Significance of GST, TAN, PAN New three-letter terms such as TIN, TAN, VAT, PAN, DSC, and DIN start to be spoken to entrepreneurs who are launching new businesses. It is imperative for any Entrepreneur or Business Owner to understand the distinctions and definitions of these three-letter words. The distinctions between and significance of TAN, PAN, …
Recent CBIC Updates on GST Electronic Cash Ledger- Payment Mechanism under GST Regime Electronic Credit Ledger is blocked due to Input Tax Credit denial : The Madras High Court recently addressed a significant issue regarding the pre-deposit requirements when a taxpayer’s access to the Electronic Credit Ledger is blocked due to Input Tax Credit (ITC) …
Ministry of Finance issued 16 circulars under GST dated 26/06/2024- as per recommendations of 53rd GST Council On June 26, 2024, the Ministry of Finance issued 16 circulars under the Goods and Services Tax (GST) framework as per recommendations of 53rd GST Council. These circulars cover various updates and clarifications related to GST policies and regulations. …
Introduction of Form GSTR-1A under GST The introduction of GSTR-1A is a significant step towards enhancing the GST return filing system, providing taxpayers with more flexibility and accuracy in reporting In the 53rd GST Council Meeting, Union Finance Minister Nirmala Sitharaman proposed the introduction of GSTR-1A, a new optional facility designed to facilitate amendments in …
GST Collections reached a historic peak of INR 2.10 lakh Cr in April 2024 In April 2024, India’s Goods and Services Tax (GST) collections reached a historic peak of ₹2.10 lakh crore, marking a significant milestone in the country’s fiscal landscape. This represents a substantial year-on-year increase of 12.4%, driven primarily by robust growth in …
Taxation implications on Payment of Labour Change The Labour contractor is not registered under Goods & Service Tax: In case Supplying agency is not registered under Goods and service Tax Act, Service receiver should charge Goods and service Tax under RCM Mechanism. Labour contractor registered under Goods and service Tax: In case supplier agency is registered under …
Complete Explanation of Section 16(4) of Central Goods and Services Act, 2017 : Section 16(4) of the Central Goods and Services Act, 2017, pertains to basic conditions & eligibility of taking ITC. ITC allows businesses to claim a set-off on the goods and services taxes, which is paid on inputs used during the normal course …
Discrepancy in GST E-way Bill: No Penalty under GST law will be Levey The origination as well as termination of the goods in question was in State of Madhya Pradesh meaning thereby the authorities are of the view that the goods were not to be unloaded in the State of UP or any intention to …
Recent Court Case Laws on Wrong Vehicle NO in E-Way Bill 1- In the Matter of Varun Beverages Limited V/s State of U.P.And 2 Others (2023] (Allahabad).- Decision has been made that Wrong mention of No of Vehicle via which the goods were in transit & detained by the taxing authorities would be considered as …
Prefilled GST data will be coming soon, as Income Tax AIS The government is creating pre-filled consolidated GST return forms that would allow taxpayers to access all of their transaction details and e-invoices to determine their precise tax due, similar to the Annual Information Statement (AIS) feature used by the Income Tax dept. Govt is …