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Due to the Lockdown and COVID-19 Pandemic state governments are having a tough time to collect revenue, and by observing that the Central government had earlier released GST Compensation of INR 1,15,096 crore for the period of April to November 2019 and today additional INR 36,400 crore GST Compensation has been also released. Today, GST […]
As per recent updates received yesterday, Philips India was found guilty by the GST anti-profiteering authority for not providing benefits of the GST rate Grab the information of revised GST slab rates on consumer products in India, Although GST council finalized the slab rates like 5%, 12%, 18% and 28% cut which is estimated over […]
COVID-19 Panadamic causing a bad effect on the collection of the states, due to it, their GST collection requirements is expected to reach Rs. 4.1 trillion in this Financial year, which is almost equal to 2.1 percent of the GDP of our country The biggest tax reform i.e. Goods and Services Tax is now a […]
The CBIC had issued a Standard Operating Procedure (SOP) on January 23, 2020, and it needs to be followed by such exporters, and on May 20, 2020 CBIC made some amendments in it regarding verification of IGST refunds and other related aspects. The Standard Operating Procedure (SOP) by CBIC was released to confirm the existence […]
The CBIC had early received some complaints from exporters that in some cases the Integrated Good and service tax (IGST) refunds are being held for over 6 months. In this matter, the Central Board of Indirect Taxes and Customs (CBIC) recently directed the GST risk management wing to identify risky suppliers to exporters and submit […]
During the lockdown, some issues related to Special Economic Zones (SEZs), Export Oriented Units (EOUs), and some general policy have been put forward by stockholders and now on May 15, 2020, the Director-General of Export Promotion (DGEP) clarified all of them in a circular released by the Ministry of Commerce. The circular clarified several issues […]
The Appellate Authority of Advance Ruling (AAAR), Karnataka released an order dated 04 May 2020 and ruled that the maintenance and landscape development of gardens for government undertakings come under subcontract work and thus the GST will be applicable on it. M/s The Nurserymen Cooperative Society LTD, Lalbagh, Bangalore is the applicant in this matter […]
As per the recent update, the registered persons were facing certain challenges or issues in the implementation of provisions of GST Laws, and on 06th May 2020 CIBIC which stands for the Central Board of Indirect Taxes These types of taxes paid on Consumption by the consumer but they do not pay directly to the […]
The AAR Karnataka order dated April 24 ruled that the testing services performed by the laboratories outside India are exempted from IGST. The come from AAR in a case that comes under 97(2)(e) of the SGST Act. In this case, the applicant is M/s DKMS BMST Foundation India, the Foundation is a non-profit organization registered […]
