SC to Decide on GST Implications of Immovable Property: Next Hearing on August 23
  • 21 Aug 2023 05:37 PM
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New GST incentive scheme will encourage consumers to demand bills
  • 21 Aug 2023 05:23 PM
  • New

New GST incentive scheme will encourage consumers to demand bills

Source: https://www.livemint.com/news/india/new-gst-incentive-scheme-will-encourage-consumers-to-demand-bills-11692529592634.html

The finance ministry said the scheme will offer citizens the chance to win ₹1 crore, ₹10 lakh or ₹10,000 in a lucky draw.

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GSTN issued advisory on Steps for e-Invoicing under GST
  • 19 Aug 2023 06:05 PM
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GSTN issued advisory on Steps for e-Invoicing under GST

Source: https://taxguru.in/goods-and-service-tax/gstn-issued-advisory-steps-e-invoicing-gst.html

Steps For e-Invoicing

A. Introduction:

‘e-Invoicing’ means reporting details of specified GST documents to a Government-notified portal i.e., Invoice Registration Portal (IRP) and obtaining an invoice reference number. It doesn’t mean the generation of invoices by a Government portal.

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Understanding e-Invoicing: Definition, Process and Key Terms
  • 19 Aug 2023 05:58 PM

Understanding e-Invoicing: Definition, Process and Key Terms

Source: https://taxguru.in/goods-and-service-tax/glossary-e-invoicing-process-terms.html

In the era of digital transformation, e-Invoicing has emerged as a significant advancement in the realm of taxation and business operations. This article delves into the core concepts of e-Invoicing, shedding light on its definition, the key terms associated with it, and its implications on the GST landscape.

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10 Recent Changes in CGST Rules, 2017
  • 19 Aug 2023 06:01 PM

10 Recent Changes in CGST Rules, 2017

Source: https://taxguru.in/goods-and-service-tax/10-recent-changes-in-cgst-rules-2017.html

1. Rule 88 D inserted

Rule 88D inserted to provide manner of dealing with difference in Input Tax Credit (ITC) available in Auto-generated Statement containing the details of ITC (FORM GSTR-2B) and that availed in FORM GSTR-3B Return

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WTC Mumbai submits memorandum for GST issue redressal
  • 18 Aug 2023 05:24 PM

WTC Mumbai submits memorandum for GST issue redressal

Source: https://economictimes.indiatimes.com/small-biz/gst/wtc-mumbai-submits-memorandum-for-gst-issue-redressal/articleshow/102831432.cms

Mumbai:MVIRDC World Trade Center Mumbai has submitted a memorandum to address 12 challenges faced by trade and industry in complying with GST. The memorandum has been submitted to the Central Board of Indirect Taxes & Customs (CBIC) and the GST Council.

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Happy Birthday FM Nirmala Sitharaman! A look at Finance Minister's major achievements on her 64th birthday
  • 18 Aug 2023 05:20 PM

Happy Birthday FM Nirmala Sitharaman! A look at Finance Minister's major achievements on her 64th birthday

Source: https://www.livemint.com/news/india/happy-birthday-fm-nirmala-sitharaman-a-look-at-finance-ministers-major-achievements-on-her-64th-birthday-11692319752427.html

FM Nirmala Sitharmana, one of the most interactive Finance Ministers of India, has turned 64 years old today, August 18. She regularly holds meetings with industry bodies, public sector banks, and businesses over government policies along with financial issues.

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GST Council Newsletter for the month of July 2023
  • 17 Aug 2023 05:48 PM

GST Council Newsletter for the month of July 2023

Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-month-july-2023.html

The 50th meeting of the GST Council which convened in New Delhi on 11th July 2023, concluded with the formulation of several momentous decisions that are expected to impact various sectors in India. Notably, in commemoration of this landmark meeting, the Chairperson of the GST Council unveiled a short video film titled ‘GST Council- 50 steps towards a journey’ in the esteemed presence of the Council’s Members. To mark this auspicious occasion, the Chairperson also released a Special Cover and a customised ‘My Stamp’ through the Department of Posts.

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Equilibrium between GST & Personal Income Tax Contributions to India’s GDP
  • 16 Aug 2023 05:20 PM

Equilibrium between GST & Personal Income Tax Contributions to India’s GDP

Source: https://taxguru.in/goods-and-service-tax/equilibrium-gst-personal-income-tax-contributions-indias-gdp.html

The interplay between taxation and economic development is a complex and dynamic phenomenon that often mirrors the broader financial landscape of a nation. A recent report released by the Finance Ministry sheds light on a compelling aspect of this relationship – the equilibrium between Goods & Services Tax (GST) and personal income tax in terms of their contribution to the Gross Domestic Product (GDP). In an era where economic sustainability and equitable fiscal policies are paramount, this report offers a nuanced perspective on how these two pivotal sources of government revenue intersect, offering insights into their respective roles and impacts on the Indian economy. This introduction provides a glimpse into the crux of the Finance Ministry’s findings, highlighting the key factors that contribute to the parity between these taxes and setting the stage for a deeper exploration of the implications for India’s tax regime and economic landscape.

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Appeal for GST Amnesty for year 2017-20: Penalties, Interest & ITC
  • 16 Aug 2023 05:25 PM

Appeal for GST Amnesty for year 2017-20: Penalties, Interest & ITC

Source: https://taxguru.in/goods-and-service-tax/appeal-gst-amnesty-year-2017-20-penalties-interest-itc.html

The Karnataka State Tax Practitioners Association has recently submitted an extensive request to the Honourable Minister of Finance, Smt Nirmala Sitaraman. The request primarily focuses on providing amnesty to all the GST assesses for the years 2017-18 to 2019-20, with the goal of avoiding interest, penalties, and ensuring the rights to Seamless ITC. This article delves into the critical details of this appeal, highlighting the major points raised and the potential impact on the tax environment in India.

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