In a major move to provide retrospective relief to taxpayers, the Goods and Services Tax (GST) Council has introduced crucial amendments to Section 16 of the CGST Act, 2017. These amendments, which were recommended during the 54th GST Council Meeting in September 2024, address issues related to the wrong availment …
The introduction of Rule 164 in the CGST Rules, 2017 is a crucial step forward in resolving past tax liabilities for businesses. Following the 54th GST Council meeting on September 9, 2024, the government has offered a significant relief to taxpayers by waiving the interest and penalty on tax demands …
In a significant move to support government schools and ease their financial burden, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 08/2024. This notification exempts GST on affiliation services provided by educational boards and councils to government-controlled schools, starting from October 10, 2024. Here’s a …
In a move to curb revenue leakage and ensure better tax compliance, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant change under Notification No. 09/2024. Starting from October 10, 2024, renting commercial property from an unregistered person to a registered person will fall under the …
What is the Invoice Management System (IMS)? The Invoice Management System (IMS) is a new feature on the GST portal designed to help businesses manage their invoices more efficiently. Launching on October 1, 2024, it will allow recipients of goods and services to accept, reject, or hold invoices from their …
DEFINITION OF TERM SUPPLY : For the purposes of this Act, the expression “supply” includes– all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the …
Analysis of Case Study : Yash Building Material vs. State of Uttar Pradesh Facts of the Case: Notice Received: Yash Building Material (referred to as “the Petitioner”) received a notice on June 4, 2021, under Section 74(5) of the CGST Act, stating tax was payable. Legal Requirement: As per Section …
Analysis of Case Study : Manjunatha Oil Mill v. Assistant Commissioner (ST) [W.P. No. 2153 of 2024 dated February 2, 2024] Let’s break down the case of Manjunatha Oil Mill vs. Assistant Commissioner (ST) [W.P. No. 2153 of 2024 dated February 2, 2024] and the relevant provisions under the CGST …
Note : Applicable for Trader as well as for Manufacturer. Reference : AAR Authority – Haryana (M.N. Solar Co.)
GST Council recommends waiving interest and penalties for demand notices issued under Section 73 of the CGST Act (i.e. the cases not involving fraud, suppression or wilful misstatement, etc.) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid upto 31.03.2025 Explanation : Any litigation …
