In the context of GST, the phrase “regularized on an as is, where is basis” means that tax payments made at a lower rate, or exemptions claimed by taxpayers, will be accepted. Additionally, no refund will be provided if the …
This Clarification regarding GST rates & classification (goods) is based on the recommendations of the GST Council in its 54th meeting held on 9th September, 2024, at New Delhi. Clarification regarding GST Rates & Classification of certain Goods: Based on …
As per this waiver, the total late fee, as per Section 47 of CGST Act, will not exceed Rs. 1,000 for each delayed GSTR-7 return filing. The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 23/2024-CT, …
As per the Notification, the Taxpayers against whom an order under sections 73, 74, 107, or 108 of the CGST Act has been passed, confirming the demand for wrong ITC availment in contravention of section 16(4), are eligible to apply …
Notification No. 18 & 19 of 2024 (Central Tax) In a recent update, the Central Government, vide Notification 18/2024-CT, has taken a significant step by empowering the Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) to ensure …
The recent guideline emphasizes that, during the audit process, if a Principal Commissioner of CGST Audit encounters scenarios where taxpayers have followed prevalent trade practices based on specific interpretations of GST laws, which could lead to multiple understandings and potential …
CBIC Instruction Dated 12 August 2024: Guidelines for 2nd All-India Drive against Fake GST Registrations The Central Board of Indirect Taxes & Customs (CBIC) has issued new guidelines in preparation for the second All-India drive against fake GST registrations, as …
CBIC uncovered fraudulent Input Tax Credit (ITC) amounting to Rs. 36,374 crore, involving 9,190 cases in the FY 2023-24. The Central Tax formations under the Central Board of Indirect Taxes and Customs (CBIC) uncovered fraudulent Input Tax Credit (ITC) amounting …
CBIC Notification No. 2/2024- Central Tax (Rate) Dated 12 July 2024 Amendment in Notification 1/2017-CTR: In exercise of the powers conferred by sub-section (1) of section 9 and sub-section (5) of section 15 of the Central Goods and Services Tax …
Clarification on Taxability & Valuation of Corporate Guarantee between Related Parties To clarify the taxability and valuation of corporate guarantee provided between related entities, the GST Council has made significant updates. These updates include the insertion of sub-rule (2) in …
If a taxpayer files an appeal and makes the required pre-deposit under subsection (8) of section 112, recovery of the remaining amount is stayed as per subsection (9) Trade and field formations have expressed concerns about recovery of outstanding dues …
Clarification on Time Limits for Input Tax Credit under RCM Supplies from Unregistered Persons- CBIC Circular 211/5/2024-GST Dated 26 June 2024 The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular 211/5/2024-GST to provide clarity regarding the time …
CBIC Circular No. 207/1/2024-GST: Fixing Monetary Limits for Filing Appeals or Applications by the Department before GSTAT, High Courts and Supreme Court Section 120 of the Central Goods and Services Tax Act, 2017 (CGST Act) empowers the Central Board of …
CBIC has issued detailed instructions for cases where early recovery is required The Central Board of Indirect Taxes and Customs (CBIC) has announced new guidelines allowing Principal Commissioners or Commissioner-level officers to initiate GST dues recovery before the standard three-month …
CBIC Notification No. 10/2024 – Central Tax Dated 29 May 2024: Amendment in Territorial Jurisdiction of Pr Commissioner/Commissioner of Central Tax Notification 10/2024-CT: In exercise of the powers conferred under section 3 read with section 5 of the Central Goods …
CBIC has unveiled a common audit plan for both central and state Goods and Services Tax (GST) officials when auditing banks. In a significant development aimed at streamlining audit procedures, the Central Board of Indirect Taxes and Customs (CBIC) has …
CBIC Notifies that the effective date for following the special procedure by registered persons engaged in manufacturing of Pan-masala, Tobacco and Tobacco products has been extended to 15 May 2023. In a recent development, the Central Board of Indirect Taxes …
The six-page SOP provides clear instructions to DGGI officials on their conduct during various stages of tax investigations, including summons and searches. The Central Board of Indirect Tax and Customs (CBIC) has rolled out a new standard operating procedure (SOP) …
The Central Board of Indirect Taxes and Customs (CBIC) Directs DGGI Officials to Adopt Bottom-Up Approach in GST Investigations of MNCs, Avoiding Immediate Summons for CEOs/CFOs/Directors CBIC Directive to DGGI Officials: The Central Board of Indirect Tax and Customs (CBIC) …
CBIC Notification No. 6/2024 dated 22 February 2024 In a recent development, the government has empowered the GST Network to share data concerning GST-registered businesses, subject to their consent, with the Reserve Bank of India’s (RBI’s) ‘Public Tech Platform for …