Clipped from: https://www.financialexpress.com/economy/banks-seek-relief-from-gst-notices-special-disputes-mechanism/2415995/ The IBA has also suggested that the quarterly issuance of TDS certificate (Form 16A) should be scrapped now. This is part of a
Category: GST
GST authorities arrest 27-yr old for issuing bogus Rs 1,000 cr bills | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/gst-authorities-arrest-27-yr-old-for-issuing-bogus-rs-1-000-cr-bills-122012700058_1.html A local court remanded the arrested accused to judicial custody for 14 days Illustration An ‘accountant’ has been arrested for allegedly issuing bogus
Interest on non-payment of GST may be recovered without notice | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/interest-on-non-payment-of-gst-may-be-recovered-without-notice-122012700051_1.html But with court backing, the authorities are considering doing it in some cases of mismatch in the invoices Photo: Shutterstock Backed by a
Bombay HC issues notices to Centre, Maharashtra over blocking of ITC | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/bombay-hc-issues-notices-to-centre-maharashtra-over-blocking-of-itc-122012400914_1.html The petitioner, which is engaged in renting and leasing movable and immovable properties, challenged section 17(5)(c) of Central GST Act and the same
No GST on cash discount for early payments by dealer, rules M.P. AAR – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/no-gst-on-cash-discount-for-early-payments-by-dealer-rules-mp-aar/article64928229.ece This ruling is contrary to the verdict of Kerala AAR Incentive for early cash payment by the dealer will not attract GST ruled
GSTR 3B Filing: What is GSTR 3B? Who should file it? – Times of India
Clipped from: https://timesofindia.indiatimes.com/business/faqs/gst-faqs/what-is-gstr-3b-who-should-file-it/articleshow/60871786.cms Filing GSTR 3B form is mandatory for all those who have registered for the Goods and Services Tax (GST). The GSTR 3B is
RBI holds special repo auction as GST outflow tightens liquidity | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/rbi-holds-special-repo-auction-as-gst-outflow-tightens-liquidity-122012100031_1.html Rs 50,000-cr auction drew bids worth Rs 65,700 cr from the banking system; cut-off rate at 4.06% Photo: Shutterstock The Reserve Bank of
Input tax credit: No input tax credit for 99-year lease: AAAR – The Economic Times
Input tax credit: No input tax credit for 99-year lease: AAAR – The Economic Times https://economictimes.indiatimes.com/news/economy/finance/no-input-tax-credit-for-99-year-lease-aaar/articleshow/89018902.cmsMost companies and hotels pay GST at 18% on lease
Taxman challenges HC order quashing reassessment notices – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/taxman-challenges-hc-order-quashing-reassessment-notices/articleshow/88981683.cmsSynopsis In the 2021 budget, the government had amended a provision governing reassessment proceedings under Section 148 of the Income-Tax Act, 1961. The amendment
How can MSMEs maximise input tax credit and better manage cash flows – The Financial Express
Clipped from: https://www.financialexpress.com/industry/sme/cafe-sme/msme-eodb-how-can-msmes-maximise-input-tax-credit-and-better-manage-cash-flows/2407899/ Ease of Doing Business for MSMEs: Manual reconciliations are laborious. Offline tracking and coordination across teams such as the tax team, accounts payable
AAAR ruling on salary to impact head office-branch GST dynamics – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/company/corporate-trends/aaar-ruling-on-salary-to-impact-head-office-branch-gst-dynamics/articleshow/88938019.cmsSynopsis Cummins India had approached the AAAR with questions including whether allocation of the cost of employees’ salary by the head /corporate office to
Budget could consider levying TDS/TCS on crypto trading, make it reportable in SFT – The Financial Express
Clipped from: https://www.financialexpress.com/money/budget-could-consider-levying-tds-tcs-on-crypto-trading-make-it-reportable-in-sft/2407789/ Nangia Andersen LLP Tax Leader Aravind Srivatsan said currently, India has the highest number of crypto owners globally, at 10.07 crore and as
Compliance conundrum – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/compliance-conundrum/article64899272.ece The GST invoice matching mechanism remains a work in progress after four and a half years At the core of the input tax
Search for tax evasion | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/search-for-tax-evasion-122011601077_1.html India needs to expand its tax base Government finances this year have benefitted from a higher than expected revenue collection. While the third wave of
Govt must consider extension of expiry dates under provisions | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/govt-must-consider-extension-of-expiry-dates-under-provisions-122011601099_1.html During the first and second waves of the pandemic, the government extended many deadlines for filing various applications and even the expiry dates
Bogus ITC Case- HC grants bail to CA on furnishing bail bond of Rs. 50 Lakh-TAXGURU.IN
Clipped from: https://taxguru.in/goods-and-service-tax/bogus-itc-case-hc-grants-bail-ca-furnishing-bail-bond-rs-50-lakh.html?utm_source=feedburner&utm_medium=email Amit Kumar Agarwal @ Amit Agarwal Vs State of Odisha (Orrisa High Court) As far as the allegation is concerned, the petitioner being
Gujarat HC clarifies blocked Electronic Credit Ledger for GST assessee automatically gets unblocked after 1 year – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/guj-hc-clarifies-blocked-electronic-credit-ledger-for-gst-assessee-automatically-gets-unblocked-after-1-year/article64836774.ece Ruling to help in more effective implementation of CBIC’s November circular Gujarat High Court has made it clear that electronic credit ledger of
GST officers arrest individual for issuing fake invoices worth Rs 4,521 cr – The Financial Express
Clipped from: https://www.financialexpress.com/economy/gst-officers-arrest-individual-for-issuing-fake-invoices-worth-rs-4521-cr/2406870/ During the course of the investigation, GST amounting to Rs 4.52 crore has been deposited by the reversal of ITC available in the
Extending GST compensation as a reform catalyst – The Hindu
Clipped from: https://www.thehindu.com/opinion/lead/extending-gst-compensation-as-a-reform-catalyst/article38243062.ece The transition to GST is still in progress and an extension will provide comfort to States to help roll out crucial changes It
Health care services offered on flat fee exempt from GST: AAR | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/health-care-services-offered-on-flat-fee-exempt-from-gst-aar-122011300037_1.html The applicant devised a plan for providing health care services for the next 20 years for which a lump-sum amount, say, Rs 10
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