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The Authority for Advance Rulings (AAR), West Bengal has recently declared that input tax credit (ITC) will not be admissible against the GST paid on the purchase of motor vehicles for supplying rent-a-cab service, under the section 17(5)(b)(i) of the GST Act. In a recent hearing, an applicant claimed that she provide rent-a-cab service according […]
GST Council 35th Meet: The members approve new GST filing system. The Finance Ministry has recently showcased a roadmap for the enactment of the new GST return mechanism. A transaction mechanism has also been unveiled along with it. The trial period for implementation of the new GST return mechanism will start from July and will […]
In India, Reversal of the ITC is a common term under the Indirect Tax Regime. Not only India, but other countries as well are aware of this term. Like when we talk about Malaysia Reversal of the ITC is there too. In India, we also have an ITC reversal process to avoid cases like deprivation […]
Recently, the finance ministry in India has urged businesses to file their Goods and Service Tax (GST) annual returns before the last date, i.e., June 30, to avoid the eleventh-hour rush. Finance ministry has made this announcement due to the glitches seen in the GSTN portal last year as a lot of merchants and businesses […]
IGST stands for integrated Goods and Services Tax. It is the provision in the GST (Goods and Services Tax) which manages the movement of Goods and Services in the interstate. IGST is not an additional added tax and neither it substitutes the Central Sales Tax. In simple words, it is the sum of CGST (Central […]
The Tamil Nadu Advance Ruling Authority has stated that there is a reduction in the slab of the polypropylene mats that are plated with the help of the polypropylene straw. From 1st January 2019, the GST of it will be 5 per cent i.e. 2.5 per cent for Central Goods and services tax (CGST) and […]
New GST (Goods and Services Tax) return forms have been proposed which are ready to bring an end to the most popular and widely used tax evasion method which is “claiming rebate for the tax that was not paid in the first place”. These new forms will be rolled out soon and will start from […]
Generally, the Goods and Service Tax (GST) should be charged on goods and services, not on immovable objects like property. However, the Indirect tax laws of India considers the sale of under-construction residential apartments as a supply of goods and services. In the recent amendments of GST rates, the levied GST tax rates on under-construction […]
The taxpayers in India have got a big relief ever since the government passed the new GST Act. With the implementation of the new GST Act, the cascading effect of various taxes has been diminished by the government to a greater extent. Thanks to the new GST regime based on the ‘One Nation, One Tax‘ […]
