In a significant legal battle, M/S M. Trade Links brought forth a challenge against specific provisions of the Central Goods and Services Tax Act (CGST) and the State Goods and Services Tax Act (SGST) in the Kerala High Court. The core of the dispute centers on Sections 16(2)(c) and 16(4) of the CGST and SGST … Continue reading Kerala High Court: ITC Conditions and Retrospective Benefits under Section 16(4)
Category: GST
Understanding Condonation of Delay in Indian GST Appeals
Navigating the Indian GST framework can be challenging, especially for tax professionals tasked with filing appeals within strict deadlines. Despite best efforts, there are instances where appeals might be delayed beyond the initial three-month period allowed by law. In such cases, a request for condonation of delay becomes necessary. The legal landscape for condonation of … Continue reading Understanding Condonation of Delay in Indian GST Appeals
Analyzing the Current State of G-Sec Yields and Systemic Liquidity
The financial landscape is witnessing some notable changes, particularly in G-sec yields and liquidity conditions. Let’s explore these dynamics in detail. G-Sec Yields and RBI’s Rate Decisions G-sec yields are anticipated to ease further, as the Reserve Bank of India (RBI) is expected to maintain the current interest rates in its upcoming June review. This … Continue reading Analyzing the Current State of G-Sec Yields and Systemic Liquidity
Upcoming Economic Data to Shape the New Government’s Economic Narrative
Next week, crucial economic data releases will set the stage for the new government’s policy framework. Five key high-frequency indicators will be unveiled, and apart from GST collections, all are expected to surpass estimates. GDP and Fiscal Deficit Data The Government’s Statistics Office will release the growth data for FY24 and Q4 of FY24 on … Continue reading Upcoming Economic Data to Shape the New Government’s Economic Narrative
History of Indirect Tax in India
Taxation is an essential component of any nation’s economic structure, and it can be broadly divided into two categories: direct taxes and indirect taxes. Understanding the distinction between these two types is crucial for grasping how governments generate revenue and how these taxes impact individuals and businesses. Direct Taxes: These are imposed directly on the … Continue reading History of Indirect Tax in India
Tipping Point—Analyzing GST Revenues and Reform Imperatives
In a historic milestone, India’s Goods and Services Tax (GST) revenues surpassed ₹2 lakh crore for the first time in April. Typically, April sees the highest GST collections, driven by the fiscal year-end activities in March, when taxpayers finalize their books, hasten to meet tax deadlines, and rectify discrepancies as required by the revenue authorities. … Continue reading Tipping Point—Analyzing GST Revenues and Reform Imperatives
GST panel opposes tobacco product tax reduction.
The panel responsible for evaluating tax adjustments within the Goods and Services Tax (GST) Council has, in preparation for the upcoming October 7th meeting, voiced its disapproval of the industry’s plea to reduce taxes on tobacco products. Specifically, the industry had requested a standardized additional compensation cess on cigarettes, a compensation cess on bidis, an … Continue reading GST panel opposes tobacco product tax reduction.
Is the supply under SAC 998351 to be classified as an exempt supply or considered as a nil-rated supply?
Is it deemed that SAC 998351, pertaining to veterinary services, qualifies as an exempt supply or a supply that is subject to nil-rated taxation? Answer — Nill Rated
Northeast Region—Top GST Beneficiary — Nirmala Sitharaman
In the serene ambiance of New Delhi, Finance Minister Nirmala Sitharaman expounded on the profound impact of the Goods and Services Tax (GST) on the North Eastern states during her address at the distinguished ‘Conclave 2023.’ The states of the Northeast have experienced a substantial surge in their revenue collections since the inception of this … Continue reading Northeast Region—Top GST Beneficiary — Nirmala Sitharaman
Palghar, Maharashtra — Private Firm Proprietor Arrested in ₹18.66 Crore GST Fraud
A significant incident of Goods and Services Tax (GST) fraud has been uncovered in the Palghar district of Maharashtra, resulting in the arrest of an individual responsible for embezzling a substantial sum of Rs 18.66 crore from the government’s coffers. Dhiren Chandrakant Shah, the proprietor of a private enterprise known as Archana Impex, stands accused … Continue reading Palghar, Maharashtra — Private Firm Proprietor Arrested in ₹18.66 Crore GST Fraud