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A crucial update will be implemented on the GST portal by the Goods and Services Tax Network (GSTN). This amendment could permanently block your Input Tax Credit (ITC). Let’s find out how. Three years after the due date for filing GST returns, the GSTN declared that taxpayers would be unable to furnish their GST returns. Taxpayers have not […]
The Karnataka High Court has clarified that not accurately reporting the correct value in tax returns or applying the appropriate Goods and Services Tax (GST) rate does not constitute suppression under Section 74 of the Central Goods and Services Tax (CGST). This ruling emphasises the distinction between honest errors and deliberate suppression in tax reporting. […]
Recently, the government announced that reducing the Goods and Services Tax (GST) on the renewable energy value chain from 12% to 5% is projected to lower the annual power procurement costs for distribution utilities (discoms) nationwide by approximately Rs 3,000 crore. This change is expected to significantly support the financial sustainability of discoms and enhance […]
The Central Board of Indirect Taxes & Customs (CBIC) cited the rate notification for goods, ballpoint pens and fountain pens, school bags, and printed books will all draw Goods & Services Tax at 18%. At the 56th GST council meeting on September 1, suggestions from the notification were revealed. The 28 States and 3 Union […]
The Retail Distribution Chemists Alliance (RDCA) in Delhi, with the introduction of GST 2.0 scheduled for September 22, 2025, has raised concerns for the financial burden the transition will place on pharmaceutical distributors and retailers. RDCA president Sandeep Nangia has requested urgent support from pharmaceutical partners to ensure a smooth transition and uninterrupted medicine supply. […]
When the taxpayer has proved the actual movement of goods and it stayed unrebutted via authority, then the proceedings u/s 74 of the Goods and Services Tax Act, 2017 are not justified, Allahabad High Court cited. U/s 74 of the GST Act, the proceedings could be initiated if the taxpayer has not paid or short […]
Manufacturers, packers, and importers of packaged goods can now update the prices on items that haven’t sold yet. This change is part of the new rules related to the Goods and Services Tax (GST) set by the Ministry of Consumer Affairs. The motive is to ensure compliance with tax amendments without forming fresh packaging waste […]
The Central Board of Indirect Taxes & Customs (CBIC) is planning to hold a meeting with various industry groups and trade organisations to talk about the recent changes in the Goods and Services Tax (GST) and how to simplify the tax rates. CBIC Chief Sanjay Kumar Agarwal has asked field formations to undertake proactive outreach […]
Recently, the 56th GST council has made some important changes to help businesses, especially in the fast-moving consumer goods (FMCG) sector. One key change is that credit notes are no longer directly linked to invoices. This adjustment is aimed at reducing confusion for companies and sellers when they handle these documents. Overall, it’s a step […]
