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Ahead of the fourth GST Anniversary on July 1, the Industry regulatory body ‘PHD Chamber of Commerce’ has voiced an opinion that the buyer should be permitted to claim credit for taxes even if the supplier has been the defaulter in payment of GST. The PHD Chamber of commerce also said that during a meeting […]
In a recent judgement delivered by the honourable Gujarat High Court, it is held that the Directorate General of Goods and Services Tax Intelligence (DGGI) holds the power to issue summons considering the provisions of the GST Act, 2017 and the relevant circulars that are issued by the Central Board of Indirect Taxes These types […]
On Wednesday National Anti-Profiteering Authority has requested his tax council to convey the advantage of GST price which gets diminished on things relevant to covid things. It is indeed asked to give priority to the common consumer complaints. Beneath the GST act NAA which is a law, the mechanism is allocated to convey the relief […]
It’s hard to get a single answer to the question. In any Tax administration, the authority to Inspect, Search and Seize are necessary not only to protect the revenue exchequer of the government but also to protect the interest of the genuine taxpayers. The Tax authorities are expected to use these powers since the basic […]
The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification about the Applicability of the mechanism of Dynamic Quick Response (QR) Code on Business to Consumer invoice. Latest Update in QR Code Under B2C 6th July 2021: “CBIC tweeted that no fine under section 125 of CGST Law, shall be levied for […]
Recently Section 16(2)(aa) on Input Tax Credit has been added by Finance Bill. And the implication of this insertion is that it has empowered already existing Rule 36(4). The reason for inserting 16(2)(aa) is being that Rule 36(4) was weak and so, has been challenged before various Authorities & High Courts many times. Consequently, there […]
The Karnataka Authority of Advanced Ruling passed a ruling that 18% GST is liable to be paid on the selling and manufacturing of Automatic Weighing Machines The applicant, Wave Colour Techniques is indulged in the manufacturing and supply of machines to farmers and farmer’s cluster in the domain of Grapes and Raisin Processing namely Raisin […]
The Input Tax Credit (ITC) under the mechanism of Goods and Service Tax plays a crucial role for a business and if it is mismanaged, it might adversely affect its working capital. And The GST Act 2017 has laid down a set of rules for claiming and utilizing ITC by every taxpayer. Basics of Input […]
Amidst the second corona pandemic wherein the life of hundreds of people, constituting a large proportion of people was ruined and devastated and consequently, the economy was hit, The GST revenue exchequer of the government for May 2021 was nearly Rs 1,02,709 lakh crore.— It slipped from April 2021 which was Rs 1.41 lakh crore. […]
