Taxation & Accounting

Category: Gst (page 1 of 166)

GST will be ‘simplified’ further: FM Sitharaman tells traders

Sitharaman said the govt has constituted a panel, under chairmanship of the revenue secretary, which is working day and night to explore the ways to simplify GST The govt is seized of the problems being faced by traders in the taxation system and it would do its utmost for providing maximum relief NEW DELHI : Finance […]


The urgency to simplify and debug India’s GST

Exemptions, rate multiplicity and compliance complexity have conspired to keep our GST from fulfilling its promise—not just to coffers but the entire economy. We await a rehaul To figure what is wrong with our goods and services tax (GST), we need to go back to the classroom. A 10% value-added tax across the entire economy […]


Government notifies changes to rules on input tax credit

Tax authority given the right to restrict the use of balance in electronic credit ledger. In an effort to curb the menace of fake invoices and tax evasion, the Finance Ministry has notified a new norm of limiting the input tax credit to 10 per cent in case of GST details mismatch. Experts feel that […]


Group busted for supplying fake GST invoices worth Rs 1,000 crore: Finance Ministry

Prima facie fraudulent input tax credit of about Rs 140 crore has been misappropriated by using invoices involving an amount of Rs 1,040 crore, it said. The Goods and Services Tax (GST) authority in New Delhi has unearthed a racket involved in tax evasion through fraudulently transporting goods either without invoices or raising fake bills […]


20% GST ITC, 100% Tension to taxpayers

Courtesy: CA Umesh Sharma Arjuna (Fictional Character): Krishna, a circular was issued on 11/11/2019, which restricted ITC claim, maximum ITC that can be claimed now is 20% above the ITC as appearing in GSTR-2A as per new rule 36(4) w.e.f. 09/10/2019 onwards.  So, what is it? Krishna(Fictional Character): Arjuna, taxpayer can now claim 120% of ITC as appearing […]


Big change in GST| New 20% ITC Circular| GST Taxpayers in Big Problem| When 20% ITC Rule not apply|


Summary of Circular No. 123/42/2019-GST

Summary of Circular No. 123/42/2019-GST Ahead of due date of GST-3B, CBIC has resolved queries on provisional credit @ 20% through Circular No. 123/42/2019-GST Following is the list of clarifications issued: Restriction is not imposed through the common portal hence the taxpayer can avail credit on self-assessment basis for sub-rule (4) of rule 36 Taxpayers […]


The ‘landmark’ Calcutta Club verdict changes GST norms for clubs

The Supreme Court has said that service tax need not be charged by clubs for services to its members. The same should hold true for the GST, which replaced service tax. Under tax laws, every now and then, a decision is delivered which gets the “landmark†prefix. Names such as BC Srinivasa Shetty, Bacha F […]


Nine important changes in GST in “Navratri”

“Nine†important changes in GST in “Navratri†                                                                                           Courtesy:  CA Umesh […]


Centre looks to cut GST rates on cars amid sharp decline in sales

Finance Minister Nirmala Sitharaman kindled hopes of a GST rate cut on the same day that several leading auto players announced dismal sales figures for August. The auto industry has long called for a reduction in the GST rate from 28 per cent to 18 per cent to accommodate the downturn. Against the backdrop of […]


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