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
Category: GST
Litigation Management under 🇮🇳 GST—Part 01
Section 75 of the Central Goods and Services Tax (CGST) Act, 2017, delineates the foundational principles governing adjudication within the GST framework. This section underscores the procedural norms to be meticulously followed by officers executing adjudication under Sections 73 and 74, or any other GST-related provisions. The adjudicative role of departmental officers, who act as … Continue reading Litigation Management under 🇮🇳 GST—Part 01
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
Supreme Court Upholds Integrity of Resolution Plans
In the realm of insolvency and bankruptcy law, the approval of a resolution plan by the National Company Law Tribunal (NCLT) or the National Company Law Appellate Tribunal (NCLAT) imposes stringent obligations on the Successful Resolution Applicant (SRA). The SRA must adhere strictly to the conditions of the approved plan, with no room for deviations … Continue reading Supreme Court Upholds Integrity of Resolution Plans
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 Views: 0
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