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
In B2C supply of services under GST — HSN or SAC in invoices?
In a B2C (business-to-consumer) transaction under the Goods and Services Tax (GST) regime, it is not mandatory to mention the HSN code in the invoice in case of services, regardless of the value of supply. The HSN code is used to classify goods and is not applicable to services. In the case of services, the … Continue reading In B2C supply of services under GST — HSN or SAC in invoices?
What is a service accounting code (SAC) under GST?
Service Accounting Code (SAC) is a code assigned by the Goods and Services Tax (GST) Council in India to classify different services under the GST regime. The SAC code is used to determine the rate of tax that is applicable to a particular service. The SAC code is a six-digit code that helps the government … Continue reading What is a service accounting code (SAC) under GST?
In a B2C (business-to-consumer) transaction under the GST, what are the mandatory components in tax invoices
Under section 46 of the Goods and Services Tax (GST) Act, the following details must be included in a tax invoice for a B2C (business-to-consumer) transaction: It is important to note that the GST laws prescribe specific details that must be included in the invoice, and it is the responsibility of the supplier to ensure … Continue reading In a B2C (business-to-consumer) transaction under the GST, what are the mandatory components in tax invoices
In a B2C (business-to-consumer) transaction under the GST invoices and receipt are same?
No, in a B2C (business-to-consumer) transaction under the Goods and Services Tax (GST) regime, tax invoices and payment receipts are not the same things. A tax invoice is a document that is issued by the supplier to the customer, and it contains all the necessary details required under GST laws to record a taxable supply … Continue reading In a B2C (business-to-consumer) transaction under the GST invoices and receipt are same?