GST News

CBIC Introduces Rule 47A to CGST Rules: New 30-Day Time Limit for Issuing Tax Invoices Under RCM

10 October 2024 at 09:18

On October 8, 2024, the Central Board of Indirect Taxes and Customs (CBIC), through Notification No. 20/2024 – Central Tax, introduced Rule 47A into the Central Goods and Services Tax (CGST) Rules, 2017.

Posted in GST | 1 comments | 6873 Views

CBIC Notifies Amendments to GST Rules with New Procedure for Waiver of Interest and Penalty u/s 128A

10 October 2024 at 09:16

On October 8, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 20/2024 – Central Tax, introducing amendments to the Central Goods and Services Tax (CGST) Rules, 2017, under Rule 164.

Posted in GST | 3138 Views

Senior Journalist Among 6 Arrested in Gujarat GST Scam: Raids Uncover 200 Fake Firms

10 October 2024 at 09:15

Following a complaint regarding GST evasion, the Ahmedabad Crime Branch has taken significant action across the state, conducting raids at 14 locations, including Ahmedabad, Junagadh, Surat, Kheda, and Bhavnagar.

Posted in GST | 576 Views

28% GST Review: Online Gaming Industry's Top Priority One Year On

10 October 2024 at 09:15

It has been one year since the implementation of the 28% GST on online gaming in India. While both companies and consumers have adjusted to the higher tax rate, a review of this levy remains a top priority for industry stakeholders.

Posted in GST | 462 Views

CBIC Notifies Waiver Procedure for Interest and Penalty on Tax Demands u/s 73 of CGST Act for FY 2017-2020

09 October 2024 at 09:34

In a significant relief for taxpayers facing tax demands from prior financial years, the CBIC has issued Notification No. 21/2024–Central Tax outlining the procedure and conditions for the waiver of interest, penalty, or both

Posted in GST | 5049 Views

CBIC Waives Late Fees for TDS Filers u/s 51 of CGST Act on Delayed GSTR-7 Filings Since June 2021

09 October 2024 at 09:33

In a relief for taxpayers required to deduct tax at source (TDS) under section 51 of the CGST Act, 2017, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 23/2024, dated October 8, 2024

Posted in GST | 2646 Views

CBIC Notifies Special Mechanism for Rectification of Orders on Wrong ITC Availment u/s 16 of CGST Act

09 October 2024 at 09:32

In a crucial update aimed at streamlining GST compliance, the CBIC has issued Notification No. 22/2024-Central Tax dated October 8, 2024, to notify the mechanism for implementing newly inserted sub-sections (5) and (6) in Section 16

Posted in GST | 16260 Views

CBIC Introduces RCM for Renting Commercial Property by Unregistered Persons to Registered Entities to Curb Revenue Leakage

09 October 2024 at 09:30

In a significant move to tighten GST compliance and prevent revenue leakage, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 09/2024-Central Tax (Rate), dated October 8, 2024.

Posted in GST | 5 comments | 34563 Views

CBIC Notifies GST Exemptions for Vocational Education and Power Utility Services - Effective October 2024

09 October 2024 at 09:29

The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 08/2024 dated October 8, 2024, introducing crucial amendments to the Goods and Services Tax (GST) framework.

Posted in GST | 2871 Views

AIFs and Govt in Talks Over Taxation of 'Carry Income' Amid GST Concerns

08 October 2024 at 08:51

Recently, the Indian government has requested private equity and venture capital industry to explain how other countries tax fund managers, particularly in relation to the application of GST to 'carry earnings'

Posted in GST | 1476 Views