In a significant crackdown on financial crime, the Noida police have invoked the stringent Uttar Pradesh Gangsters and Anti-Social Activities (Prevention) Act against 33 individuals linked to a massive GST scam. This decisive action follows the arrest of 45 suspects involved in this elaborate scheme. The GST scam, which surfaced in June 2023, involves a … Continue reading Noida Police Invoke Gangsters Act Against 33 in Multi-Crore GST Scam
5% or 18% GST on Baby Food Products
The Rajasthan Authority for Advance Rulings (AAR) has determined that baby food products containing ingredients other than milk may be subject to an 18 percent Goods and Services Tax (GST). This contrasts with the 5 percent GST rate that applies to milk products. This ruling, which could set a precedent, came in response to an … Continue reading 5% or 18% GST on Baby Food Products
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
GST Probe wing widens scrutiny of Pharma Companies
The Directorate General of GST Intelligence (DGGI) is ramping up its investigation into potential tax evasion within the pharmaceutical sector. Notices have been issued, and many more are expected, targeting companies suspected of underpaying GST. The focus includes GST on brand transfer sales, fraudulent input tax credit (ITC) claims on expired drugs, business support services, … Continue reading GST Probe wing widens scrutiny of Pharma Companies
Early GST Recovery— New CBIC Instructions for Enhanced Compliance
The Central Board of Indirect Taxes and Customs (CBIC) has issued new instructions to expedite the recovery of GST dues. This initiative aims to ensure prompt tax compliance while maintaining a fair and transparent system. Key Points of the New GST Recovery Instructions Authority for Early Recovery Typically, recovery proceedings are initiated by the jurisdictional … Continue reading Early GST Recovery— New CBIC Instructions for Enhanced Compliance
GST Collection in May 2024— Indicators of a Stable Economy
The Finance Ministry reported that GST collections in May 2024 stood at ₹1.73 lakh crore. Although this figure is lower than April’s ₹2.10 lakh crore, it surpasses the ₹1.57 lakh crore collected in May of the previous year. This suggests stable economic growth and a robust GST framework. Key Insights into GST Collection The May … Continue reading GST Collection in May 2024— Indicators of a Stable Economy
Relief for Fertilizer Companies—GST Council Set to Approve Refunds
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
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
Unveiling the Secrets of Proforma Invoices—Under GST
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
Proper GST Billing Practices for Services from Registered Suppliers
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