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The tax officials are investigating a section of automobile dealers who have allegedly issued fake invoices without offering any service which is an unlawful action under goods and services tax (GST law). The authorities are going to ask the car dealers to prove that general insurance companies have received their services. According to a business […]
Data analytics is being used by the GST officers to make sure the whole supply chain in a specific sector is paying sufficient GST or if there is a missing link, said an official. The Directorate General of GST Intelligence (DGGI) has taken a stance and made efforts to find out about tax evasion at […]
Various businesses are under pressure for the ITC claims as of engagement of large efforts. The revision of the late to the GST law would have been made by the government to tighten the claims of the ITC, via Budget 2023 the recent the has been executed. Modification in GST ITC from Budget 2023 You […]
Every GST Identification Number (GSTIN) registered user is required to file a Goods and Services Tax (GST) return mandatorily. About 22 different forms of GST returns exist. Four of these are suspended, and eight are in view-only format. Depending on the type of taxpayer regular taxpayer, composition taxpayer, TDS (tax deducted at source) deductor, non-resident […]
What is Section 16 Under CGST Act? Section 16 of CGST ACT 2017 is concerned with the Input Tax Credit mechanism, which permits the assessee to offset the GST Input Tax Credit with the GST Output Tax Liability. The same shall assist in preventing the cascading effect of taxes and promote a seamless flow of […]
A prominent private bank, 29 insurance businesses, five non-banking financial organizations (NBFCs), and more than 100 suppliers would get show-cause notices from the GST authorities. These organizations were involved in funding bogus services so that the insurers could pay a bank fee that exceeded the legal limit. A renowned private bank received a commission from […]
The Gujarat Authority for Advance Ruling (AAR) ruled that support in deduction made by the applicant from workers who get food at work would not be regarded as a “supply” under the GST Act. The applicant would receive the input tax credit (ITC) on the GST collected by the service provider of the cafeteria facilities […]
In a recent instance in which a car was seized on suspicion of fraudulent business operations and false ITC claims, the Orissa High Court ordered its release following payment of a penalty under Section 129(1) (b) of the GST Act, 2017. The directions would have been obtained by Sunil Mishra who is the Additional Standing […]
Buyers of houses that are still under construction will be pleased by a recent Appellate Authority for Advance Rulings (AAAR) judgment in the instance of a Thane-based developer since it could result in lower costs. The appellate bench ruled that the charges towards various services obtained via the developer, Puranik Builders, like water connection, electric […]
