Recently, the National Anti-Profiteering Authority (NAA) held a multiplex owner guilty of profiteering under section 171 of the Central Goods and Service Tax Act, 2017 (CGST Act). The NAA has upheld the allegations of the Directorate General of Anti-profiteering (DGAP) that post reduction in the rate of GST from 28% to 18%, the taxpayer had increased the base price while maintaining the same selling price for the services rendered.
Recently, the Authority for Advance Ruling (AAR) in the State of Rajasthan has ruled that consideration paid to the directors (in the form of salary and commission) by the applicant company will attract goods and services tax (GST) under reverse charge mechanism (RCM).
In the last two months, the Government of India (GoI) has made considerable changes to the proposed e-invoicing regime (proposed to come into effect from 1 April 2020). There have been changes in the e-invoice schema, frequently asked questions (FAQs), validations to be undertaken as well as application programming interfaces (APIs).
The Indian sentiments on growth mirroring the global pessimism and manifested through distress in the financial sector, lower GST collections and strain on the fiscal deficit was the backdrop in which the Finance Minister tabled the budget proposals for FY 2020-21.
In its 26th meeting held on 10 March 2018, the GST Council has decided to extend the present system of compliance for taxpayers for another 3 months up to June 2018, and the export benefits for procurement of goods for another 6 months up to 01 October 2018. Read More »
In its 25th meeting held on 18 January 2018, the GST Council has made many recommendations granting relief on the GST rates applicable on goods and services in many sectors. The Council has also recommended issuance of certain clarifications relating to GST rates and taxability of certain goods and services.Read More »
In 2016 as a part of the trade facilitation measure, Central Board of Excise and Customs (CBEC) had notified1 a revised Authorised Economic Operator (AEO) programme. The revised programme merged erstwhile Accredited Client programme and AEO programme.Read More »
The CBEC has issued notification nos. 55-66/2017-Central Tax, Circular no. 16/16/2017-GST, 17/17/2017-GST and order no. 9-10/2017-GST, all dated 15 November, 2017. While majority of the amendments give effect to the changes announced in the 23rd GST Council meeting, there are a few other significant relaxations, Read More »