ITC Reversal Traps: Are You Sitting on a Hidden GST Risk? What is ITC Reversal? ITC reversal means nullifying previously claimed input tax credit due to certain conditions not being met. The reversed amount is added back to the output tax liability, and interest may apply depending on the timing. Key Scenarios for ITC Reversal …
GST applicability for supplies made from cold storage facilities The Central Board of Indirect Taxes and Customs has issued a clarification on GST applicability for supplies made from cold storage facilities. GST Registration Requirement: If goods are stored in a cold storage located in another state (e.g., Haryana) and supplied from there, then such a …
56th GST Council Meeting chaired by Union Finance Minister Smt. Nirmala Sitharaman held on 3rd September 2025, New Delhi. The 56th meeting of the GST Council was held on 3rdSeptember, 2025 at Sushma Swaraj Bhavan, New Delhi under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council inter-alia made the recommendations relating to changes in GST tax …
Diwali gift by PM Narendra Modi- India’s Goods & Services Tax Overhaul A significant Goods and services Tax reform is underway, set to simplify India’s indirect tax system with a 2 slab structure (5% and 18%), replacing the current four-tier framework. A special 40% “sin/luxury” rate will continue to apply to a select few high-end …
How to Respond to a GST Summon? What is a summon? A summons is a formal legal order requiring an individual to appear before a judge, magistrate, or authority for the purpose of giving evidence or responding to an inquiry. In simple terms, it’s a directive to mark one’s presence in connection with an investigation …
Simplification and Standardization Updated SOP for GST Registration CBIC Instruction No. 03/2025-GST (Dated 17.04.2025- Simplification and Standardization of GST Registration Process The Central Board of Indirect Taxes and Customs has issued revised guidelines to ensure uniformity, transparency, and efficiency in the GST registration process. To streamline GST registration, curb harassment, and promote taxpayer facilitation, especially …
GST Applicability on Inter-Unit Transfers, Job Work, Repairs or Return of Goods Transportation of Goods for Job Work : Goods can be sent by the principal (owner of goods) to a job worker for processing, repair, or any work that transforms or enhances the goods. (Rule 45 and 55 of the CGST Rules, 2017). Documentation: …
GST refund eligible on freelancers & businesses exporting digital services : HC Under (Afortune Trading Research LLP v. Additional Commissioner (Appeals I),[W.P. No. 2849 of 2021, Madras High Court (2024)] decided on 16.02.2024, the ruling by the Madras High Court is a major relief for freelancers and digital service exporters using PayPal or similar intermediaries. …
GST Refund Mechanism for Export of Services under GST The blog outlines the GST refund mechanism for export of services, explaining the legal provisions, eligibility criteria, and refund process. Below is a structured summary: Definition of Export of Services (Sec 2(6) IGST Act) A transaction qualifies as an export of services if: Supplier is in …
Specific Issues and Challenges Under Valuation under GST, The document titled “Valuation under GST – Specific Issues and Challenges” provides detailed insights into key valuation issues under GST, specifically on topics like post-supply discounts, the concept of pure agents, related party transactions, and damages/compensation. Treatment of Discounts under Section 15 under GST law : Value …