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 …
Circular No. 223/17/2024-GST: Amendment in the designation of proper officers for various functions related to Registration and Composition Levy The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 223/17/2024-GST, amending the designation of proper officers for …
Taxpayers can now upload documents up to a maximum size of 500 KB in both the Principal Place of Business and Additional Places of Business at the time of GST registration: GSTN Advisory 502. According to the GSTN Advisory No. …
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 …
Key Issues and Agenda of 53rd GST Council Meeting Scheduled on June 22 at New Delhi. Union Finance Minister Nirmala Sitharaman is set to chair the much-anticipated 53rd GST Council meeting on June 22 in New Delhi, a day after …
Government Plan to Rejig GST & Customs Duty to Address Inverted Duty Structure Issues Government plan to Rejig GST & Customs:The government is actively working to resolve the issues caused by the inverted duty structure, which distorts trade and hampers …
Under a typical co-lending setup, multiple lenders collaborate to extend loans, facilitating broader customer reach for banks and access to cheaper funds for NBFCs, along with a share in the loan portfolio. GST on NBFC Co-Lending: The government, spearheaded by …
There is an urgent need to alter the GST portal to permit the acceptance of monthly returns even when the full tax is not paid. The portal can record the tax arrears for that month. The monthly collection of GST …
These industry leaders call for simplified procedures and improved communication between MSMEs and GST authorities to ensure smoother GST registration. Challenges in GST Registration for MSMEs in TN: The Federation of Indian Micro and Small & Medium Enterprises (FISME) and …
The court has granted temporary relief, allowing companies served with show cause notices based on the contentious circular on GST applicability on corporate guarantee, to challenge them in court. GST on Corporate Guarantee: In a significant development, the Punjab & …
The Supreme Court raised questions about the ambiguity surrounding section 69 of the GST Act, particularly concerning the powers of arrest. In a significant development, the Supreme Court has directed the Centre to provide detailed information regarding the issuance of …
GST collection for April 2024 highest ever at Rs 2.10 lakh crore. Gross Revenue Records 12.4% y-o-y growth. Net Revenue (after refunds) stood at ₹1.92 lakh crore; 15.5% y-o-y growth. GST Collection in April 2024: In a remarkable feat, April …
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 …
The Supreme Court emphasized that such premature opinions could compromise both prosecution and defence if left unaddressed. The Supreme Court came to the rescue of GST officials by overturning critical remarks made by the Gujarat High Court in an interim …
Earlier in the investigation, two businessmen from Haryana, Ajay Sharma (28) and Sanjay Jindal (38) from Sonipat, were arrested for their roles in this fraud case. A Delhi-based businessman, Tushar Gupta, aged 39, has been apprehended by the Noida police …
The Central Board of Indirect Taxes and Customs (CBIC) has instructed each zone to establish a framework for joint GST audits in their Respective Jurisdictions. Starting this financial year, businesses under the indirect tax regime will undergo joint audits by …
The petition filed by Bar Council of Kerala highlighted that CBIC had issued two show cause notices. The Bar Council of Kerala (BCK) has taken its case against Goods and Service Tax (GST) notices to the Kerala High Court, challenging …
The proposed GST 2.0, according to the congress manifesto, will see a redesign of the GST Council, positioning it as the ultimate authority on all policy matters related to GST. The Congress party recently unveiled its manifesto ahead of the …
GST Collection During Financial Year 2023-24 In a recent press release by the Ministry of Finance dated April 1, 2024, it was revealed that Gross Goods and Services Tax (GST) revenue for March 2024 reached a remarkable ₹1.78 lakh crore. …
The vulnerabilities in the system prompted the High Court to intervene and rectify the injustice caused by technical glitches in this case. Mr. Rohit Gupta, representing Polytec Industries, contested in the High Court, against an order from the Delhi Goods …