26 Oct, 2024
A significant change could be on the horizon for India’s affordable housing sector. The Goods and Services Tax (GST) Group of Ministers (GoM) on real estate is preparing to recommend increasing the price limit for affordable housing from the current ₹45 lakh to ₹56 lakh per unit across India. This move aims to make more […]
Read More26 Oct, 2024
The Goods and Services Tax (GST) system in India has been under the microscope recently, as three groups of ministers (GoMs) under the GST Council met to recommend a series of rate tweaks and exemptions. These discussions included proposals for lower health insurance exemptions and merging the “compensation cess” with the highest tax slab at […]
Read More26 Oct, 2024
The Central Board of Direct Taxes (CBDT) has announced a significant update for taxpayers concerning the filing of Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25. This comes as a relief for many, as the due date for filing audited returns has been extended from October 31, 2024, to November 15, 2024, through […]
Read More25 Oct, 2024
The Supreme Court of India recently set an important precedent regarding how to determine age for legal purposes, especially in compensation claims. This ruling involved the death of a road accident victim, with the court clarifying the value of an Aadhaar card versus a school leaving certificate in determining age. This judgment is significant for […]
Read More24 Oct, 2024
Introduction In recent discussions under the Goods and Services Tax (GST) Council, three Groups of Ministers (GoMs) have suggested a number of modifications aimed at optimizing the tax regime. These proposals include tweaking tax rates, merging the compensation cess with the highest tax slab, and introducing exemptions for lower health insurance covers. However, the approach […]
Read More24 Oct, 2024
The Input Service Distributor (ISD) system under GST enables organizations to allocate input tax credits related to common services across various branches or units. Originally introduced under the Service Tax regime, the concept transitioned to GST in July 2017, keeping its fundamental purpose intact. The upcoming amendments are set to make ISD provisions mandatory starting […]
Read More24 Oct, 2024
Introduction In a significant development, the Supreme Court of India is set to decide on a controversial issue: whether authorities can seize cash under Section 67 of the Central Goods and Services Tax (CGST) Act, 2017, during a GST search. The case has reached the apex court due to conflicting decisions from the Delhi High […]
Read More24 Oct, 2024
Softy Ice-Cream Mix: Sugar or Milk? A recent ruling by the GST Authority for Advance Rulings (AAR) – Rajasthan bench has classified the softy ice-cream mix as a sugar-based product, making it liable to attract an 18% GST rate. The main reason behind this decision was that the product’s major component is sugar, not milk, […]
Read More24 Oct, 2024
What Is the Invoice Management System (IMS)? The IMS, recently launched by the GST Network, is intended to help taxpayers manage their invoices and match them with those issued by their suppliers. This initiative aims to ensure accurate ITC claims by allowing taxpayers to accept, reject, or keep invoices pending. The GST portal will generate […]
Read More24 Oct, 2024
What is the Invoice Management System (IMS)? The IMS, as introduced by the GST Network (GSTN), intends to simplify the matching of invoices issued by suppliers, thus facilitating more accurate ITC claims. Taxpayers can use this system to accept, reject, or keep invoices pending, allowing greater flexibility in managing their input tax records. The system […]
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