As per Notification No. 12/2017-Central Tax dated June 28, 2017, as amended by Notification No. 78/2020-Central Tax dated October 15, 2020, taxpayers having turnover up to Rs. 5 Crore in the previous financial year are required to declare classification of services at a 4- digit level …
The GSTN (Goods and Services Tax Network) has introduced two pivotal tables in GSTR-1, effective from January 2024 onwards. These tables, namely Table 14 and Table 15, are specifically crafted to streamline the reporting process for taxable outward supplies made through e-commerce operators and supplies falling …
Posting a growth rate of 12% Y-o-Y, Rs 14.97 lakh crore gross GST collection during April-December 2023 period Gross GST collection averages Rs 1.66 lakh crore in first 9 months of FY24 Rs 1,64,882 crore gross GST revenue collection for December, 2023 During the April-December 2023 …
Finance Minister Nirmala Sitharaman addressed the Lok Sabha on Tuesday, providing clarity on the application of the 28% Goods and Services Tax (GST) on entry-level bets on online gaming platforms. Sitharaman emphasized that the valuation rules for excluding winnings from the tax are prospective, alleviating potential …
Uttarakhand GST Department Unravels Massive ₹18 Crore GST Theft in Illegal Timber Trade: Mastermind Charged The Special Investigation Bureau (SIB) of the Uttarakhand GST department has recently filed a comprehensive 3,500-page charge sheet against Shahnawaz Hussain, the alleged mastermind behind a large-scale illegal timber trade operation. …
FM Nirmala Sitharaman addressed the Lok Sabha on December 19, 2023, shedding light on crucial amendments to the central Goods and Services Tax (GST) law and related bills. GST Appellate Tribunals: A Path to Expedited Resolutions Minister Sitharaman announced that taxpayers now have the option to …
Surge in GST Compliance: Filers Increase by 65% Over 5 Years, Reaching 11.3 Million in April 2023 Finance ministry reported a remarkable 65% surge in the number of Goods and Services Tax (GST) return filers over the past five years, reaching a substantial 11.3 million as …
Supreme Court Dismisses GST Department’s Plea, Upholding High Court Ruling on Input Tax Credit In a significant development, the Supreme Court has quashed a petition filed by authorities challenging a Calcutta High Court ruling. The High Court had determined that input tax credit (ITC) to a …
Dream11 Withdraws Plea Against Rs 1221 Crore GST Notice, Maharashtra GST to Issue Fresh Notice State GST Withdraws Notice Fantasy sports giant Dream11 has decided to withdraw its plea challenging the Rs 1221 crore Goods and Services Tax (GST) show cause notice issued by the Maharashtra …
