Category: GST

Amidst escalating scrutiny, the GST Council is poised to reconsider the Input Tax Credit (ITC) availed by companies like Infosys, especially in light of significant tax notices. The upcoming council meeting on September 9 is expected to address these issues, potentially shaping the future of GST compliance for multinational corporations operating in India. After resolving … Continue reading GST Council Set to Reassess ITC Usage Amidst Infosys Tax Controversy

Union Minister Nitin Gadkari has made a compelling case to Finance Minister Nirmala Sitaraman, urging the withdrawal of the Goods and Services Tax (GST) on life and medical insurance premiums. This appeal follows a significant memorandum from the Nagpur Life Insurance Union, which categorizes GST on these premiums as a tax on life’s uncertainties and … Continue reading Nitin Gadkari Advocates for the Removal of GST on Insurance Premiums

Infosys has publicly acknowledged receiving pre-show cause notices for GST dues exceeding ₹32,000 crore. This announcement, made in a regulatory filing late Wednesday, follows communication from Karnataka State authorities, which retracted the initial pre-show cause notice and directed Infosys to further respond to the central Directorate-General of GST Intelligence (DGGI). This hefty GST demand reverberated … Continue reading Karnataka Withdraws Pre-Show Cause Notice to Infosys Amid IT Industry Uproar

The recent allegations by the Directorate General of GST Intelligence (DGGI) against Infosys have sent ripples through the corporate world, raising significant concerns about GST compliance for companies with foreign branches. The accusations, amounting to an evasion of ₹32,000 crore in GST on imported services from overseas branches, underscore a critical issue for multinational corporations. … Continue reading Infosys Faces Massive ₹32,000 Crore Tax Evasion Allegations

Amidst the ongoing discourse on GST policies, West Bengal Chief Minister Mamata Banerjee has echoed the call made by Surface Transport Minister Nitin Gadkari for the removal of GST on insurance premiums. Banerjee and her party, the Trinamool Congress (TMC), have fervently pressed for this change, underscoring the significant burden the tax imposes on the … Continue reading Mamata Banerjee Joins Nitin Gadkari in Urging GST Exemption on Insurance Premiums

The Finance (No. 2) Bill, 2024, introduces critical amendments to section 107, reshaping the landscape for appellants by reducing the maximum pre-deposit amount and incorporating new regulatory sections. These changes, aimed at financial alleviation and procedural simplification, mark a significant shift in tax administration. The Notes on Clauses to the Finance (No. 2) Bill, 2024, … Continue reading Pivotal Tax Amendments: Finance (No. 2) Bill, 2024

The Central Goods and Services Tax (CGST) Act, 2017 has undergone significant budgetary revisions, coming into effect from July 1, 2024. These amendments are aimed at refining tax compliance and easing procedural constraints for registered taxpayers. Below are the pivotal changes and their far-reaching implications: Amendment to Section 16 Eligibility for Input Tax Credit (ITC) … Continue reading Budgetary Changes in CGST Act, 2017

India’s corporate sector is expressing growing concerns over the complexity of multiple Goods and Services Tax (GST) assessments and audits across different states. This pressing issue, which significantly complicates compliance efforts for companies operating nationwide, calls for a streamlined approach to GST assessments. Revenue Secretary Sanjay Malhotra emphasized the need for industry advocacy at the … Continue reading Transforming GST Compliance: Collaborative Advocacy with States is Key, Says Revenue Secretary Sanjay Malhotra

Introduction: The Finance Bill dated 23rd July 2024 heralds a significant transformation in GST Demand and Recovery with the introduction of Section 74A, effective from the financial year 2024-25. This amendment, replacing Sections 73 and 74, carries profound implications for taxpayers and the regulatory framework. Two distinct time limits currently govern the issuance of Show … Continue reading Demand and Recovery of GST under Section 74A

As the much-anticipated Union Budget 2024 is set to be unveiled by Finance Minister Nirmala Sitharaman, the financial landscape of India stands at a crucial juncture. The upcoming budget holds immense significance, not only for its fiscal measures but also for its potential to steer the country towards economic resilience. This analysis delves into the … Continue reading Pathway to Prosperity Union Budget 2024 Unveiled