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Deferred Decision on GST Compliance for Foreign Shipping Lines (FSLs): A Comprehensive Analysis

07 Sep, 2024

Introduction The Fitment Committee, comprising state and central revenue officials, has delayed its decision on Goods and Services Tax (GST) compliance issues concerning Foreign Shipping Lines (FSLs) operating in India. The committee is focused on gathering more detailed data and thoroughly reviewing the ongoing investigations initiated by the Director General of GST Intelligence (DGGI). These […]

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GST on Health Insurance: Why Reform is Urgently Needed | Efiletax

07 Sep, 2024

In India, health insurance is not a luxury—it is a necessity. With rising medical costs and a healthcare system that can easily drain a family’s savings, health insurance provides the financial safety net that millions of Indians depend on. However, despite its significance, nearly 30% of India’s population lacks health coverage. One of the key […]

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Gauhati High Court on GST Notification No. 56/2023: A Legal Challenge

07 Sep, 2024

Introduction The Gauhati High Court is reviewing a legal challenge against GST Notification No. 56/2023, issued by the Central Board of Indirect Taxes and Customs (CBIC). This notification, which extends time limits for passing orders under Section 73(9) of the CGST Act, has raised legal concerns regarding its validity. The case brings into question the […]

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Advisory on Reporting Supplies to Unregistered Dealers in GSTR-1/GSTR-5: New Thresholds and Compliance

06 Sep, 2024

The Government of India has introduced a new regulatory update through Notification No. 12/2024 – Central Tax dated 10th July, 2024. This amendment reduces the threshold for reporting invoice-wise details of inter-state taxable outward supplies to unregistered dealers from ₹2.5 lakh to ₹1 lakh. This key change is relevant for businesses filing GSTR-1 and GSTR-5, […]

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Presumptive Income Scheme: Section 44AD/44ADA and Tax Audit Requirements

05 Sep, 2024

Introduction The presumptive income scheme under Sections 44AD and 44ADA of the Income Tax Act, 1961, simplifies how small businesses and professionals calculate their income. It allows eligible taxpayers to declare their income based on a fixed percentage of their gross receipts. However, it’s essential to know when a tax audit becomes mandatory under Section […]

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Indian Railway Employee’s Tax Refund: A Cautionary Tale

04 Sep, 2024

Understanding the Case On July 10th, we were approached by an Indian Railways employee seeking assistance in filing his Income Tax Return (ITR). Our evaluation of his tax situation, comparing the old and new tax regimes, concluded that his final tax liability was merely ₹407. This outcome was unexpected for him as he had already […]

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Cannot Deny ITC Refund on Zero-Rated Supplies for Non-Furnishing of BRCs: Key Takeaways from the Rajiv Sharma HUF vs. Union of India Case

04 Sep, 2024

Introduction In a recent ruling, the Delhi High Court clarified that denying Input Tax Credit (ITC) refunds on zero-rated supplies due to the non-furnishing of Bank Realization Certificates (BRCs) is not permissible. This blog breaks down the case of Rajiv Sharma HUF vs. Union of India and Ors. [W.P.(C) 9381/2023]. We will examine the court’s […]

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Enhancing Compliance with the New Invoice Management System (IMS)

03 Sep, 2024

The Goods and Services Tax Network (GSTN) has introduced a new feature on the GST portal: the Invoice Management System (IMS). This feature aims to streamline the process of managing invoice corrections and amendments. Starting from October 1st, taxpayers will have access to IMS, significantly enhancing the Input Tax Credit (ITC) ecosystem under GST. Understanding […]

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Vodafone Idea Faces Nine GST Notices Totaling Rs 73 Crore

03 Sep, 2024

Vodafone Idea, a leading player in India’s telecom sector, is facing new challenges. Nine different GST offices have issued demand notices totaling Rs 73 crore, including penalties and interest. This adds to the company’s existing financial burdens. Breakdown of Tax Demands The GST demands directed at Vodafone Idea are significant: Vodafone Idea’s Response Vodafone Idea […]

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Indian States GST Collection in August 2024: A Comprehensive Overview

02 Sep, 2024

In August 2024, India’s GST collections demonstrated significant economic activity, with a robust 10% year-on-year increase. The collections reached approximately ₹1.75 lakh crore (US$ 20.98 billion). This rise was mainly driven by increased domestic consumption and imports, highlighting the ongoing economic recovery and growing consumer demand as the festive season begins. State-Wise GST Collection Data […]

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