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The Delhi High court rendered the revenue heads to allow the budgetary support for the manufacturing units beneath the “Scheme of Budgetary Support under Goods and Services Tax (GST) Regime”, open for the qualified units situated in the mentioned states. The Court noted that the petitioner was qualified for a Central Excise Duty exemption before […]
Extracts from the GST-related amendments that were included in the Finance Bill for 2023 (Budget 2023-24), which Union Minister of Finance Mrs Nirmala Sitharaman submitted to the Loksabha on February 01, 2023. Except for those in clause 142, modifications proposed in the Finance Bill, 2023 will go into effect on the date they are announced, […]
In a recent ruling, the Calcutta High Court mandated that the assessee who failed to submit a GST return owing to mental stress and physical illness be given a chance to be heard. The petitioner was a payee for his proprietorship firm under M/S. DYM Auto World. On December 31, 2020, he submitted his GST […]
The AAR and AAAR decisions on the applicability of the Goods and Services Tax (GST) on the issuing of vouchers were recently overturned by the Karnataka High Court. The Court determined that there was no GST owed on the vouchers that the assessee had issued in the form of prepaid payment instruments. The corporation in […]
According to Vivek Johri, the chairman of the Central Board of Indirect Taxes and Customs (CBIC), GST collection would be the “new normal” in FY24 and is anticipated to average approximately Rs 1.50 lakh crore per month. According to CBIC Chief Johri, the indirect tax collection target set for the upcoming fiscal year would be […]
According to the Goods and Services Tax Act of 2017, the Delhi High Court’s Division Bench recently ordered the return of the money the GST officers had taken into their possession, along with interest. The authorities discovered and seized custody of cash totaling Rs 1,22,87,000 during the course of the search at the petitioners’ home. […]
Approximately 73% of respondents think that the forthcoming Union Budget of 2023 must address the “reduction in costs of basic commodities like soap, detergent, cooking oil, etc.,” while 54% think that it should consider the GST exemption of important items. These results are from the Pre-Budget CSI Survey conducted by Axis My India. According to […]
Finance Bill 2019-20 revises the Central Goods and Services Tax (CGST) Act with retrospective effect by inserting a new proviso in section 50(1) to compute the interest on late GST payments. Due to this amendment, there is now an arbitrary and illegal distinction between the balance in the electronic credit register (ECrR) due on cash […]
Businessmen who have sold plots in the industrial estates of MIDC may soon receive a visit from the taxman. For these transactions, the central GST department is now collecting an 18% charge. The transactions are treated as leases, which are subject to GST because they are considered services. Since the introduction of the GST in […]
