A first of its kind, National Conference of Enforcement Chiefs from the State and Central GST formations, was held on 4 March 2024 under the chairmanship of Finance Minister Nirmala Sitharaman. This initiative aims to strengthen the GST enforcement system and address classification-related issues of the GST system. At the conference, dignitaries from all …
The latest e-way bill updates 2024 by NIC is issued as an advisory on Friday, where the taxpayers and the transporters are required to incorporate their e-invoice/IRN (Invoice Reference Number) details in their e-way bills for B2B (Business to Business) and B2E (Business to Export) transactions, effective from March 1, 2024. This new mandate in the …
The Goods and Services Tax Network has introduced mandatory rule for taxpayers with an aggregate annual turnover (AATO) of ₹ 5 crore and more in the preceding financial year. They have to now report minimum 6-digit Harmonized System of Nomenclature (HSN) Code on the e-invoices generated. The new update is made compulsory and will come …
In a recent legal development, the Delhi High Court delivered a verdict concerning the cancellation of GST registration for Balajee Plastomers Private Limited. The court deemed the cancellation, which was a result of non-compliance in filing GST returns for six months, to be invalid ab initio, indicating that it should not have retroactively applied from …
For taxpayers, geocoding their principal place of business address is compulsory when registering a GST account, as decided by the Goods and Services Tax Network in February 2023. After the successful implementation and good feedback on the latest feature, now the GSTN has introduced an additional feature of geocoding their “additional place of business” address. …
The government of India recently launched the Mera Bill Mera Adhikaar Scheme, also known as the “Invoice Incentive Scheme,” an initiative to foster financial transaction transparency and incentivize uploading genuine invoices for purchases of goods or services attracting Goods and Services Tax (GST). This innovative initiative encourages citizens to adopt the habit of demanding and …
The Goods and Services Tax Network (GSTN), under the guidance of the Indian government, has made significant amendments to Rule 8 of the CGST Rules. The GSTN has issued an advisory regarding the biometric-based Aadhar authentication process for registering taxpayers under GST. For those applicants who had opted for Aadhar-number-based authentication on the GSTN portal, …
GSTN Introduces New Ledger – Electronic Credit and Reclaimed Statement For ITC Reversal The government of India has introduced amendments in Table 4 of Form GSTR-3B Vide Notification No. 14/2022 – Central Tax dated 05th July 2022 (read with circular 170/02/2022-GST, Dated 6th July 2022). This change is brought in for the taxpayers to enable …
GST refund claims can be tricky under the law, especially in a cancelled contract with the supplier or government customers. It becomes even more complicated when before the contract cancellation, there is GST paid earlier, and there is no availability of outward tax liability, it makes the refund of excess payment of tax in GST …
The 50th GST Council Meeting took place in the capital city on 11th July chaired by Union Finance Minister Smt. Nirmala Sitharaman. The main agenda of the this 50th GST council meeting was to address GST rate reforms for online gaming, horse riding, casinos, multiple utility vehicles, and cancer treatment medicine, among other items. Read …
