Search results for: GST impact

Summary of New GST Section 74A

It was ruled by the Delhi High Court that GST exemption on foreign reinsurance services in respect to government insurance schemes applies with retrospective effect, from July 1, 2017, onwards. The same was under the fact that though the exemption was notified dated July 27, 2018, the government standardized GST obligation on these services in […]

To facilitate GST compliance the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 22/2024-Central Tax dated October 8, 2024, to report the process of executing the newly inserted sub-sections (5) and (6) in Section 16 of the CGST Act, 2017. The very notification furnishes a process to rectify the orders pertinent […]

The Central Board of Indirect Taxes and Customs (CBIC) in relief for the taxpayers facing tax demands from the previous fiscal years has issued GST notification No. 21/2024–Central Tax dated October 8, 2024, specifying the procedure and prerequisites for the exemption of interest, penalty, or both, concerning tax demands u/s 73 of the Central Goods […]

To rationalize GST rates the ministerial-level committee has been made that furnishes a relief before the consumers. It is anticipated that the GST rates on distinct medicines, insurance, and tractors shall be reduced to 5% in the next month. At present there is a 12% or 28% GST on tractors as per their classification. The […]

On GST rate rationalization the Group of Ministers (GoM) in its meeting conducted in Goa articulated assistance for diminishing the GST rate on education materials from 12 to 5 per cent relief to a wider portion of the population. The panel arrived to raise the GST rates on textiles and apparel items that cost over […]

E-way bill generation has emerged from improved compliance and stringent enforcement by GST field formations, arriving at an all-time high of 10.54 crore in August 2024, according to Goods and Services Tax Network (GSTN) information. This is the sixth occasion since the e-way bill was introduced in 2018, and the fourth consecutive time this fiscal […]

Yaduveer Krishnadatta Chamaraja Wadiyar, the MP from Mysuru, had a meeting with Finance Minister Nirmala Sitharaman in New Delhi, where he requested her to extend the GST exemption for black pepper. The MP said that he met the Finance Minister and was concerned about the GST exemption for black pepper, a critical concern for farmers […]

The High Court Of Calcutta, in a case set aside the GST registration cancellation as of not filing the returns and asked for the restoration of the registration furnished the applicant to file all the overdue returns and pay the required tax, interest, fines and penalties. A writ petition has been filed by Biswajit Basu, […]