Source: https://www.livemint.com/industry/cbic-gives-clarification-on-gst-on-suvs-11673666784489.html
NEW DELHI: The Central Board of Indirect Taxes and Customs (CBIC) on Friday issued a set of instructions to senior field officers clarifying the tax and cess rates applicable on items like sports utility vehicles (SUVs) as decided by the Goods and Services Tax (GST) Council in December.
Read MoreNew Delhi: No Goods and Service Tax (GST) is applicable on the incentives paid by the government to banks for promoting RuPay debit cards and low value BHIM-UPI transactions, the Central Board of Indirect Taxes and Customs (CBIC) has said.
Read MoreThe government can look at GST rationalization on insurance products making it more affordable and attractive, wherein a reduction on GST can lead to increasing the insurance net, thereby not impacting the government collections, said Abhay Tewari, Managing Director & CEO, Star Union Daiichi Life Insurance.
Read MoreThe Goods and Services Tax (GST) will not apply to government incentives given to banks to encourage use of RuPay debit cards and low-value BHIM-UPI transactions, as per the finance ministry. A ₹2,600-crore incentive programme for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current year was approved by the Cabinet last week.
Read MoreSource: https://taxguru.in/goods-and-service-tax/live-refund-input-tax-credit-gst-detailed-analysis.html
As we all know working capital plays a critical role in the functioning of a business. Processing of timely GST refunds will help your businesses and facilitate trade through the release of blocked working capital funds. In order to provide solution to the various REFUND related issues, we have come up with an integrated lecture series on the same. In those series we will cover complete provisions related to refunds with live practical examples and relevant case studies. Upgrade your knowledge with respect to the items treated as claimable or non-claimable, documentation and various other Sections, Sub Sections and rules of Various types of REFUND of Input Tax Credit under GST.
Read MoreSource: https://taxguru.in/goods-and-service-tax/reduce-late-filing-fees-form-gstr-9-gstr-4-gstr-10.html
As a measure to streamline compliance and to instill discipline in the system it has been proposed in the above cited GST Council Meeting that among others, compliance under Section 44, are to be restricted for filing at a maximum of 3 years from the respective due dates for filing. The due dates for filing of the same are reproduced below for easy perusal and understanding: –
Read MoreSource: https://taxguru.in/goods-and-service-tax/functionalities-taxpayers-gst-portal-december-2022-2.html
A taxpayer is suspended on the portal if they do not file six or more consecutive monthly returns /quarterly returns (QRMP) for two tax periods in Form GSTR 3B and are issued with a system generated notice for cancellation in Form GST REG-17. This was implemented on the portal w.e.f. October, 2022, for monthly filers and up to the September, 2022 quarter for quarterly filers.
Read MoreRecently, a functionality of Automated Drop Proceedings of GSTINs suspended due to non-filing of returns has been implemented on the GST Portal. This functionality is for the taxpayers who have filed their pending 6 monthly or 2 Quarterly returns.
Read MoreSource: https://taxguru.in/goods-and-service-tax/functionality-furnish-lut-fy-2023-2024-enabled.html
The Goods and Services Tax Network (GSTN) has enabled the functionality to furnish a Letter of Undertaking (LUT) for the Financial Year 2023-2024 on the GST Portal.
Read MoreSource: https://www.livemint.com/economy/govt-may-cut-subsidies-to-shrink-deficit-11673372630808.html
BENGALURU : The government will likely narrow its fiscal deficit to 5.9% of GDP in 2023-24 from 6.4% estimated for the current fiscal, “fully funded" by subsidy cuts, Goldman Sachs estimated in its fiscal outlook report on Tuesday.
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