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The GST portal has enabled a new invoice management system (IMS) to facilitate invoice corrections and revisions from October 14th, 2024. The IMS enables recipients to review and approve or reject invoices submitted by vendors in GSTR-1, IFF, or 1A. Need IMS GST Software What is an Invoice Management System Under GST? Recipients can accept, […]
The tax implications issue of transferring the leasehold land has arrived again as it has been initiated by the authorities to issue the notices to recover dues for transferring the same. It sparked an influential debate among the industry stakeholders since it is anticipated to have an impact on subsequent transactions and the wider real […]
The Minister for Road Transport and Highways, Nitin Gadkari, suggested the Finance Ministry and its counterparts in the states lessen the GST on flex-fuel vehicles to 12 per cent. Gadkari addressing IFGE’s India Bio-Energy & Tech Expo, said flex-fuel engines are the objective as they will not only lessen the emissions but help shorten the […]
The High Court of Jharkhand has dismissed the petition contesting the provisions of the Central Goods and Services Tax (CGST) Act, 2017 under the 53rd GST Council Meeting’s recommendations. The writ petition has been dismissed by the court filed by M/s Rewinder Techno Electricals, a partnership firm based in Dumka, Jharkhand challenging Section 16(4) and […]
Good and services tax (GST) collections in August surged to 10% from the same period of the previous year to Rs 1,74,962 crore, according to the government’s official statement. The same rise was noted in all categories- Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess. In the previous year, the gross GST […]
As per the discussion about the rate rationalization by the GST council, FM Nirmala Sitharaman mentioned that the states were cautious about moving ahead with rate cuts. “I am not blaming them…they want revenue without burdening the people…when they sit there, they know their job is not to please anyone but protect revenue,” she said. […]
The Agro Food Chamber of Commerce and Industry (AFCCI) in Madurai has appealed to Union Finance Minister Nirmala Sitharaman to simplify GST laws at the forthcoming 54th council meeting scheduled for September 9. The aim is to ensure that entrepreneurs do not suffer. The current GST is full of complexities and is not easy to […]
Post-closing the pre-show cause notice for Infosys pertinent to FY 2017-18, the investigation officials will analyze whether full ITC was claimed towards the expenses made via the overseas branch offices from FY19 to FY22. A procedure to solve the issuance of the notices to Infosys along with the foreign airlines and shipping council is anticipated […]
The Madras High Court has forgiven a one-day delay in filing the 3B return form and set aside the ITC reversal notice issued via the Goods and Services Tax (GST) department. It was noted by the court that the one-day delay required consideration. The bench of Justice Krishnan Ramasamy discovered that the applicant’s delay was […]
