Knowledge Base

The GST Department and CBIC keeps on issuing various notifications, circulars and instructions on small and big matters for ease of industries. Similarly, various updates are also made on GST portal to make the GST portal more automated and integrated with other portals.

Central Board of Indirect Taxes and Customs (CBIC) has launched a special all-India drive to combat the rising menace of fake Goods and Services Tax (GST) registrations and the fraudulent passing of input tax credit (ITC).

Department of Trade & Taxes, NCT of Delhi has issued circular No. F.3(479)/GST/Policy/2023/346 dated 1st March 2023 specifying standard operating procedure (SOP) for cancellation of Registration and for a repository of Non-genuine taxpayers.

M/s Bharat Exim (“The Petitioner”) filed refund applications in Form GST RFD-01 seeking refund of unutilized Input Tax Credit, consisting of IGST and Cess, on account of export of goods.

GST Department keeps on issuing advisory on various practical or technical issues faced by taxpayers to smooth the tax compliance processes. Recently the department has issued an advisory on various issues such as the Time limit imposed on the generation of e-invoices, HSN Wise reporting is made mandatory in e-invoices, GST registration by One Person Company, etc.

The government has once again issued multiple notifications on 31st March 2023 and came up with amnesty schemes for various GST returns such as GSTR-4 (Return of Composition Dealer), GSTR-10 (Final Return), GSTR- 9 (Annual Return) and return in response to notice under section 62.

Works Contract has been defined in Section 2(119) of the CGST Act, 2017 as “works contract” means a contract for building, construction, fabrication, erection, completion, construction, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any immovable property involving the transfer of property in goods; (whether in the form of goods or in any other form) involved in the performance of a such contract."

Goods and Service Tax is a combined tax levied by both Center and state governments wherein the center and state get their share of tax depending upon the quantum of goods and services consumed in their jurisdiction. However, a transaction may involve more than one state such as the supplier is located in one state and the recipient is located in another state. In that case, how can it be determined where goods and services are consumed and to which government tax should be given.

The GST Council meeting was held for the 49th Time on 18th February 2023 under the chairmanship of the Hon’ble Union Finance & Corporate Affairs Minister. Key points of discussion were Clearance of Compensation cess dues to States, revision of GST rates of a few items, GST appellate tribunal and its structure, Capacity-based taxation and […]

The indirect tax imposed on goods or services forms a significant part of government revenue and it also has a direct impact on inflation as it increases or decreases the cost of products. Therefore, changes in indirect tax form a significant part of the Union budget, and the entire industry keeps a close watch on the same.