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On Tuesday, Bajaj Allianz received a show cause cum demand notice from the Directorate of GST Intelligence, amounting to ₹1,010 crore, for non-payment of GST on co-insurance and re-insurance premiums, as per the information disclosed by Bajaj Finserve, in a stock exchange filing. The company is expected to respond to this show cause cum demand […]
Directorate General of GST Intelligence (DGGI) has imposed a show cause notice to the ICICI Lombard asking the tax of Rs 17,28,86,10,803 (over Rs 1,728 crore). On the date 27th of September, the show cause notice was been obtained. The company, in its official filing, has conveyed that the show cause notice is related to […]
The government is currently developing a supplier database that will assess suppliers based on their history of complying with the goods and services tax (GST), their credit history, transaction records, and past instances of non-compliance. This plan could be included in the upcoming budget proposal and put into action during the following year. Companies will […]
On October 7th, the Goods and Services Tax (GST) Council, the central indirect tax authority, is scheduled to assemble to address issues regarding the establishment of GST appellate tribunals and their distribution nationwide. According to an official statement, millet flour in powdered form, comprising a minimum of 70% millet by weight, will be exempt from […]
The Superintendent of Central Tax must make an unbiased decision independently, unaffected by the guidance from the DGGI, Kochi Zonal Unit, the Kerala High Court has ruled. Justice Dinesh Kumar Singh’s bench has noted that the DGGI, Kochi Zonal Unit had already made the decision to cancel the GST registration of the petitioner. The competent […]
The Hon’ble Madras High Court has set aside the order issued by the Adjudicating Authority in the case of M/s. Sri Renga Timbers v. The Assistant Commissioner (ST) (FAC) [W.P. No. 22854 of 2023, August 17, 2023]. The court affirmed that legally availed credit cannot be refused, even if there were errors committed twice in […]
This summary highlights four important circulars issued in July 2023 regarding tax compliance. The first circular addresses the reconciliation of Input Tax Credit (ITC) between GSTR-3B and GSTR-2A, outlining how changes in rules have impacted ITC claims. The second circular discusses refund-related issues, clarifying that refunds are now limited to the ITC amount shown in […]
A senior government official has revealed that pilot initiatives aimed at testing biometric and geotagging authentication for GST registration have been postponed due to disagreements concerning access to the Aadhaar identity database. Nevertheless, the finance ministry remains optimistic about implementing both biometric and geotagging authentication methods in Fiscal Year 2025. These measures are designed to […]
The implementation of the Goods and Services Tax (GST) system in India has brought some significant transformations in how businesses handle their tax compliance responsibilities. Given the range of requirements including e-invoicing, e-way bills, invoice management, credit and debit notes, input tax credits, tax payments, annual return filings, and reconciliations, it is crucial for businesses […]
