The Goods and Services Tax (GST) landscape in India has always been a subject of discussion and debate, especially when it comes to product classifications. In a recent ruling by the Rajasthan bench of the GST Authority for Advance Rulings (AAR), an important decision was made concerning the taxability of softy ice-cream mix. The ruling determined that this particular product,
The Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalization met recently to discuss significant adjustments in the tax structure. With a focus on easing the financial burden on consumers, the GoM, chaired by Bihar Deputy Chief Minister Samrat Chaudhary, proposed a set of tax revisions that aim to strike a balance between affordability for essential goods
In a significant move aimed at providing financial relief to senior citizens, the Group of Ministers (GoM) has put forward a proposal to exempt Goods and Services Tax (GST) on life and health insurance premiums. This decision could represent a major shift in how essential financial services are taxed, and it signals an important step toward reducing the economic burden
In a progressive move, the Ministry of Finance has made significant changes to the recruitment process for Group ‘A’ executive posts within the Goods and Services Tax (GST) Council Secretariat. Through Notification No. 109 (F. No. A-50050/2/2024-Ad.I), dated October 16, 2024, the government introduced the Goods and Services Tax Council Secretariat, Group ‘A’ Executive Posts Recruitment (Amendment) Rules, 2024. These
As we move through FY 2023-24, taxpayers are beginning to see important updates reflected in their tax filings. One key issue arising in the September GSTR-2B is the requirement for Input Tax Credit (ITC) reversals under Rule 37A. This has become a crucial point for businesses due to the non-filing of GSTR-3B by suppliers. What does this mean for you?
GSTN Advisory: IMS Launched for Taxpayers to Streamline ITC Claims On 14th October 2024, the Goods and Services Tax Network (GSTN) introduced a new system called the Invoice Management System (IMS). This system is designed to help taxpayers accurately claim Input Tax Credit (ITC) by matching their records with the invoices issued by their suppliers. With the launch of this
CBIC Issues Clarification on GST Rates and Classification of Goods Following the 54th GST Council Meeting The Central Board of Indirect Taxes and Customs (CBIC) recently provided significant clarifications on Goods and Services Tax (GST) rates and the classification of goods. These updates were issued through Circular No. 235/29/2024-GST, dated October 11, 2024, and follow the recommendations made during the
CBIC Issues Clarification on “As Is / As Is, Where Is Basis” in GST Circulars The Central Board of Indirect Taxes and Customs (CBIC) recently issued a crucial clarification regarding the terminology “as is” and “as is, where is basis” as it applies to Goods and Services Tax (GST). This clarification, issued via Circular No. 236/30/2024-GST on October 11, 2024,
Record E-Way Bill Surge in September Signals Festival Season Boost India’s supply chain activity surged in September, with e-way bill generation reaching an all-time high of 109 million, marking an impressive 18% growth compared to the same period last year. This growth reflects the country’s robust economic activity as businesses prepared for the festival season, which is anticipated to further
The Reverse Charge Mechanism (RCM) has introduced significant changes in how GST compliance functions for renting commercial properties. Starting October 10, 2024, any rental of commercial properties by unregistered landlords to registered businesses will fall under the RCM framework. This addition tightens regulations, ensuring better tax accountability and addressing gaps in revenue collection. It directly affects the commercial real estate
