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It was discovered by the GST officers that nearly 18,000 bogus companies have been evading taxes of around Rs 25,000 crore. By claiming the tax benefits without performing the real business these companies were being made merely to cheat the Goods and Services Tax (GST) system. This investigation which ran from August 16 to the […]
Amendments have been introduced by the Central Government to the Central Goods and Services Tax Act, 2017, under the Finance (No. 2) Act, 2024, which has the objective of improving tax compliance and facilitating the load on taxpayers. the Gujarat government has furnished an ordinance revising the state GST act to extend these relaxations in […]
The Federation of Industrial and Commercial Organizations (FICO) called on the government to lower and streamline the Goods and Services Tax (GST) on iron and steel from 18% to 12%. FICO in a written memorandum addressed to the Union Steel Ministry and GST council stresses the requirement for a lower tax imposition to increase the […]
Determining that the proper officer has passed the order of cancellation of GST registration of taxpayer with retrospective effect, it was mentioned by the Delhi High Court that these orders do not specify any reason for cancelling the GST registration much less from retrospective effect. The HC discovered that the mere allegation against the taxpayer […]
The Delhi High Court quashed the show cause notice and the order of cancellation of GST registration after discovering that the SCN and the final order failed to furnish any clue concerning the provision of the statute which was alleged to have been breached or infringed. “The SCN is gloriously silent concerning the provisions of […]
On the GST rate rationalization, the GoM suggested lowering the tax rates on 20-litre packaged drinking water bottles, bicycles, and practice notebooks to 5%, however, it recommended raising the taxes on high-end wristwatches and shoes, as per the official. According to officials, GoM’s decision on the rate rejig on the GST rate rationalization under Bihar […]
Rajasthan’s Authority for Advance Ruling (RAAR) carried that Goods & Services Tax (GST) on corporations from overseas group entity liable to get paid merely one time, not periodically. Experts cited that the ruling is in line with the circular, for the entire duration of the guarantee it has the challenge of filing the full tax. […]
The Central Board of Direct Taxes (CBDT) has introduced a new tax form 12BAA specifically designed for the disclosure of non-salary income and the inclusion of information on Tax Collected at Source (TCS). What is the New Tax Form 12BAA? The Form 12BAA is the statement that depicts the particulars for the objective of sub-section […]
It was mentioned by the Kerala High Court that the taxpayer could not avail of the Input tax credit for the transportation services if the costs of it are not comprised in the assessable value of goods for the payment of central excise duty. It was marked by the Division Bench of Justices A.K. Jayasankaran […]
