Category: news

Key Update— GST Council Circular The GST Council is set to provide much-needed relief to fertilizer companies by recommending the issuance of a circular to release refunds owed due to the inverted duty structure and subsidies. This move is anticipated to follow the upcoming general elections. Understanding Inverted Duty Structure (IDS) The inverted duty structure … Continue reading Relief for Fertilizer Companies—GST Council Set to Approve Refunds

Understanding a Proforma Invoice A Proforma Invoice is a document that outlines the details of goods or services that are yet to be delivered to a customer. Much like a regular invoice, it includes information about the prices and quantities of the items, applicable taxes, and any additional charges such as delivery fees. The term … Continue reading Unveiling the Secrets of Proforma Invoices—Under GST

Question: Please help me understand the correct procedure under GST for receiving a service bill without GST from a registered supplier. We recently received a bill for office wall painting services from a supplier who has a GST registration number, which is mentioned on the bill, but the bill does not include the GST tax … Continue reading Proper GST Billing Practices for Services from Registered Suppliers

The President of the Federation of Automobile Dealers Associations (FADA), Manish Raj Singhania, has called for a reduction in the Goods and Services Tax (GST) on automobiles to 18 percent. He asserts that the high GST rate, currently at 28 percent, significantly hampers the sales of entry-level cars and two-wheelers, particularly affecting customers in rural … Continue reading High GST Rates Impact Entry-Level Car Sales—FADA

In a bid to tackle tax evasion plaguing the pan masala and tobacco industry, the GST Council has rolled out a groundbreaking initiative. The introduction of machine registration via the GST portal marks a pivotal step towards enhancing compliance and curbing illicit practices within the sector. Effective May 15, 2024, manufacturers of pan masala, gutka, … Continue reading A New Tool in the Fight Against Tax Evasion plaguing the pan masala and tobacco industry

In an ongoing effort to streamline the financial obligations of foreign airlines operating within India, the government is contemplating exempting services rendered between the head offices and local branches of these airlines from the Goods and Services Tax (GST). This potential exemption could significantly impact the financial and operational dynamics of foreign airlines with offices … Continue reading Game-Changing GST Exemption Could Revolutionize Foreign Airline Operations in India

An in-depth analysis of GST collections reveals significant variations in growth rates among states, influenced by factors such as population, capital expenditure, consumption patterns, and compliance initiatives. As the economy stabilizes post-COVID, the GST system is gaining momentum, with certain states outperforming others in SGST (State Goods and Services Tax) collections. High Performers in SGST … Continue reading Stunning Surge—Madhya Pradesh and Uttar Pradesh Soar Past 18% SGST Growth in FY24!

GST officers are developing a new registration mechanism for shared warehouses used by e-commerce suppliers. This initiative aims to address the complications arising when multiple suppliers register the same warehouse as their ‘additional place of business’ under GST regulations. Understanding the Issue The problem emerged because numerous suppliers geo-tagged the same warehouse as their business … Continue reading GST Authorities Addressing Shared Warehouse Registration for E-Commerce Suppliers