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The GST department will start examining the Income tax returns furnished through the business and professionals, indeed MCA filing to find out if the entities are enough to release their GST liability and broaden the base of the assessee. At present, there would be 1.38 cr enrolled businesses and professionals beneath the GST that was […]
The GST (Goods and Services Tax) panel has decided to finalize the classification of millet-based products to regulate the applicable tax rates on them. As per the sources, a panel of officials from the Center and States would categorize products keeping millet as a main ingredient. For now, the GST does not have any specific […]
For streamlining and expediting the issue resolution procedure for GST, a 4-member appellate tribunal is proposed to be set up in each state. There are two technical members (one officer each from the centre and states) and two judicial members in every state appellate tribunal. A division bench including two members shall decide the appeals […]
Understanding the Invoice Registration Portal (IRP) IRP is the official portal introduced by the Indian Government for businesses to generate e-invoices under GST. To get a unique IRN (Invoice Reference Number), taxpayers can register their B2B invoices and export them. In the absence of an IRN number, an invoice is considered invalid. The Goods and […]
The Central Board of Indirect Taxes and Customs (CBIC) issued notice to the revised Goods and Services Tax (GST) rates and Customs duties as per the recommendations of the GST Council Meeting (Read Key Highlights). The revision notification revises the GST rate of Rab, other than pre-packaged and labelled (Liquid Jaggery), “Jaggery of all types […]
Even though the GST Council gave the go-ahead, the Central Board of Indirect Taxes and Customs (CBIC) is contemplating permitting the e-filing of applications from recalcitrant taxpayers because the establishment of GST Appellate Tribunals (GSTAT) may take an additional 10 months. The board testified before the Bombay High Court that if a taxpayer is prepared […]
A person who is registered as a composition taxpayer cannot generate taxable invoices, collect GST from consumers, or claim ITC on purchases, according to the Central Board of Indirect Taxes and Customs (CBIC). The explanation came in response to a popular video showing a restaurant tricking patrons even though it was a composition taxpayer under […]
The business warns that the requirement to pay GST, or the goods and services tax, of 18%, on the services of transporting products, might cause cash flow problems at a time when exports are falling. This is in response to a GST Council that suggests that the location of the service recipient should be used […]
GST on the liquid jaggery also called raab would be diminished to nil or 5%. Union Finance Minister Nirmala Sitharaman reported that the GST on “Raab” has been cut from 18% to zero if it is loose during the 49th meeting of the GST Council. Nevertheless, if it is pre-packaged and labelled packages, a GST […]
