Press Release: 01/06/2023 In May 2023, an impressive sum of Rs. 1,57,090 crores has been amassed as Gross GST revenue. The Government has diligently allocated Rs. 35,369 crore to CGST and Rs. 29,769 crore to SGST from IGST. Following the customary settlement, the total revenue for CGST stands at a commendable Rs. 63,780 crores, while … Continue reading May 2023: Record-Breaking Rs.1,57,090 Crores Achieved in Gross GST Revenue Collection | Official Announcement
The Supreme Court firmly denied anticipatory bail to the accused, who stands accused of orchestrating the issuance of counterfeit invoices.
Judiciary and Counsel Details Facts of the Case The department apprehended the individual in question on grounds of suspicion that they were engaged in the fraudulent act of generating invoices for fictitious entities, complete with fabricated GST numbers, and subsequently disposing of them. Seeking their release, the individual approached the High Court, vehemently asserting their … Continue reading The Supreme Court firmly denied anticipatory bail to the accused, who stands accused of orchestrating the issuance of counterfeit invoices.
The intertwined harmony of GST Act and the Indian Contract Act, 1872
1. Relevance to GST The cornerstone of GST lies in its direct connection to valid contracts. Every form of supply covered by GST is essentially a contractual agreement. Consequently, any transaction that fails to meet the requirements of a valid contract is automatically excluded from the treatment afforded by GST. It would be a disservice … Continue reading The intertwined harmony of GST Act and the Indian Contract Act, 1872
Interest for excessive refund delay remains applicable, irrespective of the absence of statutory provision: High Court
Court Details Judges: Case Summary In this case, the petitioner has filed a petition seeking interest in a delayed refund. The petitioner argues that while the refund of SGST has been processed, the refund of CGST and IGST has not been processed despite the refund order. Therefore, it is contended that interest should be paid … Continue reading Interest for excessive refund delay remains applicable, irrespective of the absence of statutory provision: High Court
Release of Confiscated Goods/Vehicle by High Court Upon Provision of Penalty Deposit or Bank Guarantee
Judicial and Legal Details Honorable Judges N.V. Anjaria & Devan M. Desai presiding. Bhaumik Dholariya representing the Petitioner. Raj Tanna representing the Respondent. Case Background In this case, the petitioner filed an interim prayer seeking the release of goods and conveyance. It was argued that while the goods were being transported, the GST authorities intervened … Continue reading Release of Confiscated Goods/Vehicle by High Court Upon Provision of Penalty Deposit or Bank Guarantee
Key Highlights from the 43rd Meeting of the Goods and Services Tax (GST) Council
In the hallowed corridors of governance, the 43rd GST Council assembly convened as a seamless extension of its preceding 42nd counterpart on the auspicious day of October 12th, 2020. This virtual congregation was meticulously orchestrated by none other than the esteemed Finance Minister, Smt. Nirmala Sitharaman, who adroitly presided over the proceedings. In the esteemed … Continue reading Key Highlights from the 43rd Meeting of the Goods and Services Tax (GST) Council
Report: Government’s Crackdown on Tax Violators Uncovers 10,000 Instances of Fraudulent GST Registrations
In a remarkable demonstration of collaborative efforts, tax enforcement authorities from both the central and state governments have taken swift and decisive action against tax offenders. Their vigilant crackdown has already yielded significant results, as an astounding number of over 10,000 fraudulent Goods and Services Tax (GST) registrations were unearthed during the inaugural week of … Continue reading Report: Government’s Crackdown on Tax Violators Uncovers 10,000 Instances of Fraudulent GST Registrations
Pine Labs The Emerging Force in Indian FinTech, but no IPO in the current situation says CEO Amrish Rau
Pine Labs, a prominent player in the realm of digital payments, has now aligned itself with the emerging trend among technology enterprises to defer their initial public offerings (IPOs). In an exclusive interview with ET, Amrish Rau, the CEO of Pine Labs, firmly expressed his decision to withhold the planned IPO, citing the tumultuous state … Continue reading Pine Labs The Emerging Force in Indian FinTech, but no IPO in the current situation says CEO Amrish Rau
GST Evasion Detection Surges to Rs 1.01 Lakh Crore in 2022-23
Remarkable strides have been taken in curbing GST evasion, as revealed by a recent report highlighting the fiscal year of 2022-23. A substantial increase is evident, with tax officers successfully identifying instances of evasion amounting to over ₹1.01 lakh crore, marking a nearly twofold surge compared to the previous year. The Directorate General of GST … Continue reading GST Evasion Detection Surges to Rs 1.01 Lakh Crore in 2022-23
How to Choose the Right Credit Cards — A Practical Guide
In today’s era, accessing finance has become incredibly effortless, largely due to the prevalence of credit. Credit cards and loans have become commonplace tools used by the majority of individuals to manage their expenses and financial needs. With the rapidly evolving credit landscape in India, there is now an array of credit options available. So, … Continue reading How to Choose the Right Credit Cards — A Practical Guide