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Any prospective modifications in the Goods and Services Tax (GST) rates will need to be carefully considered and may need to be made gradually, according to Vivek Johri. In an interview, the Central Board of Indirect Taxes and Customs (CBIC) Chairman highlighted the significance of revenue efficiency and suggested that rate reduction be considered judiciously […]
The tax authorities have increased their tax demands on several manufacturers of automobile parts, citing a Supreme Court ruling involving a business owned by the West Bengal government. As per informed sources, the Directorate General of Goods and Services Tax Intelligence (DGGI) has issued notices to at least 17 of these businesses in the last […]
The Central Board of Indirect Taxes and Customs (CBIC) has introduced an online feature that allows taxpayers to conveniently track the status of their refund applications in real time. This initiative aims to provide a more efficient and transparent process for taxpayers. To facilitate the tracking of refund applications, different colours have been assigned to […]
The GST Authority for Advance Ruling, in a recent ruling, exempted GST on compensation that is paid to sub-contractor as an out-of-court settlement. As per GST provisions, complying with the obligation to evade an act, abide by an act or situation, or do an act constitutes a GST-taxable supply of service. High courts have given […]
Towards the MSME that asks for assistance on the services like ‘Business Accounting, Tax Filings, GST Calculation & Filing Support’, business support would arise as an important area. It is hard for MSMEs to maintain the quarterly GST and income tax filings within time because of a lower understanding of the needs. An MSME Sentiment […]
According to official sources aware of the ongoing investigation, a central agency tasked with preventing the loss of Goods and Services Tax (GST) revenue has finished its investigation into at least 6 of the 30 insurance companies it is looking into over allegations of improper commission payments to their agents and is in the process […]
The electric vehicle (EV) industry is expected to experience significant growth, potentially reaching a value of $150 billion by 2030. In light of this, it is crucial to examine the applicability of the Goods and Services Tax (GST) to a crucial aspect of the EV ecosystem—the charging infrastructure. Current Framework As Per GST Laws To […]
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 […]
GST council in its forthcoming meeting dated 11th July would seem to address and authorize the revisions in the mechanism to fetch the bogus ITC claims. The revisions would have the listing of the risk profiling parameters of the entities comply with the physical verification. The GST Council will need to approve any modifications to […]
