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Prime Minister Narendra Modi stated that his govt is dedicated to proceeding on the reform’s path to “transform people’s lives” and pointed to the introduction of goods and services tax (GST) to help lower prices of commodities. For us, reforms are a mechanism to enhance the lives of 140 crore Indians. After the preface of […]
Industry body India Energy Storage (IESA) sought for the government to lessen the Goods and Services Tax (GST) on batteries and electric vehicles charging infrastructure services and battery swapping. The IESA, with the coming India Energy Storage Week 2024 (IESW) in New Delhi from July 1-5, 2024, proposed the expansion of production-linked incentive (PLI) schemes […]
The Andhra Pradesh High Court held that GST ( Goods and Services Tax ) proceedings that do not have the Document Identification Number (DIN) are legally not valid. The bench of Justice Kiranmayee Mandava and Justice Nyapathy Vijay of the Andhra Pradesh High Court discovered that the impugned proceedings do not hold DIN. The court […]
In organizational management, audits act as an indispensable tool to increase efficiency, ensure compliance, and drive overall effectiveness. The audit type comprises mainly systems audit and process audit. Each furnishes distinct objectives, and understanding their comparative nuances is important for companies who are asking to optimize their performance and reduce their risks. Quick to Understand […]
The Madras High Court in a ruling held that the Advance tax unutilized under the Value Added Tax (VAT) or Tamil Nadu VAT (TNVAT) has been permitted to be transitioned under Section 140 of the Tamil Nadu Goods and Services Tax Act, 2017 (TNGST). A Single bench of Justice C. Saravanan, the language of Section […]
FM Nirmala Sitharaman dismissed the fact that increasing goods and services tax (GST) collections only provides an advantage before the Centre. She elaborated that the indirect tax system increases the revenue of the state by nearly Rs 9 trillion between 2018-19 and 2022-23 compared to the amounts that have been collected via the before subsumed […]
Common norms are drawn by the Central Board of Indirect Taxes and Customs (CBIC) towards central and state level Goods and Services Tax (GST) officials to audit banks, CBIC chairperson Sanjay Kumar Agarwal stated field officers. The same action provides better assurance about audit procedures to banks since officials would have a common audit plan […]
Duplication Found in Turnover Reconciliation and GSTR 3B and Form 26AS: Madras HC sets aside GST Demand Order on Pre-deposit Condition The Petitioner, Vadim Infrastructure Private Limited, is in engineering and construction services, contested the assessment order on 31.12.2023 and is assailed on the grounds of violation of principles of natural justice. The major observations […]
GST council is speeding up to reexamine the exempting reinsurance business from GST. The same review is slated to emerge after the general elections spanning from April 19 to June 1, 2024, aimed at electing the 543 members of the lower house of Parliament, as per the report. The Council may furnish a clarification stressing […]
