Goods and Service Tax

Reading Time: 3 minutesGST on Sale of Used Cars The Goods and Services Tax (GST) regime in India, introduced on July 1, 2017, significantly impacted various industries, including the automobile sector. The sale of used cars has drawn particular attention under GST because of its evolving tax structure. Initially, used cars were subjected to the same tax slabs
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Reading Time: 2 minutesBiometric Aadhaar Authentication for GST Registration in Delhi, GSTN has informed taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process. 1. Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be
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Reading Time: 6 minutesInvoice Management System, a new communication process is being brought at portal to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, This will also facilitate taxpayer in matching of their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC). GSTN is in the
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Reading Time: 2 minutesRCM Liability/ITC Statement, In the matter of correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called “RCM Liability/ITC Statement“ has been introduced on the GST Portal. This statement will enhance accuracy and transparency for RCM transactions by capturing the RCM liability shown in Table 3.1(d) of GSTR-3B and its corresponding ITC claimed in Table
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Reading Time: 2 minutesRecommendations made by 53rd GST council meeting held on 22nd June 2024 are as following;-   1. Waver of interest and penalty on demand notices issued under section 73 for FY 2017-18, 2018-19, 2019-20. Applicable in cases where tax is paid entirely by March 2025. 2. ⁠time limit to avail ITC u/s16(4) filed up to
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Reading Time: < 1 minuteGST collection during the month of November 2023 crossed 1.67 lakh crore The gross GST revenue collection for the month of November, 2023 is ₹1,67,929 crore out of which CGST is ₹30,420 crore, SGST is ₹38,226 crore, IGST is ₹87,009 crore (including ₹39,198 crore collected on import of goods) and cess is ₹12,274 crore (including
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Reading Time: 3 minutesGSTN has provided the system to facilitate the taxpayers, such amount of ITC required to be reversed on account of Rule 37A of CGST Rules for the financial year 2022-23 has been computed from system and has been communicated to the concerned recipient. The email communication to this effect has been sent on the registered
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Reading Time: 2 minutesAdvisory for Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Gujarat and Puducherry: a new biometric-based Aadhaar authentication and document verification process for GST registration applicants is introduced by The Goods and Services Tax Network (GSTN) in Gujarat and Puducherry states. This system is launched to streamline the registration
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Reading Time: 6 minutesGST Appeal Amnesty Scheme, CBIC has notified the amnesty scheme allowing filling appeal under GST till January 31, 2024 , In the 52nd GST Council meeting, the council has announced Amnesty for GST Appeals and the related notification No.53/2023– Central Tax dated 2nd November 2023 has been issued. Eligibility Criteria: The Appeal may be filed
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Reading Time: 8 minutesLiability to pay in certain cases, the provisions for fixing the responsibility of payment of tax tax, interest or penalty in case of transfer of business, mergers and amalgamation, liquidation of companies, dissolution of firms, retirement of partners etc. In these situations, it was found that determination of the person responsible for payment of tax
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