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Flexible Reporting Options in GSTR-9 and GSTR-9C for Financial Year 2023-24
Overview: With the deadline for submitting GSTR-9 and GSTR-9C for FY 2023-24 nearing, the Central Board of Indirect Taxes and Customs (CBIC) has announced various relaxations and optional reporting fo...
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Input Tax Credit on Building Construction under GST
IntroductionThe debate over the eligibility for Input Tax Credit (ITC) concerning GST paid during the construction of buildings has been reignited following the Supreme Court's judgment in the Safari...
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Supreme Court's Decision on Input Tax Credit for Real Estate: The Safari Retreats Case
1. Overview of the Safari Retreats VerdictIn the landmark case of the Chief Commissioner of Central Goods and Service Tax & Others vs. Safari Retreats Private Ltd. & Others, the Supreme Court of India...
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18% GST on Technical Consultation Services for Maharashtra Jeevan Pradhikaran (MJP) Projects
1. Tax Obligation on Technical Consultation for MJPTechnical consultation services meant for Project Development and Management Support for Maharashtra Jeevan Pradhikaran (MJP) are subject to an 18% G...
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CBIC Clarification on Waiver of Interest and Penalty under CGST Act
Introduction to Amnesty under New Section 128AThe Central Board of Indirect Taxes and Customs (CBIC) has provided clarity regarding the waiver of interest and penalties under the newly enacted Section...
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Exporters Receive Relief in IGST Refunds under Rule 96(10) of CGST Rules, 2017
Overview of Rule 96(10) and Its Impact on ExportersRule 96(10) within the CGST Rules, 2017, poses restrictions on registered assessees from exporting taxable goods with the payment of IGST while seeki...
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What Happens If Input Tax Credit Is Claimed Under an Incorrect Head?
Overview:Since the Goods and Services Tax (GST) was implemented in India in July 2017, assessees have encountered multiple challenges, including errors in claiming Input Tax Credit (ITC). A frequent e...
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GST Judicial Decision Digest - Edition for October 2024
The latest edition of the GST Judicial Decision Digest dated October 2024 encapsulates significant judicial determinations concerning GST issues from the High Court, GST Appellate Tribunal, Supreme Co...
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The 'As Is Where Is'/'As Is' Dilemma – An In-depth Review
1. IntroductionThe GST Council has consistently taken steps to address contentious matters under GST by proposing to the Central Board of Indirect Taxes and Customs (CBIC) to offer clarity on the tax...
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Understanding GST Implications on Promotional Schemes and Discounts
IntroductionThe Central Board of Indirect Taxes and Customs (CBIC) provided clarity regarding GST treatment for promotional schemes such as “Buy One Get One Free” (BOGO) and secondary discounts throug...
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Special Audit Procedures in GST: Legal Guidelines and Court Rulings
Summary: The special audit process under the Goods and Services Tax (GST) framework serves to investigate specific irregularities in records maintained by assessees. Administered by professionals chos...
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GST Section 11A: Streamlining Trade Norms and Tax Exemptions
Understanding the Context of GSTThe launch of the Goods and Services Tax (GST) on July 1, 2017, aimed to unify the national market but introduced complexities and ambiguities for assessees. This, in m...
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GST Amnesty Scheme 2024: Understanding Section 128A of the CGST Act 2017
A Detailed Overview of Interest and Penalty WaiverIntroductionThe Goods and Services Tax (GST) Act of 2017 offers provisions for assessees to seek relief from imposed interest and penalties. A notable...
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Interest on Outstanding Payments to Vendors Exceeding 180 Days - GST Compliance
GST Compliance for Delayed Payments Beyond 180 DaysOverviewAssessees under the Goods and Services Tax (GST) regime must adhere to stringent rules regarding supplier payments. If any recipient does not...
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Guidance on GST Invoice Management System (IMS) - Latest Updates
Introduction to IMSThe GST Invoice Management System (IMS) was launched on October 14, 2024, providing assessees with the capability to manage supplier-filed invoices actively. This system allows for...
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Updated Overview of the CBIC and CBDT Memorandum of Understanding and Its Impact on Tax and GST Audits
IntroductionOn July 21, 2020, a pivotal Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). This a...
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Challenges and Solutions in GST Invoice Management System (IMS)
Invoice Management System (IMS): A New Era in Business Under GSTThe central role of invoices in the financial ecosystem of businesses is undeniable; they are often dubbed the financial pulsation and l...
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Evaluating the Efficacy of Invoice Management System (IMS) under GST
OverviewThe evolution of invoice handling and compliance in the realm of the Goods and Services Tax (GST) has been a continuous pursuit within the department. The latest addition is the Invoice Manage...
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Delhi High Court: Restriction on ITC Beyond Electronic Credit Ledger Balance
Restriction on ITC Cannot Exceed Electronic Credit Ledger AmountSummary: In the case of Best Crop Sciences Pvt. Ltd. vs. Principal Commissioner, CGST Commissionerate, Meerut, the Delhi High Court rule...
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Compulsory Personal Hearing as per Section 75(4): Verdict by Allahabad High Court
Overview: The Allahabad High Court, in the matter of M/s. Eveready Industries India Limited versus the State of Uttar Pradesh, tackled the necessity of a personal hearing under Section 75(4) of the CG...