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Prior to the changes in the CGST reform act 2018, there is no idea of the suspension of the GST registration beneath GST law. This act introduced the suspension of the enrollment through inserting the proviso to section 29 (2) of the CGST Act, 2017 effective from 01.02.2019. The proviso directed that: Moreover, it further […]
The budget 2021, which was announced by the Finance Minister on Feb 1, 2021, proposed many changes in a range of finance sectors. The sectors which were affected the most by the recent Indian budget are taxation, personal finance, pensioners, etc. A number of proposals for amendment in certain GST rules were also proposed by […]
Budget 2021, which was officially announced by Finance Minister Nirmala Sitharaman on February 1, 2021, introduced multiple changes to the tax regime, including the goods & service tax (GST) system – the indirect tax system of India. The new GST changes, which include relaxation in mandatory audits for registered businesses, aim to help SMEs recover […]
In a case of resistance of the authority of the Center on GST matters, the Maharashtra government has decided that the state will have the final say in the applicability of the circulars defining the rules on indirect tax issues. A circular dated January 12 issued by the Maharashtra Goods and Service Tax Department (MGSTD) […]
The government has caught the persons who are engaged in the GST frauds which consist of professionals such as chartered accountants CA and a company secretary this figure consolidated with 215 arrests. In the last 2 days, 17 arrests are built in the last 2 days as the information provided through the finance ministry mentioned […]
A recent amendment to the Goods & Services Tax Rule 36, which is expected to help curb fake invoicing, has raised a storm of complaints from taxpayers across social media, who believe that the amendment will reduce the amount of Input Tax Credit A complete guide for understanding the basics of input tax credit and […]
The Central Board of Indirect Taxes and Customs (CBIC) has recently intimated Central Goods and Services Tax Rules (Fourteenth Amendment), 2020 via Notification No. 94/2020-Central Tax dated December 22, 2020. The said notification notifies Form GST REG-31 for ‘Intimation for suspension & notice for cancellation of registration‘ under Rule 21A of the Central Goods and […]
The central government has inserted a rule to prevent fraud from claiming an input tax credit under the GST. Now, businesses having a monthly turnover above ₹ 50 lakh will require to pay at least 1% of their GST in cash. Latest Changes for New Rule Under 86B of CGST Act Recently there was a […]
All over the country, the Directorate General of Goods and Services Tax Intelligence (DGGSTI) in the previous month has arrested 100 persons and recorded 3479 entities inside 1161 cases in the concern of illegally claiming the input tax credit(ITC) through the bogus GST invoices and causes the government tragedy. Despite lower revenue collection. Latest Update […]
