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A Show Cause Cum Demand Notice by the Commissioner of GST Intelligence in Gautam Budh Nagar, Greater Noida, has been served to Sheela Foam Ltd, the renowned manufacturer brand of the popular Sleepwell mattress brand, on Wednesday (October 4), the company revealed that. On October 4, 2023, a notice was issued under Section 16 of […]
The upcoming meeting of the Goods and Services Tax (GST) Council, scheduled for Saturday, will address several important matters regarding tax rates. One of the key topics to be discussed is the taxation of millet-based product mixes. It is likely that the council will consider implementing a “zero tax” policy for millet products that are […]
The AAR, Gujarat, towards the case of M/s Bayer Vapi Private Limited [Ruling No. GUJ/GAAR/R/2023/29 dated August 24, 2023] directed that the transferee attaining the rights of the lease for construction of the immovable property is not allowed to take ITC of the Goods and Service Tax (“GST”) filed via them on the services obtained […]
The Central Board of Indirect Taxes and Customs (CBIC) dated September 30, 2023, has provided the Circular No. 24/2023-Customs, informing the circular about the implementation of Section 16(4) of the Integrated Goods and Services Tax (IGST) Act. This circular pertains to restrictions on the export of specific goods with IGST payment obligations and their inclusion […]
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 […]
Starting from October 1st, there will be an 18% Integrated Goods and Services Tax (IGST) imposed on the import of online services for personal use from offshore digital service providers. These providers include software vendors, content streaming platforms, social media companies, and search engines that host advertisements. This new tax regulation is by a directive […]
The government’s recent announcement, effective from October 1, exempts payments for goods imported via ocean freight from the 5 percent integrated Goods and Services Tax. The Finance Ministry has officially modified the IGST Act, specifically addressing the payment of integrated GST on ‘ocean freight’ for imported goods, beginning October 1. As it stands, importers are […]
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 late payment of Tax collection at source (TCS) and Goods and Services Tax (GST) does not constitute a penalty and should, in fact, be eligible for deduction under Section 37 of the Income Tax Act, 1961, the Jaipur bench of the Income Tax Appellate Tribunal (ITAT) recently ruled. The taxpayer involved in this case […]
