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To tighten GST compliance, tax authorities would have planned to bridge the gaps, they would have fetched nearly 15,000 entities and would have fetched the evasion of exceeding Rs 38,000 cr in past years. The same comprises the bogus GST registration cases through misusing PAN and Aadhaar information of other people for ITC claiming along […]
Tax experts advise five key implementations in GST regulations amid India’s merchandise exports facing a decrease for the last five consecutive months. The aim behind these modifications is to give relief to exporters so they can do better in global competitiveness. Exporters Want 5 Important Key Changes in GST Regulations Nirav Sanjay Karia, Partner & […]
The Central Board of Indirect Taxes and Customs (CBIC) furnished a vide circular no. 198/10/2023-GST dated July 17th, 2023 describing the obligatory e-invoice for the GST-registered individuals towards the Supply to Government departments in accordance with the suggestions of the 50th GST Council. Clarification has been asked for the application of e-invoicing under rule 48(4) […]
According to a recent ruling by the Kerala Authority for Advance Ruling (AAR), tax reductions provided under Rule 32(5) of the Central Goods and Service Tax (CGST) Rules are not applicable when gold is not considered a second-hand commodity. The applicant in this case, Best Money Gold Jewellery Limited, is engaged in the business of […]
Along with the revisions in the insurance laws and Insolvency and Bankruptcy Code the key economic bills would be ready and might be tabled in the forthcoming Monsoon Session of Parliament that begins from July 20. Such would not be the portion of the list of 21 bills tentatively listed for the introduction, acknowledgement, and […]
The Assam Goods and Services Tax (GST) Department, on 7th July, issued a circular to combat fraudulent registrations and tax evasion. They now require individuals or organisations to provide a valid rental agreement or lease deed when registering for GST. The department discovered that several dishonest people and organisations were obtaining GST registration by submitting […]
Bengal is among the 10 states which have not submitted the accountant general’s report to settle GST compensation, said the finance ministry officials. The other states they mentioned were Andhra Pradesh, Goa, Kerala, Mizoram, Nagaland, Punjab, Sikkim and Uttarakhand, and the Union Territory of Jammu and Kashmir. Finance Minister Nirmala Sitharaman, after the GST Council […]
In a significant move to improve India’s space tech ecosystem, private launch service companies have been exempted from Goods and Services Tax (GST) when they dispatch satellites into space using their particular rockets or launching vehicles. After the 50th GST Council meeting held in New Delhi, Union Finance Minister Nirmala Sitharaman also said that the […]
The union government’s step to draw the GSTN beneath the purview of the Prevention of Money Laundering Act has the objective to empower the related investigating agencies concerning tax fraud along with money laundering cases and not providing outright access to the information to any party revenue secretary Sanjay Malhotra said. The new finance ministry […]
