If you are in the business and claiming ITC under GST is a headache for you, there is a good news for you all. CBIC has launched a new ITC claim system – Invoice Management System (IMS). The GST portal has introduced new Invoice Management System (IMS) to enhance how you as a taxpayer, can manage and validate invoices for ...
The tax system in India is always changing, with new regulations being adopted on a regular basis to improve compliance and enforcement strategies. The Central Goods and Services Tax (CGST) Act will undergo major modifications as a result of the Finance Act of 2024, (Budget 2024). A prominent modification is the establishment of a new section, 74A, which deals with ...
let’s talk about something that might sound a bit complicated but is actually pretty straightforward once we break it down—GST on salvage value in motor vehicle insurance. Don’t worry if you find terms like “salvage value” or “GST” confusing; we’re going to simplify everything for you. What is Salvage Value? Imagine you have a car, and unfortunately, it’s been in ...
In a recent development, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 214/8/2024-GST on June 26, 2024, providing crucial clarifications regarding the treatment of life insurance premiums under the Goods and Services Tax (GST) regime. This circular addresses concerns related to the reversal of Input Tax Credit (ITC) for life insurance policies, particularly the portions of ...
On July 10, 2024, the Ministry of Finance issued Notification No. 15/2024-Central Tax. This notification, published in the Gazette of India, introduces a significant amendment to the existing GST regulations by reducing the rate of tax collection at source (TCS) under the Central Goods and Services Tax (CGST) Act, 2017. This change is poised to impact businesses and governmental agencies ...
The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 210/04/2024-GST to clarify the valuation of supply of import of services by a related person where the recipient is eligible for full input tax credit (ITC). This circular addresses concerns raised by businesses regarding demands for tax on reverse charge basis for certain activities undertaken by related persons ...
The Central Board of Indirect Taxes and Customs (CBIC) recently issued Circular No. 218/12/2024-GST, which addresses the taxability of loan transactions between related parties. This clarification is crucial for businesses involved in cross-border financial dealings, as well as for those engaging in loans within their corporate groups. Let’s delve into the key points of this circular to understand its implications. ...
The Goods and Services Tax (GST) in India is a comprehensive tax levied on the supply of goods and services. It has streamlined indirect taxation, replacing many central and state taxes. Recently, the government has issued Circular No. 225/2024 to clarify the taxability and valuation of corporate guarantees provided between related persons. This article aims to break down the circular’s ...
The Authority for Advance Rulings (AAR) in Karnataka issued an important ruling (KAR ADRG 26/2023) on July 13, 2023, concerning the classification and applicable GST rates for various types of chikkies manufactured by M/s. Sirimiri Nutrition Food Products Private Limited. This ruling provides clarity on how different varieties of chikkies should be classified under the Goods and Services Tax (GST) ...
The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 207/1/2024-GST, dated June 26, 2024 (download), addressing the reduction of government litigation by setting monetary limits for filing appeals by the Department before various judicial bodies such as GSTAT, High Courts, and the Supreme Court. Objective The National Litigation Policy aims to optimize judicial resource utilization and ...