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Key Highlights of the 53rd GST Council Meeting

TaxationJune 28, 202412Views 0Likes 0Comments

Table of Contents Introduction Waivers and Time Extensions Monetary Limits and Pre-Deposit Reductions Rate Adjustments and Exemptions Specific Exemptions Procedural Amendments Special Clarifications Conclusion Introduction The 53rd GST Council Meeting, chaired by Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, presented several crucial recommendations aimed at enhancing the GST framework. Key decisions spanned from…

GST Ambiguities: ITC Reversal of Capital Goods & Corporate Guarantees

TaxationMarch 11, 202410Views 0Likes 0Comments

Table of Contents Introduction ITC Reversal on Capital Goods SaleCapital Goods GST Provisions Explanations Illustration Suggestion GST on Corporate GuaranteesCorporate Guarantee GST Provisions Suggestions Introduction It’s going to be 7 years of GST implementation on 1st July 2024. Yet there exists a good number of ambiguity in the various provisions of GST law. Below…

India’s 50th GST Council Meeting: Key Outcomes Shaping Business Landscape

TaxationJuly 24, 20238Views 0Likes 0Comments

Table of Contents Introduction Changes in Tax Rates Exemptions in Healthcare Sector Streamlining ITC Distribution Strengthening GST Implementation Implications for Gaming and Gambling Industry Trade Facilitation Measures Conclusion Introduction India's 50th GST Council Meeting, held in July 2023, witnessed significant developments and key decisions that have far-reaching implications for…

Understanding Refund under GST

TaxationMarch 14, 20239Views 0Likes 0Comments

Table of Contents Introduction Who can claim refund of GST? Time Limit for claiming GST Refund Situations leading to refund claim of GST Cases where unutilized ITC can be claimed Refund on Supplies made by Casual Taxable Person (CTP) or Non-Resident Taxable Person (NRTP) Refund on Supplies made to Special…

Exploring the Indirect Tax Highlights of Budget 2023

TaxationFebruary 9, 20239Views 0Likes 0Comments

Table of Contents Overview GST Reforms Custom Duty Reforms Conclusion Overview On February 1, 2023, Finance Minister Nirmala Sitharaman released the Union Budget for the forthcoming fiscal year. Since this is her fifth full budget before the NDA government led by the BJP ends its term, the presentation of the budget was closely…

GST Compliance, Offences and their Penalties

TaxationFebruary 2, 202325Views 0Likes 8Comments

Table of Contents Introduction Compliances under CGST Act,2017 Registration Raising Invoices Filing Returns Payment of Taxes Availing Eligible Credit TDS/TCS liable Offences Under GST Act Registration Invoices & Books /Records Returns Payment of Taxes ITC TDS/TCS Introduction: “One nation, one tax” is the motto of the introduction of GST in India. It…

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