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Through the Finance Bill, 2023, the government is likely to make changes to the Goods and Services Tax (GST) law that will prevent businesses from receiving tax credits for the purchases of goods and services that they make on behalf of the community as part of their corporate social responsibility (CSR) obligations. According to two […]
18% GST is subjected to be paid on the forest permit fee, the Telangana Appellate Authority for Advance Ruling (AAAR) stated. The two-member bench consists of B.P. Naga Siva Kumari tracked, the permit fees obtained via the forest council would be utilised by forest officials to track the activity of mining, assess quantity and type […]
Finance Minister Nirmala Sitharaman, while presenting Union Budget 2021 referenced Rabindranath Tagore and stated that ‘faith is the bird that senses the light and sings while the morning is still black’. As another union budget release approaches, the market and residents remain hopeful and await budget pronouncements with bated breath, under the shadow of another […]
The Telangana Authority of Advance Ruling (AAR) ruled that an 18% GST would be levied to renting immovable property to an Educational Institution which was enrolled under section 12AA of the Income Tax Act 1961. The petitioner M/s. Bollu Siva Gopala Krishna asks for an advance ruling on the problem of whether the rental of […]
The announcement for restructuring of the state GST department dated 19th January will be done by Chief Minister Pinarayi Vijayan said Kerala Finance Minister KN Balagopal. Kerala FM stated that there would be a restructuring of the GST council. At present three sections would be there, taxpayer, audit, and intelligence. There shall be much more […]
A division bench of the High court would circulate the ruling that eases the taxpayer in which the court permitted the taxpayer to rectify GSTR-1 for obtaining the ITC since there was a bonafide mistake of filing Form-B2B rather than B2C. The applicant, Shiva Jyoti Construction before the Court asking for a decision from the […]
No GST shall be applicable to the government incentives provided to the banks for motivating the practice RuPay debit cards and low-value BHIM-UPI transactions, under the finance ministry. The cabinet ministry has authorized a Rs 2,600-crore incentive program for banks to facilitate RuPay debit cards and low-value BHIM-UPI transactions in the current year. “As recommended […]
What is GST Rule 88C? The Achilles’ heel of GST has always been the mismatch in GSTR-1 and 3B. There have been several cases when ITC was transferred by the supplier via GSTR-1 even though taxes had not yet been refunded via GSTR-3B. While some of the discrepancies in GSTR-1 and 3B relate to tax […]
According to the Andhra Pradesh High Court, the GST department is not permitted to keep the disputed money that was unintentionally paid to them. The division bench of Justice C. Praveen Kumar and Justice A.V. Ravindra Babu tracked, the amounts furnished by the taxpayer who has filed the wrong information could not be treated as […]
