GST News

New IMS on GST Portal Aims to Curb ITC Discrepancy Notices and Reduce Litigation

13 November 2024 at 06:54

The Goods and Services Tax (GST) portal's recently launched Invoice Management System (IMS) is set to significantly decrease the number of notices issued over Input Tax Credit (ITC) discrepancies

Posted in GST | 2136 Views

GSTN Issues Advisory regarding IMS during initial phase of its implementation

13 November 2024 at 06:52

Invoice Management System (IMS) is an optional facility introduced from October 2024 on GST Portal, on which the invoices/records saved/furnished by the supplier in GSTR-1/1A/IFF

Posted in GST | 921 Views

GSTN Issues Waiver Scheme under Section 128A

08 November 2024 at 16:03

GST Council in its 53rd meeting held on 22nd June, 2024 had recommended for waiver of interest and penalties in the demand notices or orders issued under Section 73 of the CGST Act, 2017

Posted in GST | 5967 Views

GSTN Issues Advisory related to Other Territory Applications

08 November 2024 at 06:42

As per Notification No. 2/2017-Central Tax dated 19th June, 2017 read with Trade Notice No. 01/2017-Central Tax dated 21st June, 2017 issued by Office of the Chief Commissioner of Central Excise, Mumbai Zone I and GST Trade Notice No. 002/2017

Posted in GST | 1299 Views

CBIC Mandates 1-Year Deadline for Customs Fraud Inquiries

07 November 2024 at 06:44

In a significant move aimed at enhancing the ease of doing business, the CBIC has issued a directive to customs field formations, emphasizing transparency and efficiency in conducting investigations related to export and import fraud

Posted in GST | 4746 Views

December GST Council Meeting to Address Rate Cuts on Life and Health Insurance Premiums

07 November 2024 at 06:44

With the end of the year approaching, the GST Council may soon bring significant relief to policyholders of life and health insurance.

Posted in GST | 909 Views

Tax Officers Uncover 18,000 Fake GST Firms, Detect Rs 25,000 Crore Tax Evasion

07 November 2024 at 06:44

In a major success for tax authorities, GST officers have unearthed around 18,000 fake companies involved in a large-scale tax evasion scheme, totalling approximately ₹25,000 crore.

Posted in GST | 1065 Views

CBIC Mandates Virtual Hearings for GST, Customs, Excise and Service Tax Appeals

06 November 2024 at 07:13

CBIC Judicial Cell, through its Instruction No. F. No. 390/Misc/3/2019-JC dated November 5, 2024, has released comprehensive guidelines for the conduct of personal hearings under various tax laws

Posted in GST | 4983 Views

GSTN Advisory: New e-Invoice Reporting Limit Set for Businesses with AATO of Rs 10 Crore and above

06 November 2024 at 07:09

Advisory: Time Limit for Reporting e-Invoice on the IRP Portal - Lowering of Threshold to AATO 10 Crores and Above

Posted in GST | 15741 Views

GSTN Issues Advisory for Form GST DRC-03A

06 November 2024 at 07:04

It has been observed that some taxpayers have paid the demanded amount vide DRC 07/DRC 08/MOV 09/MOV 11/APL 04 through DRC-03 instead of using payment facility ‘Payment towards demand’ available on GST portal.

Posted in GST | 1167 Views