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Search results for: Goods and Services Tax

Telangana GST AAR's Order for M/s Gandour India Food Processing Pvt Ltd

AAR: 5% GST Are Subjected to Chocolate Manufacturing Jobs

The manufacturing job work of chocolates is liable to 5% Goods and Service Tax (GST), according to a decision by the Telangana Authority for Advance Ruling. The applicant, M/s Gandour India Food Processing Pvt. Ltd., is a major player among Rangareddy, Hyderabad’s chocolate manufacturers. It is renowned for offering services in the following industries: sugar-coated […]

20% TCS on Spending Via International Credit Card in Foreign Currency

Paying Foreign Currency Using International Credit Card Attracts 20% TCS

Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]

Discrepancies in Data of GST Returns May Attract Tax Notices

GST Data Discrepancies B/W Returns May Draw Legal Notices

This week, The Central Board of Indirect Taxes and Customs (CBIC) introduced a new module to check GST returns automatically. This system is able to identify mistakes or differences between various types of tax returns. If such discrepancies are found. assessees will receive a notice informing them about errors. It works by correlating different returns […]

Integrated Tax Rate GST Notification No. 05/2023

Center Grants Relief to GTA for Opting GST Payment Till 31st May

The last date for Goods and Transport Agencies to utilise the option of paying GST on an advance charge basis for the current FY to May 31 by the Government. The option of collecting and paying GST on a forward charge basis is available to goods transport companies under the GST system. However, if they […]

Telangana GST AAR's Order for M/s. Raminfo Limited

AAR Sets 28% GST as Ambulance Supply to Tripura Govt, an Interstate Supply

The Telangana Authority of Advance Ruling (AAR) has ruled that the supply of ambulances received by the Tripura Government is liable for 28% because it is considered an interstate supply. The two-judge bench of Kasi Visweswara Rao and Sahil Inamdar held that the tax being levied on goods shall increase during supply under the provisions […]

2nd Highest GST Collection State in April 2023

Karnataka GST Collection Pushes Gujarat, Maharashtra in Top

Karnataka has set a record by collecting net GST collection of Rs. 14,593 crore. Although Karnataka has secured second position after Maharashtra which has a total GST collection of Rs. 33,196 crores, the state has again surpassed Gujarat (Rs. 11,721) and Tamil Nadu (Rs. 11,559) and put them in third and fourth position respectively. Telangana […]

Due Date Extension Request to GST Council for GTA Forward Charge

GST: Transport Sector Needs Due Date Extension for GTA Forward Charge

The Member Secretary/Chairperson of the GST Council has been requested to extend the deadline for opting for the Forward Charge for GTA services. In light of the above-mentioned, it is respectfully submitted that in order to choose the Forward Charge of tax for the Financial Year 2023–24, the Goods Transport Agencies must submit Annexure V, […]

Recent Complexities During Claiming ITC Under GST

New Complexities While Claiming GST ITC for Businesses

Various businesses are under pressure for the ITC claims as of engagement of large efforts. The revision of the late to the GST law would have been made by the government to tighten the claims of the ITC, via Budget 2023 the recent the has been executed. Modification in GST ITC from Budget 2023 You […]

NIPFP Working Paper Report on Post-GST Tax Buoyancy

NIPFP: Union Govt GST Buoyancy Jumps High While States Still to Improve

The rise of the tax in the GST regime would have been rectified for the central government but it does not rectify for the states yet a working paper via the National Institute of Public Finance and Policy (NIPFP) elaborated. Sacchidananda Mukherjee who is a professor at the autonomous research institute under the Ministry of […]

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