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In a potential ray of hope for the metal industry, which has been looking for a change in the treatment of goods and services tax (GST) on steel scrap, the upcoming 52nd meeting of the GST Council on October 7 is expected to engage in a detailed discussion on the matter. Sources have disclosed that […]
Corporate guarantees provided to related parties will be subject to an 18 percent goods and services tax (GST) on either 1 percent of the guaranteed amount or the actual consideration, whichever is greater. On the other hand, personal guarantees extended by the company’s promoter or director may not be subject to taxation. These clarifications may […]
For hardworking individuals who prioritize financial prudence, the inclusion of health insurance in their financial portfolio is crucial. If you happen to be a Non-Resident Indian (NRI), obtaining health insurance in India becomes even more vital, as it offers protection to your family back home and yourself when seeking medical care during visits to your […]
The Tax Practitioners Association (TPA), a leading organization representing tax consultants in the city, has raised concerns by filing a petition with the city bench of the MP High Court. Their petition challenges the establishment of the State Bench of the GST Appellate Tribunal (GSTAT) in Bhopal, citing a Public Interest Litigation (PIL) that questions […]
A senior government official has revealed that pilot initiatives aimed at testing biometric and geotagging authentication for GST registration have been postponed due to disagreements concerning access to the Aadhaar identity database. Nevertheless, the finance ministry remains optimistic about implementing both biometric and geotagging authentication methods in Fiscal Year 2025. These measures are designed to […]
Banks are currently dealing with uncertainty regarding the relevancy of the Goods and Services Tax (GST) to the use of a common brand name across all their branches and subsidiaries, according to sources familiar with the matter. Some lenders have started receiving GST notices related to using their branch and subsidiary brand name, said the […]
Jharkhand High Court held that the explanation inserted in Rule 89(4) of the CGST Rules, 2017, via Notification No. 14/2022-Central Tax on 05.07.2022, does not count as a clarificatory nature and therefore will be applied prospectively. The aforementioned decision was made following a legal petition. The petitioner’s GST refund claim had been denied because there […]
The Goods & Services Tax Bill, 2023 has been passed by the Arunachal Pradesh assembly in its revised form. The bill comprises 26 clauses revising different sections of the Arunachal Pradesh Goods & Services Tax Act, 2017 for inserting new provisions, replacing existing rules, or overlooking some provisions. Inside the APGST act some revisions have […]
Olivol Body Oil takes care of the skin but does not cure it, West Bengal Authority of Advance Ruling (AAR) under GST held. Under tariff heading 3304 Olivol Body Oil is covered. The bench of Tanisha Dutta and Joyjit Banik witnessed that Olivol body oil is known as a preparation for the care of skin, […]
