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The Karnataka High Court in a ruling quashes the blocking of Input tax credit (ITC) via the tax authorities by not furnishing a proper hearing or establishing effective reasons. The applicants’ Input Tax Credit (ITC) was blocked through the impugned order at Annexure – A on 09.07.2024, via invoking Rule 86A of the Central Goods […]
A State Bank of India (SBI)-led committee to motivate the co-lending between commercial banks and non-banking financial companies (NBFCs) has suggested removing the 18% GST. As per the source, the SBI-led co-lending committee has furnished the report before the finance ministry where it suggested that no GST is to be levied on the co-lending related […]
The Central Board of Indirect Taxes and Customs ( CBIC ), vide circular no. 234/28/2024-GST on 11th October 2024, has explained that an 18% Goods and Services Tax ( GST ) applies to affiliation services furnished via universities to colleges. These affiliation services are waived from the GST notification No. 12/2017-CT(R) on 28.06.2017 GST applicability […]
It was specified by the Central Board of Indirect Taxes and Customs (CBIC), vide circular no. 234/28/2024-GST dated 11 October 2024 that Goods and Services Tax (GST) is waived on approved flying training courses mandated by the Directorate General of Civil Aviation (DGCA) for the issuance of completion certificates. Various representations for the GST applicability […]
On October 13, 2024, the Goods and Services Tax Network ( GSTN ), vide its advisory issued, notified to allow the registration utility in the GST portal for Tax Deduction at Source ( TDS ) u/s 51 of the GST Act for the scrap dealers. GST Notification 25/2024-Central Tax “The government has issued Notification 25/2024-Central […]
The Central Board of Indirect Taxes and Customs (CBIC), in an update to the penal provisions for the inspection and search operations under the Goods and Services Tax (GST) regime, via Notification No. 20/2024 – Central Tax dated October 08, 2024, has made a vital substitution in form GST INS-01. The same revisions align with […]
The assessees earlier were obligated to reconcile the Input tax credit claimed in FORM GSTR-3B with the information shown in FORM GSTR-2A as per sub-rule (4) was inserted into Rule 36 of the Central Goods and Services Rules, 2017 (“the CGST Rules”) w.e.f. October 09, 2019. Also, the same condition emerges as of the obligation […]
Through the Central Goods and Services Tax (Second Amendment) Rules, 2024, the Central Board of Indirect Taxes and Customs (CBIC), has introduced amendments in the process pertinent to the cancellation and suspension of GST registration. Such amendment has the objective of improving compliance and facilitating the procedure for the assessees and authorities. Amendment Highlights Rule […]
Summary of New GST Section 74A
