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 …
All About the advantages of the Goods and Service tax Q.: What are the advantages of the GST? The following are some of the GST’s advantages: Intended for use in business and industry. Easy compliance: The GST regime in India would be built on a solid and comprehensive IT system. As a result, all tax …
GST Revenues April 2023 Collection Update GST collection in April 2023 is expected to break all prior records, according to sources. Goods and service Tax revenues collection for April 2023 are 12% higher than the GST revenues Year By Year, Finance Ministry have been declare the collections of Goods and Service Tax for the month …
Normal GST Tax Evasion instances observed during the GST law Fake invoices with fake GST number raised to collect Goods and services tax, but not deposited with government. Making sales of services to GST registered persons not in line of same business, and thereby transfer the balance/unutilized Input tax credit and receive cash against the …
The CBEC issue Amendment in GST Rate on Goods wef 18th July, 2022 The CBIC amended the Goods Rate Notification No. 06/2022, dated July 13, 2022 in the following ways in Schedule I – 2.5% S. No. Chapter/ Heading Description of Goods GST rate applicable w.e.f 18.07.2022 65 3006 Pharmaceutical goods specified in Note 4 …