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The GST branch of Kerala has declared the introduction of Standard Operating Procedures (SOPs) to track taxpayers’ corrections of improper IGST Input Tax Credit (ITC) reversals by using the GSTR-3B form. A streamlined summary tax return form GSTR-3B, enables taxpayers to report the total unpaid GST liabilities for a particular tax period. It is mandatory […]
Around 5.5 crore taxpayers may have switched to the new tax regime introduced in the budget for the current fiscal year, based on initial estimates from the revenue department. These taxpayers mainly earn up to Rs. 7 lakhs and are primarily younger individuals with incomes up to Rs. 7 lakhs, according to a senior official […]
Input Tax Credit (ITC) is eligible on GST paid for inward supply for fixing of plant and machinery to earth by foundational or structural support towards making the outward supply of goods, Rajasthan Bench of the Authority for Advance Ruling (AAR) witnessed. The petitioner, M/s Uvve Glass Private Limited, seeks for advance ruling on whether […]
The Hon’ble Allahabad High Court in M/s Tikona Infinet Private Limited v. State of U.P. [Writ Tax No. 859 of 2023 dated July 25, 2023] set aside the need raised on the basis that the taxpayer rather than passing the Input Tax Credit (“ITC”) via Form GST ITC-02 transferred ITC through Form GSTR-3B and contained […]
On August 4, 2023, the Central Government vide notification no. 38/2023 has told the Central Goods and Services Tax (CGST), the rules of 2023. Certain rules would have been revised and also inserted new ones. A new rule 88D would have been inserted into the CGST rules through the same revision which describes the way […]
In consideration of the suggestions of the 50th Goods and Services Tax (GST) Council, the Central Board of Indirect Taxes and Customs (CBIC) has released Circular No. 199/11/2023-GST on 17th July 2023, to simplify the taxability of services given by an office of an organization in one State to the office of that organization in […]
The Karnataka State Chartered Accountants Association (KSCAA) represented the Central Board of Direct Taxes (CBDT) on technical concerns in the e-proceedings tab of the income tax portal and gave some suggestions. The association expressed worry over the failure to display notices given in previous years. The representation concerned communication without a copy of the notice, […]
In a recent decision, the Gauhati High Court made it clear that railways can not refuse GST reimbursement due to pricing variations just because the payment of output tax was carried out through an electronic credit ledger and using Input Tax Credit (ITC) under the GST Act. The single-judge bench, chaired by Justice Devashis Baruah […]
According to official sources aware of the ongoing investigation, a central agency tasked with preventing the loss of Goods and Services Tax (GST) revenue has finished its investigation into at least 6 of the 30 insurance companies it is looking into over allegations of improper commission payments to their agents and is in the process […]
