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Goods and services tax (GST) collections in FY23 upon the grounds can arrive at an average of Rs 1.35 trillion a month, with respect to a nearly 1.2 trillion budget, as per the official sources. The same pointed out that the gross collections in the year would be Rs 1.8 trillion exceeding the estimated. Provided […]
The Madras High Court has held that the DRC-01 notice beneath Section 74(1) of the CGST Act should be given prior to passing the assessment order. Justice R. Suresh Kumar remitted the case to the respondent/department for further consideration and directed the department to issue a DRC-01 notice to the petitioner and important orders would […]
On the concern of unblocking the ITC, the Delhi government has issued the rules beneath GST on the expiry of one year from the blocking date. The officers have the authority to restrict the ITC beneath Rule 86A of the GST Rules, 2017 which the assessee claims fraudulently. Sub-rule (3) of the articulated Rule prescribes […]
Micro and small companies would get influenced negatively if the GST rates are surged, as per S. Rethinavelu, president of Agrofood Chamber of Commerce and Industry. The trade and industry had been in shock due to the finance ministry considering the GST rate slab increase to 5%, 12%, 18% to 8%, 18% and 28%, particularly […]
The GST officials in its subsequent meet will surge the lowest tax slab to 8% from 5%. State finance ministers would seem to submit their report at the end of the month to the official recommending the process to increase the revenue along with raising the lowest slab and rationalizing the slab. Currently, GST is […]
Knowledge of GST E-Invoicing Since October 2020, e-invoicing is executed in a phased manner. The history of e-invoicing is mentioned as: S.no Notification No. Turnover Effective date 1 61/2020 – Central Tax 500 Crore 01/10/2020 2 88/2020 – Central Tax 100 crore 01/01/2021 3 05/2021 – Central Tax 50 crore 01/04/2021 4 01/2021 – Central […]
“To err is human”. However, this is not the concern of the errors or mistakes in the GST. in this discussion we see some common mistakes done via assessee in GST. These glitches are normal and would be good if prevented. Not Yet Done Aadhaar Card Authentication From 1st January 2022, Rule 10B has been […]
In a major relief to the taxpayers facing problems with restoration of GST registration even after payment of tax amount, penalty, and filing of GST registration, the Madras High Court directed the GST department to restore such registrations in order to avoid problems to the taxpayers and the loss of revenue to the department. Justice […]
A two-judge bench of the Gujarat High Court, refusing the order to seize by the customs department ruled that the order is not sustainable beneath the law since the show cause notice was being provided above the statutory limit. The applicant is involved in the business of textile trading and export. In the search proceedings, […]
