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In the midst of India’s prolonged decline in exports, the Goods and Services Tax (GST) Council has implemented several measures aimed at stimulating foreign trade. One of these measures involves granting tax credits to service exporters who receive payments in Indian rupees. This move is particularly significant for trade with nations like Iran and Russia, […]
The GST Council is set to clarify the input tax credit for life insurers, addressing a recent demand of Rs. 290 crore imposed on the Life Insurance Corporation (LIC). The state-owned giant is expected to get relief with this development. The complexity surrounding GST occurs in relation to traditional life policies or endowment plans, where […]
The Madras High Court recently granted permission to a company to submit a Statutory Appeal against an Assessment Order issued by the Assistant Commissioner (ST) (FAC), despite the expiration of the appeal’s time limit. This decision was made in light of the company’s inability to access the notice on the GST portal. Justice C Saravanan […]
On Tuesday, Bajaj Allianz received a show cause cum demand notice from the Directorate of GST Intelligence, amounting to ₹1,010 crore, for non-payment of GST on co-insurance and re-insurance premiums, as per the information disclosed by Bajaj Finserve, in a stock exchange filing. The company is expected to respond to this show cause cum demand […]
Directorate General of GST Intelligence (DGGI) has imposed a show cause notice to the ICICI Lombard asking the tax of Rs 17,28,86,10,803 (over Rs 1,728 crore). On the date 27th of September, the show cause notice was been obtained. The company, in its official filing, has conveyed that the show cause notice is related to […]
The government is currently developing a supplier database that will assess suppliers based on their history of complying with the goods and services tax (GST), their credit history, transaction records, and past instances of non-compliance. This plan could be included in the upcoming budget proposal and put into action during the following year. Companies will […]
On October 7th, the Goods and Services Tax (GST) Council, the central indirect tax authority, is scheduled to assemble to address issues regarding the establishment of GST appellate tribunals and their distribution nationwide. According to an official statement, millet flour in powdered form, comprising a minimum of 70% millet by weight, will be exempt from […]
The Superintendent of Central Tax must make an unbiased decision independently, unaffected by the guidance from the DGGI, Kochi Zonal Unit, the Kerala High Court has ruled. Justice Dinesh Kumar Singh’s bench has noted that the DGGI, Kochi Zonal Unit had already made the decision to cancel the GST registration of the petitioner. The competent […]
The Hon’ble Madras High Court has set aside the order issued by the Adjudicating Authority in the case of M/s. Sri Renga Timbers v. The Assistant Commissioner (ST) (FAC) [W.P. No. 22854 of 2023, August 17, 2023]. The court affirmed that legally availed credit cannot be refused, even if there were errors committed twice in […]
