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The High Court of Bombay High Court at Goa, refusing the order for the compounding of offence ruled, the compounding amount of offence under the GST act would not be more than the maximum penalty mentioned in the act for the same offence. The applicant Mr Shekhar P Vernekkar dissatisfied with the order of the […]
Beneath the GST evasion problem the insurance industry would be asked before the government to resolve the problems. A top representative team that comprises some of the CEOs of leading private sector general insurers has already met Tarun Bajaj, retiring Revenue Secretary, Ministry of Finance (MoF), the representatives of life insurers are preparing to meet […]
In this article, we will learn and understand the complete process of the GST Input Tax Credit (ITC) reversal if in case the clients and the concerned parties miss the payments for more than 180 days or so. The post will take the sections and other major amendments in the provisions of the sub-sections. There […]
The Central Board of Indirect Taxes and Customs (CBIC) furnishes the notification to permit Input Tax Credit (ITC) claims and revisions of invoices till 30th November 2022. From the former week, a GST portal would have initiated permitting the revision concerned to the FY 2021-22 in Oct 2022 return duration. The same is with the […]
The Authority for Advance Rulings, Telangana (AAR) held that Input Tax Credit (ITC) could get claimed on Corporate Social Responsibility (CSR) Expenses for the case of M/s Bambino Pasta Food Industries Private Limited which is the petitioner. Petitioner seeks an advanced ruling if the GST ITC would be available on the expenditure of CSR that […]
The GST law execution in India would have been started through the narrative of national ambition and that of a global exception. To ease the whole GST framework for India Inc the government is enduring a lot via revising the reporting method to make the GST a Good and simple tax for exclusively non-compliant assessees […]
A lot of challenges have been faced by the idea of the government i.e merging the National Anti-profiteering Authority (NAA), which penalizes businesses for goods and services tax (GST)-affiliated profiteering, with the anti-trust regulator Competition Commission of India (CCI) along with the short span of nearly about a month left prior to the lapse of […]
“A proposal is under consideration to raise the threshold to Rs 5 crore for initiating criminal prosecution. The matter will be put up before GST Council soon” said the senior officials. GST evasion with Rs 2 to 5 cr shall draw three years in jail. If the tax evasion is up to Rs 2 crore […]
Nearly Rs 510 cr has been already returned by the businesses which they made allegedly through the consumers, they face to return the bigger amount to consumers as per the official’s estimates on the statutory actions on the goods and services tax (GST) corresponding profiteering by the industry. Companies have either returned to the consumers […]
