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According to Vivek Johri, the chairman of the Central Board of Indirect Taxes and Customs (CBIC), GST collection would be the “new normal” in FY24 and is anticipated to average approximately Rs 1.50 lakh crore per month. According to CBIC Chief Johri, the indirect tax collection target set for the upcoming fiscal year would be […]
Finance Bill 2019-20 revises the Central Goods and Services Tax (CGST) Act with retrospective effect by inserting a new proviso in section 50(1) to compute the interest on late GST payments. Due to this amendment, there is now an arbitrary and illegal distinction between the balance in the electronic credit register (ECrR) due on cash […]
The Hon’ble Kerala High Court in Pappachan Chakkiath v. Assistant Commissioner & Anr. [WP(C) NO. 816 of 2023 dated January 11, 2023] ruled that if the time restrictions for issuing the order under Section 73(10) of the Central Goods and Services Tax Act, 2017 (“the CGST Act”) for the Fiscal year 2017-18 is postponed till […]
A unified national market for goods and services was intended to be created by the Goods and Services Tax (GST), which was established with the claimed goal of rationalizing India’s indirect tax environment. The three pillars of this “one nation-one tax” strategy were ‘ease of doing business’, economic expansion and pricing rationalization. A strong dispute […]
Businessmen who have sold plots in the industrial estates of MIDC may soon receive a visit from the taxman. For these transactions, the central GST department is now collecting an 18% charge. The transactions are treated as leases, which are subject to GST because they are considered services. Since the introduction of the GST in […]
An Explanation About E-invoice E-invoices are digital documents that are exchanged between buyers and suppliers and validated by the tax portal of the government. An e-invoicing system is a digital process of preparing business-to-business (B2B) invoices and showing them through the Goods and Services Tax Network (GSTN). Business invoices are reported to the GST portal […]
Scrutiny notifications and intimations have been circulated recently, suggesting that the department is requiring taxpayers to reverse the excess input tax credit claimed in Form GSTR 3B as compared to credits shown in GSTR 2A. How reliable are such communications? Is the taxpayer compelled by law to reverse such credits? We shall go over the […]
Finance Minister Nirmala Sitharaman, while presenting Union Budget 2021 referenced Rabindranath Tagore and stated that ‘faith is the bird that senses the light and sings while the morning is still black’. As another union budget release approaches, the market and residents remain hopeful and await budget pronouncements with bated breath, under the shadow of another […]
A division bench of the High court would circulate the ruling that eases the taxpayer in which the court permitted the taxpayer to rectify GSTR-1 for obtaining the ITC since there was a bonafide mistake of filing Form-B2B rather than B2C. The applicant, Shiva Jyoti Construction before the Court asking for a decision from the […]
