The Supreme Court’s decision to stay the GST proceedings provides a temporary reprieve for online gaming companies The Supreme Court has temporarily halted Goods and Services Tax (GST) proceedings against 49 online gaming companies, following a request from the Centre. …
Filing of Application for Rectification of Order which was issued for the incorrect claim of ITC under section 16(4) of the CGST Act, but the ITC in question is now valid as per the newly inserted section 16(5) and/or section …
The Gujarat High Court’s landmark judgment on GST on leasehold land transfers offers a pivotal resolution to industries grappling with unjust tax burdens. Industry stakeholders are now awaiting definitive clarity from the Supreme Court and CBIC on this matter. In …
CBIC Clarification on GST Treatment of Vouchers The GST treatment of vouchers has raised several questions, leading to confusion and disputes in the trade and industry. Circular No. 243/37/2024-GST dated 31 December 2024 seeks to clarify these issues and provide …
Reiterating the principle that “the law favours the diligent and not the indolent,” the Court held that the petitioner’s failure to act within the prescribed timelines precluded any claim for relief. The Patna High Court has dismissed a writ petition …
Key Changes From January 1 That Will Affect Your Finances And Planning As 2024 comes to a close, significant updates and new regulations are set to impact finances, travel, and technology in 2025. From changes in GST compliance to updates …
The Supreme Court in case of Safari Retreats Interpreted the term “Plant or Machinery” to include buildings constructed for specific business needs as “Plant”. The GST Council has proposed a significant amendment to the Central Goods and Services Tax (CGST) …
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 …