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The Goods and Services Tax Network (GSTN) addresses and solves the problem of duplicate entries in GSTR-2B for specific taxpayers. A precise GSTR-2B has been generated. The taxpayers to ensure the precise Input tax credit claims at the time of filing GSTR-3B are recommended to verify the ITC values in compliance with the GST norms. […]
An umbrella body of the country’s dry fruit traders, The Nuts and Dry Fruits Council of India (NDFC) urged the government to rationalize the import duty on walnuts on a per kg basis, reduce GST to 5 per cent and introduce a production-linked incentive (PLI) scheme for the sector in its pre-budget proposals. India’s dry […]
A tax demand of Rs 6.72 crore has been imposed by the GST authorities on the Oil and Natural Gas Corporation Limited (ONGC), India’s largest oil and gas producer. The company in an exchange filing cited that the demand, which contains recovery of tax, interest, and penalties, relates to the IGST liabilities of the company […]
During the period when the ministerial panel on GST rationalization is asking to ensure that the advantages of lower tax are moved on to consumers the life insurance companies have filed a petition against waiving off the term insurance policies from the levy. The life insurance industry has claimed that the move will result in […]
It was carried by the Delhi High Court that Section 129 of the Central Goods & Services Tax Act, 2017 which relates to the detention, seizure, and release of goods while in transit cannot be invoked for assessing penalties for minor breaches, like incomplete e-way bill. A division bench of Justices Yashwant Varma and Harish […]
What does IMS stand for? The mentioned functionality is said to be an effective rise in the ITC ecosystem of GST. Only the accepted invoices through the receiver shall become part of their GSTR-2B as their eligible ITC. Hence, the IMS shall furnish the taxpayer a chance to review the authenticity of the received invoices. […]
The Bombay High Court has overturned a decision that was previously made against Champions Steel Industries Private Limited. The court found that there were mistakes in how notices were delivered to the company, which affected the process. Champions Steel Industries Private Limited, the applicant has contested a Show Cause notice on 23-12-2020 and the forthcoming […]
A tax demand order against M/S Jain Medicals has been set aside by the Allahabad High Court quoting the refusal of a chance for an oral hearing as obligated Under Section 75(4) of the U.P. GST Act, 2017. On 05.12.2023, M/s Jain Medicals filed a writ petition contesting an order issued via the income tax […]
A notification has been issued by the Central Board of Indirect Taxes and Customs (CBIC) citing that no Goods and Service Tax (GST) will be imposed on gene therapy and it shall get waived immediately. Finance Minister Nirmala Sitharaman announced in the previous month that the gene therapy has been waived from GST. The therapy […]
