According to a report published by The Economic Times, the Tata group has file write petition in the Bombay High Court to contest a goods and services tax (GST) claim with a value of Rs 1,500 crore that is related to the 2017 settlement of a dispute it had with the Japanese telecommunications company NTT … Read more
After the results of an audit that started earlier this fiscal year came in, the Goods and Services Tax (GST) department started the first full audit since the GST regime was put in place. As a result of the audit findings, the GST department issued approximately 50000 show cause notices to various companies and partnership … Read more
GST on SUV cars has now become the most complicated topic in the automobile industry. On Saturday, the Goods and Services Tax Council provided clarification on the definition of SUVs (sports utility vehicles) for the purpose of levying a 22% compensation cess and agreed to come up with guidelines to define MUVs (multi utility vehicles). … Read more
According to the Kirit Parikh committee, the central government should reduce the excise duty on CNG till gas is covered under GST. The Parikh Committee was established to work for a “market-oriented, transparent, and reliable pricing regime” and a fair price of gas to the final customer. central excise duty, state VAT, and central sales … Read more
In next GST Council meet on 17th December, 2022 there is likely to have discussion about the decriminalizing the GST law. Why the GST Act’s decriminalization may be a significant reprieve for India’s small businesses? To understand this, in this article some focus has been made in provisions of penal and criminal proceedings erstwhile law … Read more
The government received the committee’s advice on the gas price mechanism on Wednesday, which was led by Kirit Parekh a Chairman of the Sustainable Gas Pricing Committee. He insisted to bring GST in gas. According to him, India has 12–13 different types of gas fields, each with a unique gas price structure. The formula has … Read more
On December 17, videoconferencing will be used to conduct the 48th GST Council meeting. The Council, which is chaired by the Union finance minister and is made up of representatives from all the states and UTs, is expected to decide during the meeting on a number of issues, including the GST levy on gambling establishments, … Read more
The Central Government released an amount of Rs. 17,000 crore to States/UTs on 24.11.2022 towards the balance GST compensation for the period April to June, 2022 (State-wise details as per Table below). The total amount of compensation released to the States/UTs so far, including the aforesaid amount, during the year 2022-23 is Rs.1,15,662 crore. This … Read more
From 05.07.2022, it will be now possible to transfer amount from one Electronic Cash Ledger to another Electronic Cash Ledger between the distinct persons Now question is what is meaning of distinct person? Where more than one registration under GST has been taken in single pan, then each such person shall be treated as distinct … Read more