Clipped from: https://economictimes.indiatimes.com/news/economy/finance/cbic-notifies-rate-changes-for-apparel-footwear-and-textiles-from-jan-1-2022/articleshow/87801158.cmsSynopsis GST Council in its meeting in September had decided to correct inverted duty structure on footwear and textiles, which it said will come
Category: GST
CBIC clears the air on GST refund issues – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/cbic-clears-the-air-on-gst-refund-issues/article37563440.ece CBIC has issued a circular clarifying the limitation period for excess cash lying in Electronic Cash Ledger The Central Board of Indirect Taxes
Only works contract in land deals will attract GST: Telangana AAR | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/only-works-contract-in-land-deals-will-attract-gst-telangana-aar-121111800681_1.html A works contract is essentially a contract of service that may also involve supply of goods in the execution of the agreement The
Excess money in cash ledger refundable even two yrs after paying GST: CBIC | Business Standard News
lipped from: https://www.business-standard.com/article/economy-policy/excess-money-in-cash-ledger-refundable-even-two-yrs-after-paying-gst-cbic-121111801017_1.html Decision will ease cash flow of companies as govt lifts time bar. Earlier, assessees could not take refund of this money after two
Rakesh Mohan, Krishnamurthy Subramanian sing divergent tunes on PLI scheme | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/rakesh-mohan-krishnamurthy-subramanian-sing-divergent-tunes-on-pli-scheme-121111900042_1.html Vijay Kelkar bats for single 18% GST rate CEA Krishnamurthy Subramanian said PLI is more than democratised subsidies Chief Economic Advisor (CEA) Krishnamurthy
How technology is transforming tax functions across organisations – BusinessToday
Clipped from: https://www.businesstoday.in/opinion/columns/story/how-technology-is-transforming-tax-functions-across-organisations-312574-2021-11-17 Although the present focus of automation and technology is on compliance in a big way, it is only a matter of time before
How GST authorities are using data analytics and technology for investigations – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/how-gst-authorities-are-using-data-analytics-and-technology-for-investigations/articleshow/87761099.cmsSynopsis GST framework allows companies to set off part of their future tax liability against GST paid by them on the raw materials sourced
E-way bill generation slackens in November post festive season spur – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/e-way-bill-generation-slackens-in-november-post-festive-season-spur/articleshow/87730005.cmsSynopsis About 24.1 million e-way bills were generated in the first half, with the daily average at 1.72 million. The full month is likely
gst: Indian handset industry demands GST reduction on mobile phones, components – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/cons-products/electronics/indian-handset-industry-demands-gst-reduction-on-mobile-phones-components/articleshow/87734850.cmsSynopsis India’s handset industry has demanded that the GST rate on mobile phones should be reduced from 18% currently to 12% and the GST
gst: The curious case of GST on ice cream parlours: To tax at 5% or 18% – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/the-curious-case-of-gst-on-ice-cream-parlours-to-tax-at-5-or-18/articleshow/87708700.cmsSynopsis It was expected that the GST regime would resolve this issue and put an end to this controversy. Even though the earlier issues
GST officers unearth Rs 34 crore input tax credit fraud – The Financial Express
Clipped from: https://www.financialexpress.com/economy/gst-officers-unearth-rs-34-crore-input-tax-credit-fraud/2368997/ The seven firms were created to generate bogus GST invoices, with an intent to pass on fraudulent ITC without actual movement of goods
Notices to firms after mismatch in GST tax credits – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/notices-to-firms-after-mismatch-in-gst-tax-credits/articleshow/87659414.cmsSynopsis The GST framework allows companies to set off part of their future tax liability against GST paid by them on the raw materials
A tax burden that attacks the federal rights of States – The Hindu
Clipped from: https://www.thehindu.com/opinion/op-ed/a-tax-burden-that-attacks-the-federal-rights-of-states/article37446022.ece The Centre’s levy of fuel surcharges is way beyond basic taxes and an abject misuse of provisions of the Constitution The Narendra Modi
Excess UPI use may Invite notices from Income Tax/GST Department–TAXGURU.IN
lipped from: https://taxguru.in/finance/excess-upi-invite-notices-income-tax-gst-department.html We are living in a modern world, where we are using various types of gadgets and apparatus for our facilitation. The development of
The recovery toolkit: The Hindu Editorial on tax policy and economic recovery – The Hindu
Clipped from: https://www.thehindu.com/opinion/editorial/the-recovery-toolkit-the-hindu-editorial-on-tax-policy-and-economic-recovery/article37330430.ece The economic recovery remains fragile; rebooting tax policy may help The latest string of official numbers, including almost-record GST collections, healthy direct tax
Top 10 Issues Faced by Professionals & Taxpayer in GST since 2017–TAXGURU.IN
Clipped from: https://taxguru.in/goods-and-service-tax/top-10-issues-faced-professionals-taxpayer-gst-2017.html Ambejogai Tax Practitioners Association Submitted a Representation to Hon’ble Union Minister of State Finance – Shri Dr. Bhagwat Karad on Top 10 Issues
No Penalty for failure to maintain books when Assessee submitted Audit Report & Audited Accounts–TAXGURU.IN
lipped from: https://taxguru.in/income-tax/penalty-failure-maintain-books-assessee-submitted-audit-report-audited-accounts.html Aum Jewels Vs ITO (ITAT Delhi) We find Tax Audit Report in Form No. 3CD in all the Assessment Years under consideration. In
‘IGST refund rules for exports by EOUs need to be reviewed’ | Business Standard News
Clipped from: https://www.business-standard.com/article/sme/sme-chatroom-igst-refund-rules-for-exports-by-eous-need-to-be-reviewed-121101800629_1.html Business Standard brings you the fortnightly Q&A on SMEs Q. We are an EOU, exporting our goods through Chennai Customs. We pay IGST
GST collections may break all records soon: Revenue secretary Tarun Bajaj | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/gst-collections-may-break-all-records-soon-revenue-secretary-tarun-bajaj-121110200082_1.html Bajaj expects the collections to break the Rs 1.4-trillion record Revenue secretary Tarun Bajaj The uptrend in GST collections will continue in the remaining quarters,
Supplier can only seek advance ruling under GST, rules MAAR – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/supplier-can-only-seek-advance-ruling-under-gst-rules-maar/article37126122.ece Matter deals with Novartis selling trademarks to USV Entities looking to seek advance ruling for Goods & Services Tax (GST) can take guidance
