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A pencil sold together with a sharpener attracts a higher GST compared to a standalone pencil sale, as per the ruling of the Gujarat Authority for Advance Ruling (GAAR). The distinction arises from the classification of the sale of a pencil and sharpener as a ‘mixed supply.’ Businesses engage in either providing goods or services […]
With the majority of initial challenges, such as online portal glitches, invoice matching issues, and delays in refunds, largely addressed and monthly revenue consistently exceeding Rs 1.6 lakh crore, experts suggest that the government is poised to advance the second-generation reforms in the GST. In the upcoming interim budget presentation on February 1, Finance Minister […]
The Confederation of Indian Industries (CII) urged Finance Minister Nirmala Sitharaman on Wednesday to target a 20% increase in the capital expenditure outlay for the upcoming financial year, reaching Rs 12 lakh crore in her forthcoming budget. The industry body also recommended a revision of beneficiary criteria for the free food scheme and the initiation […]
Overview of TCS Refund Under GST The Goods and Services Tax (GST) system in India has undergone several revisions aimed at simplifying taxation and fostering economic growth. One notable change that has garnered considerable attention, particularly in the e-commerce sector, is the implementation of the Tax Collection at Source (TCS) provision. This article explores the […]
The recent ruling by the Kerala High Court in the matter of Tyre India Spare India vs State Tax Officer examined the constitutional validity of Section 16(4) of the GST Act. The petitioner contested the denial of the Input Tax Credit (ITC) and the application of Section 16(4) in certain scenarios, seeking various reliefs. This […]
Indian Space Association (ISPA) asks for the GST exemption for the satellite firms and provides the tax holiday in the union Budget 2024-25 with a direction on improving the financials of the industry. “Extend the GST exemption to cover the manufacturing of satellites, launch vehicles, and ground equipment, along with a corresponding exemption on the […]
The government has received a notice from the Punjab and Haryana High Court regarding a plea that questions the extension of the limitation period under Section 168A of the GST Act. A bench comprising Justice G.S. Sandhawalia and Justice Lapita Banerji has temporarily halted the issuance of final orders in Section 73 cases related to […]
In the official advisory (No. 623) released on January 23, 2024, the Goods and Services Tax Network (GSTN) has underscored the essential obligation for registered taxpayers to provide their bank account information following Rule 10A of the Central Goods and Services Tax Rules (CGST), 2017. As per the provisions outlined in the CGST Act, 2017, […]
GST registration could not be cancelled with the retrospective effect for only non-filing of the tax returns, the Delhi High Court ruled. The bench comprising Justice Sanjeev Sachdev and Justice Ravinder Dudeja emphasized that the non-filing of GST returns by a taxpayer for a certain period does not automatically warrant the retrospective cancellation of the […]
