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Karnataka has set a record by collecting net GST collection of Rs. 14,593 crore. Although Karnataka has secured second position after Maharashtra which has a total GST collection of Rs. 33,196 crores, the state has again surpassed Gujarat (Rs. 11,721) and Tamil Nadu (Rs. 11,559) and put them in third and fourth position respectively. Telangana […]
The Member Secretary/Chairperson of the GST Council has been requested to extend the deadline for opting for the Forward Charge for GTA services. In light of the above-mentioned, it is respectfully submitted that in order to choose the Forward Charge of tax for the Financial Year 2023–24, the Goods Transport Agencies must submit Annexure V, […]
Various businesses are under pressure for the ITC claims as of engagement of large efforts. The revision of the late to the GST law would have been made by the government to tighten the claims of the ITC, via Budget 2023 the recent the has been executed. Modification in GST ITC from Budget 2023 You […]
What is Section 16 Under CGST Act? Section 16 of CGST ACT 2017 is concerned with the Input Tax Credit mechanism, which permits the assessee to offset the GST Input Tax Credit with the GST Output Tax Liability. The same shall assist in preventing the cascading effect of taxes and promote a seamless flow of […]
The rise of the tax in the GST regime would have been rectified for the central government but it does not rectify for the states yet a working paper via the National Institute of Public Finance and Policy (NIPFP) elaborated. Sacchidananda Mukherjee who is a professor at the autonomous research institute under the Ministry of […]
In an audacious move last year, in the 47th general meeting of the GST Council, both offline and online sellers were brought on an equal footing concerning the mandatory registration of GST. Before, online sellers needed to register for GST by selling through e-commerce. It was mandatory, regardless of their annual revenue. In the case […]
It was ordered by the Gujarat Authority for Advance Ruling (AAR) that 18% GST will be levied if the applicant gets a one-time premium on the allotment of completed commercial units or buildings. The one-time premium received by the petitioner on the assignment of finished commercial units or buildings is taxable under Section 7 of […]
The Delhi Bench of Appellate Authority for Advance Ruling (AAAR) stated that the Ministry of Housing and Urban Affairs (MoHUA), does not exempt from Goods and Service Tax (GST) on the sale of commercial built-up areas. The petitioner, NBCC India Ltd is a Government of India company whose operation is a project management consultancy, real […]
The finance ministry released a statement saying, the GST collection spiked by 13 per cent in March 2023 reaching the second-highest peak of Rs 1.60 lakh crore. GST collections touched and crossed the magical number of 1.5 lakh crores four times in the current financial year. According to the government, “the overall GST income received […]
