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Acknowledging the hardship being faced by the exporters as of restriction concerning the refund on exports, the 54th GST Council Meeting as a trade facilitation measure, recommended omission of Rule 96(10), rule 89(4A) & rule 89(4B) from CGST Rules, 2017 prospectively, where the advantage of the specified concessional/ exemption notifications is taken on the inputs. […]
The 54th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman and attended by state finance ministers and tax officials, concluded with several key recommendations. Additionally, the GST rate on small digital transactions (PAs) is to be discussed at the next meeting. Additionally, the current 18 per cent GST rate on life and health […]
The blog discusses the way the new GST registration regulations affect startups, emphasizing the benefits along with the hardships. Goods and Services Tax (GST) execution was an influential event in the economic history of India. Specifically for startups the GST has facilitated the business operation by conducting a complex network of indirect taxes into a […]
The GST portal has enabled a new invoice management system (IMS) to facilitate invoice corrections and revisions from October 14th, 2024. The IMS enables recipients to review and approve or reject invoices submitted by vendors in GSTR-1, IFF, or 1A. Need IMS GST Software What is an Invoice Management System Under GST? Recipients can accept, […]
The Goods and Service Tax Department who passed the attachment order has been quashed by the Calcutta High Court. It was discovered that the taxpayer is unable to file the GST appeal due to illness. The appellate authority is asked to hear out and dispose of the plea on merits, within 8 weeks from the […]
INR 160 Crore goods and service tax (GST) demand notice has been imposed on the Shipping Corporation of India from the Deputy Commissioner of State Tax, Government of Maharashtra, for the financial year 2019-20, as per the filing of the company in the BSE. “The Company has received a order dated 28th August 2024 under […]
The Calcutta High Court has set aside the case u/s 73(9) Central Goods and Services Tax (CGST) Act, 2017, because the consultant did not inform the petitioner of the Show Cause Notice (SCN) on the portal, and has remanded the case for fresh consideration, remarking that the consultant left the job without proper communication, thereby […]
A tax demand of approx INR 429.05 crore from the Deputy Commissioner of State Tax, Maharashtra has been received by ICICI Prudential Life Insurance Company Ltd. ICICI Prudential in a stock filing cited that the GST demand comprises Rs 208.02 crore, Rs 200.22 crore in interest, and Rs 20.80 crore in penalties. ICICI Prudential mentioned, […]
The Ministry of Finance is anticipated to issue a circular for the much-expected GST Amnesty Scheme, which was suggested in the Budget 2024, sources said. The motive of the scheme is to furnish relief to the assessees by exempting the interest and penalties as per the specified conditions for the tax matters that emerged between […]
