Highlights of Recommendations from the 55th GST Council Meeting The 55th GST Council meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman, took place in Jaisalmer, Rajasthan. Key attendees included Union Minister of State for Finance Shri Pankaj Chaudhary, Chief …
If the GST Council decides to amend the CGST Act, it could have far-reaching implications for businesses. The GST Council is gearing up for a crucial meeting on Saturday, December 21, 2024. Among the key items on the agenda is …
Taxpayers are encouraged to activate MFA immediately to streamline their compliance. Ensure that your registered mobile number is updated with your GSTIN for uninterrupted access. The GST Network (GSTN) is excited to announce significant updates to the E-Way Bill and …
The court referred to Clause (5) of Section 16 , inserted by the Finance (No. 2) Act, 2024, which allows ITC claims for late-filed GST returns effective from July 1, 2017. ITC allowed on Late GSTR-3B Filing: In a pivotal …
This CAG report underscores the critical need for stringent audits and immediate remedial action to curb revenue leakage. The Comptroller and Auditor General (CAG) of India has identified significant revenue losses amounting to ₹755.49 crore due to under-assessment, short levy, …
The court directed R.B. Traders to submit their reply, objections, and any relevant documents to the respondents within two weeks from the date of receiving the court’s order. In a significant ruling, the Madras High Court has ordered a fresh …
The high court clarified that it is improper to dismiss an appeal for non-payment of fees without giving the appellant an opportunity to rectify any deficiencies. In a significant ruling, the Punjab and Haryana High Court has made a noteworthy …
Tobacco products and cigarettes could see a GST rate hike from 28% to 35%. The Indian government is considering a proposal to increase the Goods and Services Tax (GST) on certain products like cigarettes, tobacco, and luxury goods. If approved, …
The bench concluded that the applicant suffered significant prejudice due to procedural lapses. Consequently, the impugned order was quashed. Quasi-Judicial Orders: The Allahabad High Court, in the case of Agmotex Fabrics Private Limited vs. State of Uttar Pradesh (W.T. No. …
Beginning with the October 2024 tax period, it is mandatory to file GSTR-7 by taxpayers in a sequential order. Mandatory Sequential Filing of GSTR-7 Returns: The Goods and Services Tax Network (GSTN) has issued an important update regarding the sequential …
The taxpayer can submit an application for rectification of order in DRC-7 within 3 months from the date of issuance of the order. Rectification of DRC-7 (Summary Order) under GST: A Comprehensive Guide Under Rule 142(5) of the GST Rules, …
When the appeal is filed by the assessee as against the original order of assessment, the limitation period shall be calculated from the date on which the rectification had been dismissed. The Madras High Court in case of “M/s.SPK and …
The Karnataka High Court has previously clarified in similar matters that consolidating multiple assessment years into a single SCN—whether under Section 73 or Section 74—violates GST provisions. In a significant ruling, the Orissa High Court has stayed a Show Cause …
Introduction to e-Invoicing E-Invoicing under GST refers to the electronic reporting of specific GST-related documents to designated Invoice Registration Portals (IRPs) to obtain an Invoice Reference Number (IRN). Contrary to common misconception, e-invoicing does not involve the generation of invoices …
The court emphasized that grants provided to cover day-to-day operational expenses, such as salaries and allowances, are not taxable under GST as they do not constitute consideration for goods or services supplied. The Kerala High Court in case of Kerala …
Section 74 is applicable only if there is concrete evidence of fraud, willful misstatement, or suppression of facts to evade taxes. Vague allegations without supporting evidence are insufficient. Section 74 of CGST Act: The Goods and Services Tax (GST) system …
During the meeting, state finance ministers will present their recommendations for the 2025-26 Budget to be tabled on February 1, 2025. The GST Council is also likely to take up some rationalisation exercises and slash tax rates on a number …
As an added convenience for taxpayers under Invoice Management System (IMS), a Suppliers View functionality is now available on the GST Portal. Suppliers View under IMS: The Invoice Management System (IMS) has been launched on the GST Portal, effective from …
Taxpayers can update the action taken on the Invoice Management System (IMS) (e.g., changing an invoice from “rejected” to “accepted” or vice versa) and recompute GSTR-2B anytime before filing GSTR-3B Starting October 2024, the GST Portal introduced the Invoice Management …
Acknowledging the breach of natural justice, the Karnataka High Court set aside the impugned ex-parte order. The court directed the respondent to reconduct the appeal hearing. In a significant ruling, the Karnataka High Court has set aside an ex-parte order …