GST News

GSTN Issues Advisory on IMS on Supplier View

14 November 2024 at 06:41

Invoice Management System (IMS) has been made available on the GST Portal from 14th October, 2024 wherein the recipient taxpayer can accept, reject or keep the invoices pending which are saved/filed by their suppliers in their respective GSTR-1/1A/IFF.

Posted in GST | 3078 Views

India's Online Gaming Market Surges by 23% in FY24 Amidst GST Hike

13 November 2024 at 06:56

India's gaming market surged by 23% year-on-year, reaching $3.8 billion in revenue in FY 2023-24, even as the sector faces a 28% GST on online gaming, recent reports reveal.

Posted in GST | 675 Views

New IMS on GST Portal Aims to Curb ITC Discrepancy Notices and Reduce Litigation

13 November 2024 at 06:54

The Goods and Services Tax (GST) portal's recently launched Invoice Management System (IMS) is set to significantly decrease the number of notices issued over Input Tax Credit (ITC) discrepancies

Posted in GST | 2073 Views

GSTN Issues Advisory regarding IMS during initial phase of its implementation

13 November 2024 at 06:52

Invoice Management System (IMS) is an optional facility introduced from October 2024 on GST Portal, on which the invoices/records saved/furnished by the supplier in GSTR-1/1A/IFF

Posted in GST | 855 Views

GSTN Issues Waiver Scheme under Section 128A

08 November 2024 at 16:03

GST Council in its 53rd meeting held on 22nd June, 2024 had recommended for waiver of interest and penalties in the demand notices or orders issued under Section 73 of the CGST Act, 2017

Posted in GST | 5856 Views

GSTN Issues Advisory related to Other Territory Applications

08 November 2024 at 06:42

As per Notification No. 2/2017-Central Tax dated 19th June, 2017 read with Trade Notice No. 01/2017-Central Tax dated 21st June, 2017 issued by Office of the Chief Commissioner of Central Excise, Mumbai Zone I and GST Trade Notice No. 002/2017

Posted in GST | 1251 Views

CBIC Mandates 1-Year Deadline for Customs Fraud Inquiries

07 November 2024 at 06:44

In a significant move aimed at enhancing the ease of doing business, the CBIC has issued a directive to customs field formations, emphasizing transparency and efficiency in conducting investigations related to export and import fraud

Posted in GST | 4707 Views

December GST Council Meeting to Address Rate Cuts on Life and Health Insurance Premiums

07 November 2024 at 06:44

With the end of the year approaching, the GST Council may soon bring significant relief to policyholders of life and health insurance.

Posted in GST | 873 Views

Tax Officers Uncover 18,000 Fake GST Firms, Detect Rs 25,000 Crore Tax Evasion

07 November 2024 at 06:44

In a major success for tax authorities, GST officers have unearthed around 18,000 fake companies involved in a large-scale tax evasion scheme, totalling approximately ₹25,000 crore.

Posted in GST | 1017 Views

CBIC Mandates Virtual Hearings for GST, Customs, Excise and Service Tax Appeals

06 November 2024 at 07:13

CBIC Judicial Cell, through its Instruction No. F. No. 390/Misc/3/2019-JC dated November 5, 2024, has released comprehensive guidelines for the conduct of personal hearings under various tax laws

Posted in GST | 3996 Views