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On Tuesday, Union Minister of State for Finance, Pankaj Choudhary said that there is no plan to remove milk and milk-based products from Goods and Services Tax (GST) because the rates are decided on the recommendation of the GST Council. There is no GST levied on fresh milk and pasteurized milk, said Chaudhary. The rates […]
The companies would not be needed to deduct the GST under the reverse charge mechanism (RCM), the central board of indirect taxes and Customs (CBIC) stated on the services like immovable property furnished on rent via the directors in his personal capacity. The clarification followed the goods and services tax GST council’s decision, made at […]
In consideration of the suggestions of the 50th Goods and Services Tax (GST) Council, the Central Board of Indirect Taxes and Customs (CBIC) has released Circular No. 199/11/2023-GST on 17th July 2023, to simplify the taxability of services given by an office of an organization in one State to the office of that organization in […]
The Central Board of Indirect Taxes and Customs (CBIC) vide notification no. No. 07/2023- Central Tax (Rate) G.S.R. 540(E), No. 07/2023-Integrated Tax (Rate) G.S.R. 541(E), and No. 07/2023-Union Territory Tax (Rate) G.S.R. 542(E) issued dated 26th July 2023 has reported the revision of GST exemption on the launch of the Satellite Vehicles. On 11th July […]
To tighten GST compliance, tax authorities would have planned to bridge the gaps, they would have fetched nearly 15,000 entities and would have fetched the evasion of exceeding Rs 38,000 cr in past years. The same comprises the bogus GST registration cases through misusing PAN and Aadhaar information of other people for ITC claiming along […]
Tax experts advise five key implementations in GST regulations amid India’s merchandise exports facing a decrease for the last five consecutive months. The aim behind these modifications is to give relief to exporters so they can do better in global competitiveness. Exporters Want 5 Important Key Changes in GST Regulations Nirav Sanjay Karia, Partner & […]
The Central Board of Indirect Taxes and Customs (CBIC) furnished a vide circular no. 198/10/2023-GST dated July 17th, 2023 describing the obligatory e-invoice for the GST-registered individuals towards the Supply to Government departments in accordance with the suggestions of the 50th GST Council. Clarification has been asked for the application of e-invoicing under rule 48(4) […]
According to a recent ruling by the Kerala Authority for Advance Ruling (AAR), tax reductions provided under Rule 32(5) of the Central Goods and Service Tax (CGST) Rules are not applicable when gold is not considered a second-hand commodity. The applicant in this case, Best Money Gold Jewellery Limited, is engaged in the business of […]
Along with the revisions in the insurance laws and Insolvency and Bankruptcy Code the key economic bills would be ready and might be tabled in the forthcoming Monsoon Session of Parliament that begins from July 20. Such would not be the portion of the list of 21 bills tentatively listed for the introduction, acknowledgement, and […]
