GST News

Shipping Corporation Faces Rs 160 Crore GST Demand for FY20 Due to Input Credit Mismatch

31 August 2024 at 09:13

On Thursday, August 29, 2024, state-owned Shipping Corporation of India Ltd (SCI) announced it had received a significant demand order from the Deputy Commissioner of State Tax in Mumbai, amounting to ₹160.37 crore.

Posted in GST | 672 Views

CBIC to Notify GST Provisions Under Finance Act 2024 Post 54th GST Council Meeting on 9th September

31 August 2024 at 09:09

The Central Board of Indirect Taxes and Customs (CBIC) has announced that the provisions of the Finance (No.2) Act, 2024, related to Goods and Services Tax (GST) will not come into effect until after the 54th GST Council Meeting.

Posted in GST | 5400 Views

LIC Receives Rs 605.5 Crore GST Demand Order for FY20

30 August 2024 at 09:30

Life Insurance Corporation (LIC) of India has been hit with a GST demand and penalty order totalling Rs 605.5 crore for the fiscal year 2019-20 (FY20).

Posted in GST | 597 Views

Chocolate Firms and Bakeries Hit with GST Notices Over Alleged Underpayment

30 August 2024 at 09:26

More than a dozen bakery and chocolate companies have been served notices by the DGGI for allegedly underpaying GST from July 2017 to March 2023.

Posted in GST | 930 Views

Vodafone Idea Faces Rs 15.19 Crore GST Demand and Rs 1.51 Crore Penalty

30 August 2024 at 09:23

The GST office in Patna has ordered debt-ridden Vodafone Idea (VIL) to pay Rs 15.19 crore in taxes, along with a penalty of Rs 1.51 crore, for allegedly availing input tax credit (ITC) it was not eligible for during FY 2019-20 and 2020-21.

Posted in GST | 1 comments | 672 Views

ICAI Reprimands CA for Circulating Defamatory Messages Against GST Officer on WhatsApp

29 August 2024 at 13:57

The ICAI concludes an investigation into CA Anil Thakur under Section 21A(3) of the Chartered Accountants Act, 1949, after GST officer Shri Golden Jain accused him of spreading defamatory messages on a private WhatsApp group.

Posted in GST | 1 comments | 14316 Views

GST Department Slaps Yes Bank with Rs 24 Lakh Penalty

29 August 2024 at 09:14

The Yes Bank has been penalized by the Goods and Services Tax (GST) Department, Maharashtra that raised demand for disallowance of input tax credit (ITC) along with interest and also demand for penalty of Rs. 24,92,978/-.

Posted in GST | 4053 Views

ICICI Prudential Receives Rs 429 Crore GST Demand Notice for FY 2020

29 August 2024 at 09:13

Maharashtra Deputy Commissioner of State Tax has issued a GST demand notice of Rs 429 crore to ICICI Prudential on Tuesday disclosed the company on the stock exchange on Wednesday.

Posted in GST | 1146 Views

GST Council to Review Rate Rationalization on 9th September, Final Decision Pending: FM Sitharaman

28 August 2024 at 14:48

A detailed rate rationalization proposal will be discussed at the September 9 Council meeting, with further deliberations anticipated by the end of September.

Posted in GST | 1 comments | 645 Views