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The High Court of Kerala at Ernakulam has dismissed two writ appeals challenging the constitutional validity of specific provisions under the Central Goods and Services Tax (Central GST) Act and Rules. The pleas were filed by two businessmen, Nahasshukoor, proprietor of M/s N. S. Metals, and Ansil Ibrahim, proprietor of M/s Light House, both located […]
The upcoming Union Budget for the fiscal year 2024-25 might introduce measures to alleviate the minimum threshold, adjust input tax credit, and revise GST rates on insurance products, aiming to facilitate smoother business operations. Nevertheless, Finance Minister Nirmala Sitharaman is likely to refrain from significant alterations to the GST rates due to the presentation of […]
The Delhi High Court has ruled that denying an input tax credit (ITC) refund solely due to the absence of authenticated documents is not permissible. Justices Sanjeev Sachdeva and Ravinder Dudeja highlighted that although the petitioner had uploaded the necessary documents, the system failed to register them. Despite submitting the documents along with a response, […]
As India awaits Finance Minister Nirmala Sitharaman’s 6th Union Budget, to be presented in Parliament dated February 1, 2024, the nation’s real estate sector, certainly for the affordable housing segment, is poised in expectation. To realize the vision of the government for ‘Housing for All,’ experts and industry leaders have shared their thoughts asking for […]
The government is contemplating a heightened use of technology-driven advanced risk profiling to prevent input tax credit (ITC) fraud. They aim to halt suspected claims until undergoing thorough scrutiny. This move comes as Goods and Services Tax (GST) evasion, totalling over ₹4 lakh crore, has been unearthed in merely four years, with less than 30% […]
CEAT Ltd disclosed that it received GST demand and penalties exceeding INR 19 crore from tax authorities in Maharashtra and Vadodara. The Additional Commissioner in Vadodara imposed an interest charge of INR 3.27 crore and a penalty of INR 13.68 crore due to a delay in reflecting input tax credit caused by technical issues in […]
In the past decade, there’s been a remarkable surge in the country’s startup scene. Despite the setbacks caused by the COVID-19 outbreak and the 2020 lockdown, 2021 marked a revival in growth. Presently, India’s startup landscape initially centred around software, has diversified across industries and locations. This transformation is credited to government initiatives, a skilled […]
Life Insurance Corporation of India (LIC) announced that it has received a notification regarding payment of Goods and Services Tax (GST). Including interest and penalty, the notice stated the amount of Rs. 806 crore. LIC plans to challenge this decision and will file an appeal. The notice was received on January 1. According to LIC, […]
The Goods and Services Tax rulings in 2023 were among the important legal decisions that shaped India’s taxation environment. Presenting Five Significant GST Rulings Below are the details of five significant cases related to input tax credit matching, hostel GST rate, registration cancellation, etc. Resolution of Hindustan Unilever’s Input Tax Credit Issues by Rajasthan High […]
