04 Oct, 2024
Common Time Limit for GST Demand Notices and Orders: What You Need to Know Introduction The Goods and Services Tax (GST) regime, with its self-assessment nature, has provisions for tax recovery when taxes are unpaid, short-paid, or erroneously refunded, or when Input Tax Credit (ITC) is wrongly utilized. Under the Central Goods and Services Tax […]
Read More04 Oct, 2024
The Central Goods and Services Tax (CGST) Act, 2017, is a comprehensive statute governing the levy and collection of goods and services tax in India. One of the critical aspects of the Act is the provision related to Input Tax Credit (ITC). Recently, the interpretation of Section 17(5)(d) of the CGST Act has been under […]
Read More04 Oct, 2024
The Supreme Court recently made a landmark ruling that opens up possibilities for businesses engaged in the supply of services through constructed buildings—such as malls, warehouses, or commercial complexes—to claim input tax credit (ITC) under the Goods and Services Tax (GST) Act. This ruling could potentially reshape the tax landscape for sectors such as real […]
Read More04 Oct, 2024
The Invoice Management System (IMS) Dashboard plays a crucial role in ensuring efficient tracking and management of inward supplies, simplifying the compliance process for businesses. Designed to capture records from forms submitted by suppliers or recipients, it helps taxpayers take necessary actions to reconcile their Input Tax Credit (ITC) with GSTR 2B and GSTR 3B […]
Read More03 Oct, 2024
The Supreme Court has made a significant ruling that affects how Input Tax Credit (ITC) applies to properties constructed for renting. This is great news for property developers and landlords, as it opens up new opportunities for tax savings. Let’s break it down. Key Takeaways from the Ruling: Aspect Details ITC on Construction ITC can […]
Read More03 Oct, 2024
In recent years, the rise of digital transactions, online services, and cryptocurrency has reshaped the global economy. While these sectors offer innovation and convenience, they also present significant challenges in tax compliance. According to a report from the Directorate General of GST Intelligence (DGGI), over ₹2 lakh crore in GST evasion was detected in FY24 […]
Read More03 Oct, 2024
In a landmark ruling, the Delhi High Court has reaffirmed the legal principle that merely issuing a Show Cause Notice (SCN) is insufficient to cancel Goods and Services Tax (GST) registration. The judgment serves as a reminder to tax authorities to uphold natural justice and provide substantial reasons when proposing such actions. This ruling sheds […]
Read More03 Oct, 2024
The Supreme Court’s recent ruling on October 3, 2024, is a landmark decision affecting Input Tax Credit (ITC) claims under the Central Goods and Services Tax (CGST) Act, particularly in Section 17(5)(d). This section restricts ITC claims on construction materials used for creating immovable property, but the Court has now provided some clarity on whether […]
Read More03 Oct, 2024
On October 1, 2024, SEBI released a circular introducing significant changes to index derivatives trading in India. These updates will affect how traders approach futures and options (F&O) contracts, with changes ranging from increased contract sizes to new margin requirements. This blog breaks down the new rules and their impact on traders. Key Changes and […]
Read More02 Oct, 2024
The Central Board of Direct Taxes (CBDT) has issued Circular No. 11/2024, which updates the guidelines for claiming refunds and carrying forward losses under the Income-tax Act, 1961. This circular replaces earlier instructions, aiming to provide clearer guidelines and ensure the timely processing of refund claims. Below, we explore the key aspects of this update […]
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