In a significant development for the insurance sector, the Group of Ministers (GoM) has proposed exempting Goods and Services Tax (GST) on term life insurance premiums and health insurance premiums paid by senior citizens.
The Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation met on Saturday to discuss significant tax adjustments aimed at easing the financial burden on consumers.
The Group of Ministers (GoM) on GST Compensation Cess, led by Minister of State for Finance Pankaj Chaudhary, convened on October 16 to explore the potential merger of the compensation cess into the broader Goods and Services Tax (GST) framework.
In a shocking incident from Jamnagar, a local accountant has been accused of scamming a factory owner by fraudulently reactivating a defunct GST number.
Since the introduction of the Goods and Services Tax (GST) in 2017, a sophisticated scam has flourished, exploiting systemic loopholes and siphoning thousands of crores from the exchequer each year.
Ministry of Finance has issued Notification No. 109 (F. No. A-50050/2/2024-Ad.I) dated October 16, 2024, amending the Goods and Services Tax (GST) Council Secretariat, Group ‘A’ Executive Posts Recruitment Rules, 2018
Invoice Management System (IMS) is now available to taxpayers. This new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC).
In order to assist taxpayers in filing their returns and minimizing human errors, GSTN has continuously improved the GST return filing process and in this endeavor the GST Portal now provides a pre-filled GSTR-3B form
Taxpayers are now seeing reversals required under Rule 37A reflected in their September GSTR-2B, showing the Input Tax Credit (ITC) that must be reversed due to the non-filing of GSTR-3B by suppliers for FY 2023-24.
The Central Board of Indirect Taxes and Customs (CBIC) has issued a significant clarification concerning the implementation of sub-section (5) and sub-section (6) of Section 16 of the Central Goods and Services Tax (CGST) Act, 2017.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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