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No GST shall be applicable to the government incentives provided to the banks for motivating the practice RuPay debit cards and low-value BHIM-UPI transactions, under the finance ministry. The cabinet ministry has authorized a Rs 2,600-crore incentive program for banks to facilitate RuPay debit cards and low-value BHIM-UPI transactions in the current year. “As recommended […]
The Chhattisgarh Bench of the Authority for Advance Rulings (AAR) has declared that the 18% Goods and Services Tax rate applies to BENQ 75-inch Interactive Flat Panel Screens utilized for Data Processing. The authority, comprised of Sonal K Mishra and Rajiv Kumar Agrawal, further highlighted that the same will attract 28% if other tasks other […]
Input Tax Credit (ITC) cannot be denied owing to the cancellation of the GST Registration with retrospective effect, according to a decision by a division of the Calcutta High Court (HC). The respondents in the writ petition are LGW Industries Limited & Ors. Although the respondents/writ petitioners had requested a broader relief in the writ […]
According to the Gujarat Authority for Advance Ruling (AAR), the nonprofit organization’s afforestation activities are GST-exempt. The two-person bench of Amit Kumar Mishra and Milind Kavatkar noted that mangrove plantation efforts fall within the category of charity activity. Since the applicant is a charitable trust registered under Section 12AA of the Income-tax Act of 1961, […]
There are Rs 1.5 lakh cr Gross GST revenue receipts totalled in the December month, a 15% year-on-year higher showing that the demand is higher following the before time as well as the initiatives to enhance the compliance has an effect. In the month of December, the gross GST revenues were Rs 1.49 lakh crore, […]
Jharkhand High Court Judges Deepak Roshan and Aparesh Kumar Singh directed petitioner Shivam HiTech Steels Pvt. Ltd to search all available options. Its manufacturing facility is located in Chhattisgarh and it makes ferroalloys and other ancillary products. For the purpose of furthering its business, the petitioner received a purchase order from Tata Steel Limited. Accordingly, […]
The Central Board of Indirect Taxes and Customs has made it clear that once a company enters the bankruptcy process, it cannot be made to pay back taxes, such as GST, in excess of the “reduced amount” established. Banks and investors will benefit from the change in a more assured way. CBIC mentioned that when […]
GST annual return would be the compilation of all the company transactions that happened during a Financial Year included in the GST Annual Return. If your Turnover exceeds 2 cr you must file a GST Annual Return. If your revenue exceeds Rs. 5 crores, you must file a GST Reconciliation Statement in addition to your […]
The method for submitting a request for a refund by an unregistered person under the GST system has been defined by the Central Board of Indirect Taxes and Customs (CBIC). Considering the cases that have been brought to light, where unregistered purchasers, had a contract or arrangement with a builder for the provision of services […]
