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The GST E-Way Bill System has witnessed significant improvement due to the induction of the newly launched GST E-Way Bill 2 Portal that was opened on June 1, 2024, by NIC. The new portal is compatible with the current e-way bill system for the uninterrupted provision of service to the business. Allow me to dissect … Read more
How to Claim Input Tax Credit (ITC) in GSTR-3B: Filing taxes accurately is critical for every taxpayer and business owner, especially when it comes to GST. Among the many facets of GST filing, claiming Input Tax Credit (ITC) is one of the most significant aspects, as it allows businesses to reduce their tax liability. However, … Read more
If there’s one topic that’s got every business owner talking right now, it’s GST. The Goods and Services Tax isn’t just another government policy—it’s a system that shapes how businesses handle revenues and operations. With December 2024 rolling in, the buzz following the 54th GST Council meeting and recent tax revisions is still very much … Read more
On November 25, 2024, the Ministry of Finance under the Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 27/2024-Central Tax, which updates the list of Goods and Services Tax (GST) commissioners authorized to pass orders on notices issued by the Directorate General of Goods and Services Tax Intelligence (DGGI). This notification, set … Read more
Dabur India Ltd, one of India’s leading FMCG (Fast Moving Consumer Goods) companies, recently faced a significant tax development. On November 26, 2024, the company announced receiving a revised order from the Additional Commissioner, CGST Commissionerate, Chandigarh, confirming a GST demand worth ₹320.6 crore, including interest but without any penalty. GST Demand Breakdown The demand … Read more
Tamil Nadu has improved its SGST collection to a 20.12% level which is the highest among the states of similar status in the first half of the fiscal year, 2024-25. The preliminary details published by the C.A.G of India show that Tamil Nadu raised its SGST collection from 29,481.97 crores in the first half of … Read more
Biometric Authentication: A Key Step to Prevent GST Fraud In a major move to combat fraudulent GST registrations, 46 GST service centres in Madhya Pradesh are set to implement biometric-based Aadhaar authentication. This initiative aims to stop fraudulent taxpayers at the registration stage itself, preventing revenue loss for the government. A New Approach to Prevent … Read more
GST Council Meeting Today: GST Exemption on Insurance Levy Expected The GST Council is set to hold its 55th meeting today, November 21, 2024, in Jaisalmer, Rajasthan. Chaired by the Union Finance Minister and comprising state finance ministers, the council will discuss key issues, including GST exemption on insurance premiums and revisions to GST rates … Read more
GST Rectification Process: The GST Rectification process is a pivotal mechanism for businesses to address inaccuracies and disputes in their tax assessments. A recent case involving the Life Insurance Corporation of India (LIC) demonstrates the substantial relief that can be achieved through this process. LIC successfully reduced a substantial GST demand of ₹294.43 crore to … Read more
The electric vehicle (EV) sector in India is pushing for changes in GST rates to ensure affordability and promote widespread adoption. Industry leaders, including Sulajja Firodia Motwani, chair of the FICCI Electric Vehicle Committee, are calling for a reduction in GST on batteries and charging services. This move is critical to maintaining the cost competitiveness … Read more