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According to sources familiar with the matter, the government plans to introduce two significant bills during the approaching winter session of Parliament. These bills aim to establish goods and services tax (GST) appeals tribunals and seek approval for adjustments in the government’s spending plans. One of the bills will propose amendments to the central GST […]
Divi’s Laboratories Limited, a pharmaceutical company based in Hyderabad, stated on November 16th that it had been issued a demand notice from the Goods and Service Tax (GST) department amounting to ₹164 crore. It also demands interest and penalty charges. According to the company, the notice was released by the office of the commissioner of […]
The Kerala High Court has instructed the Assessing Authority to review the petitioner’s arguments based on Circular No.183/15/2022-GST dated 27.12.2022 from the Government of India, Department of Revenue. This directive was prompted by the petitioner’s denial of legitimate Input Tax Credit (ITC), which was solely due to variations in ITC figures between the GST returns […]
The Punjab Government has launched a one-time settlement (OTS) initiative aimed at winning over traders and resolving approximately ₹6000 crore in outstanding GST dues. This move, as per the government, aims to alleviate the burden of past cases, allowing traders and industrialists to better comply with the Goods and Services Tax (GST). Harpal Singh Cheema, […]
Finance Minister, Nirmala Sitharaman, on Thursday, announced the the approval of biometric-based Aadhaar authentication via GST Seva Kendras for Andhra Pradesh. The step will make the process of GST registration easier and enhance the security, said the Minister. The GST revenue in October month reached the growth of a 10-month high touching ₹1.72 lakh crore, […]
Input Tax Credit (ITC) serves as a taxation mechanism, allowing businesses to offset taxes paid on inputs against the taxes due on their output. Essentially, it permits businesses to claim a credit for taxes paid on purchases, thereby reducing their overall tax burden. The limitations on Input Tax Credit (ITC) are detailed in GSTR-2B, Section […]
The Madras High Court ruled that the GST Council doesn’t have the authority to determine the classification of flavoured milk while providing relief to Parle Agro regarding its taxability. In a recent judgment, a single judge bench declared that flavoured milk should be subject to a 5 percent GST rate. This contrasts with the GST […]
India is reportedly considering a substantial increase in the threshold for arrests and criminal prosecutions regarding Goods and Services Tax (GST) evasion, aiming to raise it from ₹2 crore to ₹3 crore, according to sources. This proposed change is part of an initiative to stop the specific aspects of GST evasion, encouraging businesses to stop […]
The Madras High Court has instructed the state tax officer to probe the misuse of login IDs linked to potential tax evasion by unidentified individuals. Justice C. Saravanan’s bench noted the petitioner’s claim of a third party exploiting their login ID to file returns and funnel a substantial input tax credit to this unauthorized entity. […]
