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Since the plan of the tax authorities is deep dive into their business exercise to fetch the potential of a raft tax associated irregularities and thus the insurance companies might face GST audits. On the basis of fictitious invoices created by their channel partners and intermediaries, several insurance businesses are being investigated for improperly claiming […]
The GST Council has notified that it might consider the CBIC’s recommendations on adding new validations to the GST return filing in order to track evasion and fake ITC claims in its upcoming 50th GST Council meeting scheduled in July. The action was taken by the Central Board of Indirect Taxes and Customs (CBIC) in […]
On the grounds of the Annual information statement (AIS) feature which the income tax department utilises the government would be working on the pre-filled consolidation, GST return forms that shall permit assessees to view all their information of transactions and e-invoices to attain the precise tax liabilities. The consolidated pre-filled form, which the Central Board […]
In accordance with Notification No. 13/2017, Central Tax (Rate), dated June 28, 2017, which provides details on the services liable for tax under the Reverse Charge Mechanism of the CGST Act, services rendered by directors of a company or a body corporate situated in a taxable area to the said company or body corporate will […]
Providing great relief to property buyers, the Gujarat High Court has ruled stating that the costs associated with land are not subject to Goods and Services Tax (GST). The court clarified that only the expenses involved in construction are taxable. According to the observation of the bench of Justice J.B. Pardiwala and Justice Nisha M. […]
The GST Budgetary Support Scheme could not be interpreted liberally Jammu & Kashmir and Ladakh High Courts stated. The new scheme furnishes some advantages through the method of budgetary support to these units which were allotted excise duty exemption beneath the former tax regime before the incorporation of the GST regime. The support of budgetary […]
What is GST [Section 60]? The GST regime in India would have drawn crucial revisions through the way the taxation would progressed. Section 60 of the GST Act permits a taxable person to make a provisional assessment of goods or services if they are unable to ascertain the value or rate of tax applicable. In […]
A GST export invoice, which is similar to a tax invoice and records the things being exported as well as the importer’s balance owing, is provided by a supplier of goods or services. When claiming insurance or as evidence of a transaction between the exporter and importer, the export invoice under GST becomes crucial. In […]
The Bombay High Court (HC) chaired by Justice Abhay Ahuja and Justice Nitin Jamdar ordered the Sales tax department to review the Goods and Services Tax (GST) Input Tax Credit (ITC) application for refund. It was also ordered by the High Court to assess the evidence that the petitioner presented along with the invoices and […]
