News and Updates

A clarification has been issued by CBEC on its twitter handle @askGST_GoI to clarify the applicability of GST on under construction and ready-to-move-in properties. It has been clarified therein that sale of ready-to-move-in or completed property, i.e. where completion certificate has been issued, does not attract GST. But in case of under construction property where …

The Central Board of Excise and Customs informed the customers at large that the maximum retail price is the maximum price that can be charged from consumers. It further provided a toll free number (1800-11-4000/14404) for consumers to contact the necessary authorities to lodge a complaint in case of any unfair charges. “Be smart, Be …

The government said exporters claimed refund worth Rs 6,500 crore in the first four months of Goods and Services Tax and any delay or rejection was due to errors while filing returns. The refunds for the Integrated Goods and Services Tax paid in July to October were granted after the exporters filed shipping bills on …

The government has advised taxpayers who have claimed transitional credit “erroneously” under the Goods and Services Tax to revise their incorrect forms by Dec. 27. The government has asked taxpayers to ensure only correct and bonafide credit is availed in the transition to GST, failing which, the tax administration would be forced to initiate audit …

With the Goods and Services Tax (GST) increasingly posing hurdles to businesses, a wary government may postpone certain pricking rules till 2019. The knotty E-way bill, matching of returns and reverse charge mechanism are some of the rules that may not see the light of the day till India goes into Parliamentary elections in 2019. …

In a bid to provide relief to consumers and corporates, the GST council’s 23rd meeting has decided to slash tax rate of nearly 178 items from the higher slab of 28%. To ensure that companies are passing on the benefits of Goods and Services Tax (GST) to consumers, the government has introduced a format for …

In the wake of falling GST collection in October, tax authorities are set to tighten the screw on traders and retailers along with ensuring strict enforcement of tax laws by putting in place a localised strategy that will include heightened surveillance, search and raids, According to the report, the authorities have come across ground reports …

Input Service Distributors can now file monthly return form GSTR 6 for July to distribute input tax credit among their units registered on the GST portal. The last date for filing of GSTR 6 return for July is December 31. The functionality for monthly return (GSTR 6) to be filed by the Input Service Distributors …

After slashing the GST rates of over 200 items in November, the government on 9th December hinted at reviewing levies on the items in the top 28 per cent tax bracket. On November 10, the GST Council, headed by finance minister Arun Jaitley, had lowered Goods and Services Tax (GST) rates on over 200 items, …

The Empowered Committee of State Finance Ministers will meet in New Delhi on December 14 to discuss State-wide strategies for liquor, petrol and diesel and stamp duty which are State revenue sources outside the Goods and Services Tax (GST). In the wake of proposals to bring petrol and diesel too under the GST purview, the …