Latest Clarification on Input Tax Credit you should know
CBIC has vide Circular No. 241/35/2024-GST dated December, 31, 2024 has given a clarification in regard to availing of input…
Category: GST Articles
GoM on GST rate rationalisation to meet on Sept 25 to discuss slab, rate tweaks
The ministerial panel on GST rate rationalisation will meet on September 25 in Goa to discuss potential changes to tax…
Input Tax Credit (ITC) allowable on demo vehicles: CBIC Clarifies
CBIC has issued Circular No. 231/25/2024-GST dated 11th September,2024 wherein it has majorly clarified that input tax credit (ITC) is…
Sec 128A on waiver on intt , penalty applicable from 1st Nov, New Rule to be inserted
Based on the recommendation of GST Council, after considering the difficulties faced by the taxpayers during the initial years of…
GSTN issues advisory for authentication / verification for GST Registration
GSTN has issued Advisory No. 519 dated 6th September, 2024 for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of…
All about GST under reverse charge mechanism (RCM) on sponsorship services
1. Introduction In this article we will be deliberating on all aspects regarding the payment of GST under reverse charge…
No GST on Loan from related person without consideration: CBIC
CBIC has vide its Circular No. 22/16/2024-GST dated 26th June, 2024 has clarified that no GST is applicable on Loan…
ITC for RCM supplies can be availed even after time limit u/s 16(4)
CBIC vide Circular No. 211/5/2024-GST dated 26th June, 2024 has clarified that input tax credit can be availed in respect…
New GST Rules notified for Valuation of services of Online Gaming and Casinos
CBIC vide Notification No. 45/2023 – Central Tax dated 6th September, 2023 has notified the Central Goods and Services Tax (Third Amendment)…
Determination of Sales, turnover, gross receipts for purposes of Tax Audit
The provision relating to tax audit under section 44AB of the Income Tax Act, 1961 applies to every person carrying…
No ITC to Buyer if supplier fails to pay GST to Govt. after collecting: HC
Patna High Court in its recent ruling in the case of M/s. Aastha Enterprises v. State of Bihar has held…
GST: New Rule 88D to deal with ITC mismatches in GSTR-2B and GSTR-3B
The GST Council in its 50th Meeting had inter alia recommended as under in regard to Mechanism to deal with…