passes, more and more […]
In a recent move, taxpayers under the Goods and Services Tax (GST) are allowed to explain the errors or discrepancies in their inward and outward supply filed in tax returns on the GST portal itself, without being worried about receiving notice from the tax authorities. The Central Board of Indirect Taxes and Customs (CBIC) has […]
There is significant growth noticed after the introduction of the Goods and Services Tax (GST) in 2017. New taxpayers have increased in number. The number of active GST taxpayers has climbed by 124% in six years, from 5.08 lakh on July 1, 2017, when the new regime went into effect, to 11.44 lakh at present, […]
Since the plan of the tax authorities is deep dive into their business exercise to fetch the potential of a raft tax associated irregularities and thus the insurance companies might face GST audits. On the basis of fictitious invoices created by their channel partners and intermediaries, several insurance businesses are being investigated for improperly claiming […]
The Odisha Goods and Services Tax (Amendment) Bill, 2023 has been approved by the State Cabinet, chaired by the Chief Minister of Odisha, Naveen Patnaik. This Bill proposes to provide certain facilities and tax authorities in the state, while also simplifying the existing provision. According to the amended Bill, appeals against decisions made by the […]
For enabling the setting of the appellate tribunal with its principal bench in Delhi, the state government has been questioned by the centre to approve the revisions of their respective GST laws. By December, the tribunal shall secure the benches within the states. In March the Parliament would provide its nod to revise the GST […]
The Calcutta High Court has remanded the case back to the department, emphasizing that the buyer/petitioner had made the payment for the purchased items and the corresponding tax through a bank transaction, rather than in cash at the time of the transaction. Furthermore, it was noted that the supplier’s name was already registered as a […]
