The Chhattisgarh High Court has asked the local GST Commissioner to refer the matter of granting more time to file claim for transitional credit to those assessees who could not do it in time due to technical glitches to the GST Council. Transitional credit, or CENVAT credit, refers to the use of tax credit accumulated …
IN RE :RAJ-AAR-05-20-21 Dated 30.06.2020 Where applicant receives a parcel of land on lease for a period of 99 years for residential development from RLDA, a statutory body, it can be regarded as availing rental or leasing services classifiable under Heading No.9972 and, thus, applicant is liable to pay GST under Reverse Charge Mechanism. …
The MoU will facilitate the seamless sharing of certain Income-tax Return (ITR) related information by the Income Tax Department to MoMSME. This data will enable MoMSME to check and classify enterprises in Micro, Small and Medium categories as per the criteria notified on 26/06/2020 of MoMSME. The MoU comes into force from the date it …
Memorandum of Understanding(MoU) between CBDT and MoMSME signed today Read More »
1. ‘Psyllium Husk Powder’ is Taxed @ 5% and Classified Under Tariff Item 12119032 Psyllium Husk Powder, a preparation made from Psyllium Plant or its parts is classifiable under HSN 12119032 and attracts GST @ 5% (CGST 2.5% + SGST 2.5%) as provided under Notification No. 1/2017 Central Tax (Rate) dated 28.06.2017 (as amended) 2. Tanks & …
The GST Network, the IT support of the GST regime, is working on modifying and improving the current returns and will soon announce an advanced version of the existing system The government plans to improve existing GST return filing system instead of rolling out a new model. The new system was supposed to be launched …
Govt Dumps New GST Return System; to Continue With Modified Version of Existing One Read More »
The e-invoice was aimed at curbing GST evasion through issue of fake invoices. Besides, it would make the returns filing process simpler for businesses as invoice data would already be captured by a centralized portal. The GST administration is working on a proposal to make a system available to businesses about how much input tax …
GST E-invoicing for Businesses With Rs 500-Cr. Turnover From Oct 1 Read More »
With the MoU signed between the CBDT and the CBIC, the government bodies can exchange information on request and a spontaneous basis, in addition to the regular exchange of data. In order to facilitate smooth transfer and exchange of data including GST, excise, and customs, along with the personal income tax and corporation tax, the …
NEW DELHI: In the most significant easing of the national lockdown yet, the Centre gave states considerable leeway in reopening market places in addition to standalone shops, allowed intra-state and inter-state passenger vehicle and bus travel and did away with the 33% staffing restriction for businesses to provide a fillip to the economy. The easing …
Lockdown 4.0: States freed to fix zones, make everyday life easier Read More »
The National Anti-Profiteering Authority (NAA) held Litecon Industry to be guilty of not passing Goods and Service Tax (GST) benefits to consumers. Where applicant alleged profiteering by respondent in respect of ‘Fly Ash Blocks’ supplied by respondent stating that respondent did not pass on benefit of GST rate reduction from 12 per cent to 5 …
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