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A unified national market for goods and services was intended to be created by the Goods and Services Tax (GST), which was established with the claimed goal of rationalizing India’s indirect tax environment. The three pillars of this “one nation-one tax” strategy were ‘ease of doing business’, economic expansion and pricing rationalization. A strong dispute […]
The main motive is to write this article to shortlist some basic and important GST questions with answers for businesses. These questions are very common and taxpayers might be stuck when working for GST compliance. Question 1: Does GST Apply to Education and Allied Services? Answer: A person runs a bus transport service in which […]
The exporters would be qualified for the recovery of the utilized ITC of GST beneath the Reverse Charge Mechanism on transportation costs to the Goods Transportation Agency, said Authority for Advance Ruling (AAR) of Chhattisgarh. Under the Letter of Undertaking (LUT), the petitioner would be enrolled as an exported under the GST Act and would […]
Drop Proceedings for Taxpayers Stopped After SCN Issuance in GST REG-17 Form If a taxpayer does not submit six or more consecutive monthly returns/quarterly returns (QRMP) for two tax periods in Form GSTR 3B, they are suspended from the portal and receive a system-generated notice of cancellation in Form GST REG-17 for the returns that […]
What is GST Rule 88C? The Achilles’ heel of GST has always been the mismatch in GSTR-1 and 3B. There have been several cases when ITC was transferred by the supplier via GSTR-1 even though taxes had not yet been refunded via GSTR-3B. While some of the discrepancies in GSTR-1 and 3B relate to tax […]
The Goods and Services Tax Network (“GSTN”) has allowed the operation to file a Letter of Undertaking (“LUT”) for the FY 2023-2024 on the GST Portal. Under rule 96A, the letter of Undertaking or LUT would specify to be filed via form GST RFD 11 in which the exporter shows that he or she will […]
A division bench of the Gujarat High Court has overturned a decision to revoke a company’s GST registration on the grounds that the show-cause filing lacked sufficient justification. The Central GST Department conducted a search at the petitioners’, M/s Dee Cubes Diamonds Pvt Ltd., location. The government issued a notice to terminate the GST registration […]
The traders, particularly those who function on a low scale, would seek that the State Government leave the practice test purchase that the commercial tax department performed, under provisions of the Goods and Services Tax. In Tiruchi district, the department performed Test Purchases at about 165 outlets over a 3-week period complying with the issuance […]
The GST Council approved decriminalizing specific crimes and doubled the limit to the launching prosecution beneath the tax act to Rs 2 cr, however, kept the limit at Rs 1 cr for bogus invoicing. The department, for the SUVs (sport utility vehicles), charges a 22% compensation cess over the 28% GST and would have chosen […]
