06 Nov, 2024
Introduction The GST Council is preparing for an important meeting at the end of November, just after the state elections in Maharashtra and Jharkhand. One of the crucial decisions on the table is the Group of Ministers’ (GoM) recommendation to provide GST exemptions on certain life and health insurance premiums. This move could offer significant […]
Read More06 Nov, 2024
Introduction to Hindu Undivided Family (HUF) A Hindu Undivided Family (HUF) is a separate legal entity formed by members of a Hindu family to pool assets and take advantage of tax benefits. While HUFs are an ancient concept deeply rooted in Hindu traditions, their modern relevance primarily lies in tax planning and managing family-owned businesses […]
Read More06 Nov, 2024
In a significant relief for power consumers across Uttar Pradesh, the Uttar Pradesh Power Corporation Limited (UPPCL) has announced new guidelines regarding the applicability of Goods and Services Tax (GST) on various billing-related power services. These updates follow recent directives from the Union Finance Ministry, with effect from October 10, 2024, impacting 17 specific services […]
Read More06 Nov, 2024
Understanding the Rise in GST Frauds In a recent twist, a modest auto-rickshaw driver from Pune found himself unknowingly at the center of a multi-layered GST scam involving 246 fake companies. This case, uncovered by the Directorate General of GST Intelligence (DGGI), highlights the worrying trend of GST fraud that is growing at an alarming […]
Read More06 Nov, 2024
Introduction A partnership firm is a popular choice for many aspiring entrepreneurs who want to join forces to start and grow a business. Governed by the Indian Partnership Act, 1932, this form of business involves two or more individuals pooling resources, sharing responsibilities, and working towards a common goal of profit-making. This blog delves into […]
Read More06 Nov, 2024
Sole Proprietorship: A Simplified Business Ownership Structure A sole proprietorship is the simplest form of business structure in which a single individual owns, manages, and controls the business. It’s often the first choice for entrepreneurs because of its straightforward setup process and minimal compliance requirements. However, this ease comes with certain trade-offs that potential business […]
Read More06 Nov, 2024
Introduction The Kerala High Court recently delivered a landmark judgment, striking down Rule 96(10) of the Central Goods and Services Tax (CGST) Rules, finding it ultra vires to the Integrated Goods and Services Tax (IGST) Act. Justice P. Gopinath held that the rule, which restricted the refund entitlement of exporters, violated the provisions of Section […]
Read More06 Nov, 2024
Introduction To simplify compliance and correct previous confusion regarding payments towards tax demands, the Goods and Services Tax Network (GSTN) issued a detailed advisory on Form GST DRC-03A. This advisory aims to address challenges some taxpayers have faced when adjusting payments against demand notices. Released on November 5, 2024, along with detailed FAQs, this advisory […]
Read More05 Nov, 2024
The Government of India has recently introduced a significant update regarding the time limits for reporting e-Invoices on the Invoice Registration Portal (IRP). Starting from April 1, 2025, taxpayers with an Annual Aggregate Turnover (AATO) of ₹10 crores and above must comply with a strict 30-day reporting limit for e-Invoices. This advisory marks a major […]
Read More05 Nov, 2024
Introduction The Gujarat High Court recently provided much-needed clarity on the Goods and Services Tax (GST) applicable to fly ash bricks and blocks. The court ruled that fly ash bricks and blocks containing less than 90% fly ash are subject to a lower GST rate of 5%, rather than the previously applied 18%. This decision […]
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