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Two days later, the Central Government decided to provide relief to GST officials who were facing difficulties in resolving pending cases of the GST law. The decision to extend the deadline once again for the financial years 2018-19 and 2019-20 has been taken after the recommendation of the GST Council. Now, non-fraud cases that are […]
The Central Board of Indirect Taxes and Customs (CBIC) incorporates the SAMAY application for timely litigation management. The meeting was conducted between the Chief Commissioners and the CBIC Chairman. A legal cell of the CBIC has made the presentation on the application SAMAY (Systematic Adherence and MAnagement of Timelines for rendering results in litigation). SAMAY […]
On December 13th, 2023, the Central Board of Indirect Taxes and Customs (CBIC) issued a directive instructing officials that the application of section 74(1) of the CGST Act for issuing show cause notices should only occur when investigations reveal concrete evidence of fraud, deliberate misrepresentation, or withholding of facts to avoid tax. Furthermore, this evidence […]
The Finance Industry Development Council (FIDC), an organization that represents non-bank lenders, has officially urged the Central Board of Indirect Taxes and Customs (CBIC) to offer explicit clarification concerning the taxation of surplus interest held by Non-Banking Financial Companies (NBFCs) in co-lending arrangements with banks under the Goods and Services Tax (GST) system. This request […]
The Central Board of Indirect Taxes and Customs (CBIC) in its procedure for increasing clarity and simplifying the process has furnished the Instruction No. 04/2023-GST on November 23, 2023. Under distinct sections of the Central Goods and Service Tax Act, 2017 (CGST Act) the instruction is related to the issuance of the notices and stresses […]
According to Central Board of Indirect Taxes and Customs (CBIC) official Sanjay Kumar Agarwal, the increase in Goods and Services Tax (GST) collections in October is due to economic activity rather than the issuance of notices by tax authorities. Advisories will be issued to businesses that are not practising generating GST e-invoices for their B2B […]
A clarification for the determination of the place of supply has been provided by the Central Board of Indirect Taxes and Customs (CBIC). Through the trade and field formations, the board has obtained the representations asking for clarifications about the determination of the place of supply for the case of the supply of the service […]
On October 31, 2023, as per Circular No. 205/17/2023-GST, the CBIC issued a clarification concerning the GST rate applicable to imitation zari thread or yarn, aligning with the GST Council’s 52nd meeting held on October 07, 2023. At the 50th meeting, the GST Council suggested reducing the GST rate to 5% for imitation zari thread […]
The Central Board of Indirect Taxes and Customs (CBIC) has announced an update to the Goods and Services Tax Registration form GST REG-01. The notification is regarding the addition of a ‘One Person Company’. According to the notification issued on 26 October, the amendment adds a new clause, labelled as (xiva), to PART-B, in serial […]
