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GST

Extension of Date for Claiming Tax Credit: HC Asks Commissioner to Refer Issue to GST Council

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

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Land Given on Lease for 99 Years for Residential Development by Statutory Body is Leviable to GST Under RCM: RJ AAR

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.  

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Govt Dumps New GST Return System; to Continue With Modified Version of Existing One

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

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GST E-invoicing for Businesses With Rs 500-Cr. Turnover From Oct 1

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

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GST, Income Tax Data May be Matched to Check Tax Evasion; Direct, Indirect Tax Departments Join Hands

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

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Samsonite India Guilty of Profiteering – Not Reduced Suitcase Price Despite GST Rate Reduction

Firm accused of not reducing prices of its products after GST Council brought down the tax rate from 28% to 18% The authority also served a show cause notice on the company as to why should penalty not be imposed on it as it resorted to profiteering. The National Anti-profiteering Authority (NAA) has imposed a

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Mills federation seeks GST cut on sugar, molasses to boost liquidity

The National Federation of Cooperative Sugar Factories has requested the government to do away with the goods and services tax on the sweetener to improve lifting at wholesale and retail levels, which in turn will help increase liquidity of mills, a senior industry official said. “The need of the hour is to come out of the

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GST on director salaries: Firms receive notices despite diverse AAR rulings

Even as authorities of advance rulings (AARs) differ on the liability to pay the GST on salaries paid by firms to directors, some states have already started issuing notices to companies. In April, the Rajasthan Bench of AAR had ruled that remuneration paid to directors of a company would be subject to the GST Even

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