06 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 […]
Read More05 Nov, 2024
Introduction In a significant policy update, the GST department has imposed a new restriction that bars taxpayers from filing GST returns after a three-year period from the due date. This change, effective from October 1, 2023, and implemented under the Finance Act, 2023, aims to streamline the Goods and Services Tax (GST) system by ensuring […]
Read More05 Nov, 2024
Introduction The Delhi High Court recently ruled that a temporary suspension of business activities due to health issues does not warrant the cancellation of GST registration. This ruling provides relief to small business owners facing personal health crises. It also brings clarity on how temporary absences are treated under Goods and Services Tax (GST) laws. […]
Read More04 Nov, 2024
Introduction The Government of India has introduced a new GST Amnesty Scheme under Section 128A of the Central Goods and Services Tax (CGST) Act, 2017. Starting from November 1, 2024, this scheme provides relief to taxpayers by waiving interest and penalties related to GST demands from the financial years 2017-18 to 2019-20. This initiative is […]
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