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Through the Central Goods and Services Tax (Second Amendment) Rules, 2024, the Central Board of Indirect Taxes and Customs (CBIC), has introduced amendments in the process pertinent to the cancellation and suspension of GST registration. Such amendment has the objective of improving compliance and facilitating the procedure for the assesses and authorities. Amendment Highlights Rule […]
Summary of New GST Section 74A
The Central Board of Indirect Taxes and Customs (CBIC) on October 8, 2024, via GST Notification No. 20/2024 – Central Tax, introduced Rule 47A into the Central Goods and Services Tax (CGST) Rules, 2017. The very revision will come into force from 1st November 2024 and obligates a strict duration to issue the tax invoices […]
The Central Board of Indirect Taxes and Customs (CBIC) in relief for the taxpayers facing tax demands from the previous fiscal years has issued GST notification No. 21/2024–Central Tax dated October 8, 2024, specifying the procedure and prerequisites for the exemption of interest, penalty, or both, concerning tax demands u/s 73 of the Central Goods […]
It was carried by the West Bengal Authority For Advance Ruling (AAR) that the supply of baby carriers with hip seats cost less than Rs.1000 per piece would draw a Goods and Services Tax (GST) of 5% while these carriers cost more than Rs.1000 per piece shall draw GST at 12%. The Application for Advance […]
GST Network mentioned the monthly returns data for July and August 2017, the start of the Goods and Services tax incorporation has been restored on the portal. The GSTN mentioned that it is executing its data policy, under which the data for the assessments would be retained for 7 years. Therefore the GST returns data […]
The Central Goods and Services Tax (CGST) Act has introduced a new section 128A, to decrease the tax loads and proposes relief for the assessees towards tax obligations made between July 1, 2017, and March 31, 2020. This amendment permits people with tax obligations to settle their debts without facing extra interest or penalties, as […]
The GST department’s Adjudicating Authority (AA) in relief for Tata Sons has dismissed a GST demand of over Rs 1500 crore to the company for a settlement deal with Docomo. The order of AA will act as a precedent for the companies involved in arbitration. There is an option of contesting for the department before […]
The Andhra Pradesh Authority for Advance Ruling (AAR) mentioned that Natural Fibre Composite (NFC) Board manufactured using raw materials, and bonded together using Polyvinyl Chloride (PVC) resin as a bonding agent draws a Goods and Services Tax (GST) of 12% as per its GST classification. Advance Ruling application under Section 97 of the Central GST […]
