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The 49th GST Council Meeting has resolved to change entry at Sl. No. 41A of notification No. 1/2017-Compensation Cess (Rate) so that exemption advantage encompasses both coals reject provided to and by a coal washery, arising out of coal on which compensation cess has been paid and no person has claimed an input tax credit […]
The scrap steel sector, which obtains its raw materials mostly from unorganized scrap dealers, has requested that the GST structure be rationalized through the use of a “reverse charge mechanism,” in which manufacturers would be responsible for paying taxes. The GST Council was encouraged on Thursday by the All India Induction Furnaces Association (AIIFA), a […]
Co-working business owners and tax professionals have pleaded with the Government to simplify GST registration for companies operating out of shared spaces. In order to stop businesses from exploiting the coworking arrangement just for GST registration, GST authorities requested significant paperwork, such as registered leases and approvals from original owners. Several global companies looking to […]
The unsigned show cause notice and assessment orders were revoked by the Delhi High Court (HC), presided over by Justices Vibhu Bharkru and Amit Mahajan. A total demand of Rs 49,26,623 has been made by the petitioner in this case, which challenges a judgement made by the adjudicating authority (assistant commissioner) under Section 73 of […]
Regarding the CSR (Corporate Social Responsibility) expenses, there is zero anticipation among the companies to see any relaxation in the budget provision concerned with the no ITC (input tax credit). The 2023 finance bill aims to revise section 17 of the CGST Act by stating that input tax credit will not be accessible for goods […]
Tuesday, the government’s Finance Minister Nirmala Sitharaman said it will investigate lowering cement’s 28% Goods and Service Tax (GST) rate. In the midst of the present global unrest, she added, the nation has been able to get petroleum at comparatively reduced rates because of good leadership. She asked India Inc. for unconventional suggestions that would […]
The GST Portal has undergone several changes as a result of the Goods and Services Tax Network (GSTN). Input Tax Credit (ITC) auto-population in Form GSTR-3B has been modified. The new modifications now auto-populate ITC as the net of credit notes in table 4 of the GSTR-3B form rather than treating them as reversals as […]
The Delhi High court rendered the revenue heads to allow the budgetary support for the manufacturing units beneath the “Scheme of Budgetary Support under Goods and Services Tax (GST) Regime”, open for the qualified units situated in the mentioned states. The Court noted that the petitioner was qualified for a Central Excise Duty exemption before […]
Extracts from the GST-related amendments that were included in the Finance Bill for 2023 (Budget 2023-24), which Union Minister of Finance Mrs Nirmala Sitharaman submitted to the Loksabha on February 01, 2023. Except for those in clause 142, modifications proposed in the Finance Bill, 2023 will go into effect on the date they are announced, […]
