Taxwallah.com

09/07/2025

The GoM on rate rationalisation is still to agree on the proposed three-rate structure, as the issue of retaining or doing away with the 12% slab remains unresolved The next Goods and Services Tax (GST) Council meeting is likely to be held after Parliament’s monsoon session, as the group of ministers on rationalising rate slabs and the GoM on cess are yet to submit reports, three government sources told Moneycontrol....

The GoM on rate rationalisation is still to agree on the proposed 3 rate structure, as the issue of retaining or doing away with the 12% slab remains unresolved

15/06/2025

India's GST Council is set to discuss significant reforms, including a potential reduction to two tax slabs and the future of the compensation cess. The proposed revision of the Goods and Services Tax (GST) slabs structure may not raise the weighted average levy, but is likely to keep the tax incidence on “demerit and luxury goods” at roughly the currently levels....

India's GST Council is set to discuss significant reforms, including a potential increase in GST on cars and the future of the compensation cess.

01/01/2025

CBIC has vide Circular No. 241/35/2024-GST dated December, 31, 2024 has given a clarification in regard to availing of input tax credit wherein when the goods would be regarded as 'received' has been clarified. For ready reference the contents of the Circular are briefed as under: In automobile sector, the contract between the automobile dealers and the Original Equipment Manufacturers (OEMs) is generally an Ex-Works (EXW) contract, and as per the terms of the contract, the property in goods (i.e....

CBIC has given a clarification in regard to availing of input tax credit wherein when the goods would be regarded as 'received' has been clarified.

22/09/2024

The ministerial panel on GST rate rationalisation will meet on September 25 in Goa to discuss potential changes to tax slabs and rates. The six-member Group of Ministers, led by Bihar Deputy Chief Minister Samrat Chaudhary, is considering merging the 12 and 18 per cent tax slabs. Some states are cautious about making changes. The ministerial panel on GST rate rationalisation will meet on September 25 and is expected to discuss tweaking of tax slabs and rates....

The ministerial panel on GST rate rationalisation will meet on September 25 in Goa to discuss potential changes to tax slabs and rates

22/09/2024

According to a Press Information Bureau (PIB) release issued on September 20, parents can invest as little as Rs1,000 per month under the NPS Vatsalya program, with no maximum. This allows parents to instill in their children the value of disciplined savings. In order for the account to change into the child's name when the youngster turns 18, it is intended that parents manage the program until then....

According to a Press Information Bureau (PIB) release issued on September 20, parents can invest as little as Rs1,000 per month under the NPS Vatsalya program, with no maximum. This allows parents to instill in their children the value of disciplined savings. In order for the account to change into....

11/09/2024

CBIC has issued Circular No. 231/25/2024-GST dated 11th September,2024 wherein it has majorly clarified that input tax credit (ITC) is allowable on demo vehicles irrespective of whether they have been capitalized or not. However in certain situations ITC is not admissible. The clarifications provided are discussed as under: Availability of input tax credit ( ITC ) on demo vehicles, which are motor vehicles for transportation of passengers having approved seating capacity of not more than 13 persons (including the driver), in terms of clause(a) of section 17(5) of CGST Act…...

CBIC has clarified that input tax credit (ITC) is allowable on demo vehicles irrespective of whether they have been capitalized or not. Read on

09/09/2024

Based on the recommendation of GST Council, after considering the difficulties faced by the taxpayers during the initial years of implementation of GST, has inserted section 128A of CGST Act, 2017 for waiver of interest and penalties for demand notices issued under Section 73 of the CGST Act for the FY 2017-18, 2018-19 and 2019-20, in cases where the taxpayer pays the full amount of tax demanded in the notice up to the date notified under said section....

Based on the recommendation of GST Council, after considering the difficulties faced by the taxpayers during the initial years of implementation of GST, has inserted section 128A of CGST Act, 2017 for waiver of interest and penalties for demand notices issued under Section 73 of the CGST Act for the...

09/09/2024

1. Introduction In this article we will be deliberating on all aspects regarding the payment of GST under reverse charge mechanism (RCM) on sponsorship services. As per Section 2(98) of the CGST Act, 2017 ‘reverse charge’ means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3) or sub-section (4) of section 9, or under sub-section (3) or sub-section (4) of section 5 of IGST Act, 2017....

07/09/2024

GSTN has issued Advisory No. 519 dated 6th September, 2024 for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Bihar, Delhi, Karnataka and Punjab which is reproduced below for benefit of our readers. This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process....

GSTN has issued Advisory No. 519 dated 6th September, 2024 for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Bihar, Delhi, Karnataka and Punjab which is reproduced below for benefit of our readers. This is to inform taxpayers about recent develop...

27/06/2024

For salaried individuals, the first step to file ITRs is to get hold of their Form-16 from employers. This document is important as it is an essential TDS Certificate provided by employers to employees that documents the TDS (Tax Deducted at Source) from salary and other components. The income tax return filing season is at its peak with just a month left for the deadline on July 31, 2024....

The first-time taxpayers must be aware of the basic tax laws, deductions and exemptions, so that they can follow the filing procedure.

27/06/2024

on Loan

CBIC Circular dated 26th June, 2024 clarifies that no GST is applicable on Loan from related person where no consideration except interest or discount is charged.

27/06/2024

CBIC vide Circular No. 211/5/2024-GST dated 26th June, 2024 has clarified that input tax credit can be availed in respect of GST paid under RCM on supplies received from unregistered person even if the self invoice has been issued after the time limit u/s 16(4) of the CGST Act considering the year when supply was received. The contents of the Circular are briefed as under:...

CBIC has clarified that ITC can be availed in for GST paid under RCM even if the self invoice has been issued after time limit u/s 16(4)