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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 […]
The Assam Goods and Services Tax (GST) Department, on 7th July, issued a circular to combat fraudulent registrations and tax evasion. They now require individuals or organisations to provide a valid rental agreement or lease deed when registering for GST. The department discovered that several dishonest people and organisations were obtaining GST registration by submitting […]
Bengal is among the 10 states which have not submitted the accountant general’s report to settle GST compensation, said the finance ministry officials. The other states they mentioned were Andhra Pradesh, Goa, Kerala, Mizoram, Nagaland, Punjab, Sikkim and Uttarakhand, and the Union Territory of Jammu and Kashmir. Finance Minister Nirmala Sitharaman, after the GST Council […]
In a significant move to improve India’s space tech ecosystem, private launch service companies have been exempted from Goods and Services Tax (GST) when they dispatch satellites into space using their particular rockets or launching vehicles. After the 50th GST Council meeting held in New Delhi, Union Finance Minister Nirmala Sitharaman also said that the […]
The union government’s step to draw the GSTN beneath the purview of the Prevention of Money Laundering Act has the objective to empower the related investigating agencies concerning tax fraud along with money laundering cases and not providing outright access to the information to any party revenue secretary Sanjay Malhotra said. The new finance ministry […]
The Tuesday announcement on GST exemption on medicines for rare diseases does not seem to give much relief to those who need the treatment, according to health activists. They say these medicines are unreasonably expensive, and only a few can afford to import them. Finance Minister Nirmala Sitharaman on Tuesday declared a GST Council resolution […]
The Bombay High Court took a case for cognizance on Monday regarding the use of coercive actions by GST authorities to collect taxes from taxpayers. The respondents argued in court that tax payments have already been paid voluntarily, and the court confirmed that the petitioner can ask for a refund if they have already paid […]
The number of E-way bill generation decreased to 8.60 crores in June from 8.81 crores in May, but it was still more than it was in April. The GST collection in July, for which data is not yet available and will be released on August 1, may be slightly affected by this. E-way bill is […]
