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The architecture and heads of the GST council stay unchanged even after the Supreme courts ruling, three officials linked with the indirect tax regime specified that the council might learn the observations in its subsequent meeting. The apex court specified that the suggestions of GST officials were not binding on either the Union government or […]
GST will turn five since its execution in India. The first half-decade of this platform is wrapped in the ups and downs with numerous hurdles. At the current time, India has seen revisions in the effective tax rate as well as rectified supply chain efficiencies. Tax compliance is seen on a technology-based monitoring system via […]
The problem of the transitional credit (TRAN credit) beneath the GST is under litigation with the two High courts-Kerala and Bombay settling it in favour of the taxpayer. The Kerala High court, in its order, rendered that the GST department for providing the amendment to Form GST TRAN-1 and filing Form GST TRAN-2 through making […]
The Kerala High Court bench of Justice Bechu Kurian Thomas rendered that the GST department provides the amending of Form GST TRAN-1 and furnishing of Form GST TRAN-2 through making required arrangements on the web portal. Under the Kerala, Value Added Tax Act, 2003 as well as the Central Sales Tax Act, 1956, the applicant […]
Quoting higher inflation, the Federation of Hotel and Restaurant Associations of India appealed to the GST council to rationalize the GST rates for the hospitality sector. FHRAI indeed urged the government to acknowledge the update of simple GST rules to enable the establishments to come beneath the hospitality segment to claim the ITC. The same […]
Same as before, the GST Council is again planning to change rates for some products as a way to increase revenue and deal with taxpayers’ woes. Rate rationalisation, which refers to the rationalisation of GST slabs and tax rates in order to make them beneficial for everyone, was discussed in detail at the 45th GST […]
As a way to raise revenue for both the states and the central government, the GST Council is expected to consider a proposal to discard the 5 per cent slab in its next 47th GST council meeting scheduled in May 2022. If that happens, the existing items in the 5 per cent slab will be […]
The Central Board of Indirect Taxes and Customs (CBIC) asked for the essential GST scrutiny on the quarterly grounds to improve the compliance via effective scrutiny of returns. “CBIC to soon introduce mandatory quarterly scrutiny of GST returns. Scrutiny exercise is aimed at better compliance and enhancement of GST collections,” CBIC will practice the business […]
India stands in the fifth year of the Goods and Service Tax regime, while the assessees and CFOs are still facing problems. GST was executed to draw clarity to the system and prevent cascading effects of the taxes and seamless flow of the ITC. One of the biggest problems beneath GST is the process of […]
