GST News

GSTN | Date extended for reporting opening balance for ITC reversal

30 December 2023 at 09:12

Advisory: Date extension for reporting opening balance for ITC reversal1. In order to facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, a new ledger namely Electronic Credi

Posted in GST | 9342 Views

Year in Review 2023: CBIC's Pivotal GST System Upgrades

29 December 2023 at 09:30

The Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Ministry of Finance, has achieved significant milestones in enhancing the efficiency and integrity of the Goods and Services Tax (GST) system.

Posted in GST | 6978 Views

Mahindra & Mahindra Fined Over Rs 56 Lakh for GST Credit Transfer Error in Two-Wheeler Business

29 December 2023 at 09:23

Mahindra & Mahindra Ltd has disclosed that it is facing a penalty of over Rs 56 lakh for a procedural lapse related to the transfer of Input Service Distributor (ISD) credit from the pre-GST to the GST regime.

Posted in GST | 2346 Views

CBIC Extends Time Limit for Issuance of SCN and Order Passing in Non-Fraud Cases for FY 2018-19 and 2019-20

28 December 2023 at 21:57

CBIC has taken a proactive step by issuing Notification No. 56/2023–Central Tax on December 28, 2023. This notification aims to extend the time limit prescribed under Section 73(10) of the Central Goods and Services Tax Act, 2017 ("the CGST Act").

Posted in GST | 25575 Views

Zomato Faces Rs 402 Crore GST SCN for Alleged Non-payment on Customer Delivery Charges

28 December 2023 at 09:24

On December 28, Zomato Ltd, the popular online food delivery platform, revealed that it received a show cause notice (SCN) from the Goods and Services Tax (GST) office.

Posted in GST | 8580 Views

GSTN Expands Payment Options: Adds 2 New Banks, Totaling 25 for GST Transactions

28 December 2023 at 09:21

The Goods and Services Tax Network ("GSTN") has added 2 new banks Karnataka Bank Limited and RBL Bank Limited, bringing the total number of banks accepting GST payments to 25.

Posted in GST | 2862 Views

GSTN Unveils Online Filing of Annexure-V for GTAs Opting for Forward Charge

28 December 2023 at 09:20

The Goods and Services Tax Network (GSTN) has rolled out a highly anticipated feature, enabling the online filing of Annexure-V on the GST Portal. This feature is specifically tailored for newly registered GTAs choosing to operate under Forward Charge.

Posted in GST | 5820 Views

ICICI Lombard Receives GST Demand Notice of Over Rs 5.66 crore

28 December 2023 at 09:17

ICICI Lombard General Insurance Company, a prominent player in the insurance sector, has encountered a significant setback as it received a demand notice for the alleged short payment of Goods and Services Tax (GST) amounting to over Rs 5.66 crore.

Posted in GST | 2469 Views

GST Amnesty Scheme Appeals: Eligibility and Forms Until 31st January 2024

27 December 2023 at 09:25

In a proactive move to alleviate the challenges faced by taxpayers dealing with Goods and Services Tax (GST) issues, the Central Board of Indirect Taxes and Customs (CBIC) has unveiled a groundbreaking amnesty scheme.

Posted in GST | 10080 Views

Real Estate Developers Urge 18% GST Amendment on Corporate Guarantees in Representation to FM

27 December 2023 at 09:24

Real estate developers have reportedly approached Finance Minister Nirmala Sitharaman, urging amendments to the recent circular imposing an 18% Goods and Services Tax (GST) on corporate guarantees

Posted in GST | 2076 Views