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GST Articles


GST Council Nears Decision on Cutting Taxes for Insurance Premiums; Final Call Expected in Next Meeting

  Sachinpro badge    10 September 2024 at 08:37

The GST Council is considering reducing the GST on life, health, and reinsurance premiums, currently at 18%.



GST Council's Recent Moves: What Businesses and Consumers Need to Know

  CA Harshit Goyal    10 September 2024 at 08:35

Big Updates from the 54th GST Council Meeting: Key Changes You Need to Know!



GST Applicability on Supply during the Warranty Period

  CA Amit Harkhanipro badge    07 September 2024 at 16:49

GST Liability & ITC Reversal: Replacement of Parts or Goods as such and Repair Services Provided by the ManufacturerGST Liability on Replacement of Parts or..



Penalties for Not Obtaining a New GST Registration Number on Time

  Ishita Ramanipro badge    07 September 2024 at 08:37

The consequences of failing to obtain a New GST Registration Number in a timely manner are discussed in this article, which also highlights how crucial compliance is for businesses.



Introduction of Invoice Management System (IMS) on GSTN Portal

  Affluence Advisory    06 September 2024 at 08:42

A new functionality will be introduced on GSTN portal w.e.f. 1 October 2024 which will require the recipient of goods or services to match the invoices/records with the details uploaded by supplier for availing ITC.



Key Updates: Invoice Management System (IMS)

  CA. Bhavik P. Chudasama    04 September 2024 at 15:21

Starting from October 1, 2024, a new Invoice Management System (IMS) will be implemented to streamline the process of matching invoices issued by suppliers and claiming Input Tax Credit (ITC).



September GST Filing Updates: Important Changes to Note

  Chaitra Seetharam    04 September 2024 at 10:56

As per Notification No. 12/2024- Central Tax dated 10 July, 2024 published by the Central Board of Indirect Taxes and Customs (CBIC), major changes in the GST Act will have an impact in the GST returns filing



When to Create a New GST Registration Number for Your Business

  Ishita Ramanipro badge    04 September 2024 at 08:37

Comprehending the need and timing of obtaining a New GST Registration Number is critical for upholding felony compliance and streamlining business approaches.



GST Taxability of Salvage/Wreck Value in Motor Vehicle Damage Claims

  CA Amit Harkhanipro badge    03 September 2024 at 14:27

The insurance companies, which are engaged in providing general insurance services in respect of insurance of motor vehicles, insure the cost of repairs/damages of motor vehicles incurred by the policyholders.



No ITC reversed for the portion of the LIC premium not included in the taxable value, as per Rule 32(4)

  CA Amit Harkhanipro badge    03 September 2024 at 08:46

Life insurance companies provide services by insuring the life of the insured. In exchange, they charge a premium, which may include components for both risk cover and investment/savings.