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The Anti profiteering rules are stated by GST council to keep tax evasion and MRP rules under check. Goods and service tax is a wide tax scheme which has the target to engulf almost every taxpaying entity under its net.
The government is intent to take every measure for the fulfillment of GST in every corner and for the betterment, and by this oath, the administration has taken a step to ensure the better progress of profits after the implication of tax regime among the consumers.
The Government has given a serious concern over the GST and its upcoming benefits to the consumers, and it has also been doing some homework with its top officials at GST council. The government is watching through all the aspects of implementing GST and here it also arose again on the verge of completion.
The Principal Bench of the Delhi GSTAT directed a realtor to refund profiteered input tax credit (ITC) of Rs 40,096 along with applicable interest to 1,865 eligible homebuyers, after confirming that the developer had violated the anti-profiteering provisions under section 171 of the CGST Act, 2017. The GSTAT ruling has arrived against an appeal submitted […]
The Goods and Services Tax Appellate Tribunal (GSTAT), Principal Bench at New Delhi, has ruled that when a contractor voluntarily remits the residual input tax credit (ITC) advantage determined via the Directorate General of Anti‑Profiteering (DGAP) to its principal, no separate anti-profiteering action is needed under section 171 of the Central Goods and Services Tax […]
The Patna High Court recently annulled decisions made by the Goods and Services Tax (GST) Adjudicating and Appellate Authorities. This action was taken due to the authorities’ oversight in not adequately considering the evidence presented by the appellant to support their claim. Binay Rice Mill, operating under the name Sharda Ram Industries and led by […]
The Goods and Services Tax (GST) rates have been nearly implemented, and three out of four consumers believe that companies will reduce prices to reflect these changes, according to a survey conducted by LocalCircles. In the survey, it was discovered that on the grounds of the earlier experiences, nearly 42% of the respondents were just […]
During the period when the ministerial panel on GST rationalization is asking to ensure that the advantages of lower tax are moved on to consumers the life insurance companies have filed a petition against waiving off the term insurance policies from the levy. The life insurance industry has claimed that the move will result in […]
The 54th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman and attended by state finance ministers and tax officials, concluded with several key recommendations. Additionally, the GST rate on small digital transactions (PAs) is to be discussed at the next meeting. Additionally, the current 18 per cent GST rate on life and health […]
