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Starting from October 1st, there will be an 18% Integrated Goods and Services Tax (IGST) imposed on the import of online services for personal use from offshore digital service providers. These providers include software vendors, content streaming platforms, social media companies, and search engines that host advertisements. This new tax regulation is by a directive […]
The Superintendent of Central Tax must make an unbiased decision independently, unaffected by the guidance from the DGGI, Kochi Zonal Unit, the Kerala High Court has ruled. Justice Dinesh Kumar Singh’s bench has noted that the DGGI, Kochi Zonal Unit had already made the decision to cancel the GST registration of the petitioner. The competent […]
This summary highlights four important circulars issued in July 2023 regarding tax compliance. The first circular addresses the reconciliation of Input Tax Credit (ITC) between GSTR-3B and GSTR-2A, outlining how changes in rules have impacted ITC claims. The second circular discusses refund-related issues, clarifying that refunds are now limited to the ITC amount shown in […]
In August, there was a record-breaking number of 9.34 crore e-way bills generated, as per data from GSTN, the IT system for indirect taxes. This surpassed the previous high of 9.09 crore e-way bills in March of the same year. While GSTN hasn’t specified the exact reasons for this surge in GST e-way bill generation, […]
As per the Central Board of Indirect Taxes and Customs (CBIC), the enrolled businessmen on the GST network portal in Punjab’s Bathinda should show their GST number on their premises and if they do not follow then they need to pay a fine of Rs 50,000. For the GST verification, the CBIC is running the […]
To rectify the experience of the assessee the income tax department would have opted a significant step through initiating the newly updated national website, www.incometaxindia.gov.in. The website secures an upgraded user interface, helpful additional features, and new modules to uphold growing technology. Nitin Gupta, the Chairman of the Central Board of Direct Taxes (CBDT), launched […]
GST revenue in July of Tamil Nadu and Karnataka has outdone the other states in average GST collection. The states are doing well in their growth in GST collection in the first four months of this fiscal year. On the contrary, Telangana has shown a decline by a single digit in its year-on-year growth rate […]
India’s Gross Goods and Services Tax (GST) revenue collection for the month of July 2023 has surpassed a whopping ₹1,65,105 crore, representing an outstanding 11% year-on-year rise. This significant milestone marks the fifth time that GST collection has topped the 1.6 lakh crore threshold since its implementation. The country’s economic resiliency and the successful implementation […]
Last week, the Government included the Goods and Services Tax Network (GSTN), an IT branch that manages the GST Portal, with several agencies including the Financial Unit (FIU), an authority under the Prevention of Money Laundering Act (PMLA), to share information with. According to the list, the FIU, a national agency for receiving, processing, and […]
