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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 […]
Under the Chairpersonship of Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the 49th GST council meeting would have launched different suggestions concerning the GST compensation, GST Appellate Tribunal, approval of the Report of Group of Ministers (GoM) on Capacity Based Taxation and Special Composition Scheme in specific Sectors on GST, recommendations relating […]
The scrap steel sector, which obtains its raw materials mostly from unorganized scrap dealers, has requested that the GST structure be rationalized through the use of a “reverse charge mechanism,” in which manufacturers would be responsible for paying taxes. The GST Council was encouraged on Thursday by the All India Induction Furnaces Association (AIIFA), a […]
