GST

The 54th GST Council meeting brought several key changes aimed at easing the compliance burden and providing tax relief. Among the notable recommendations: Additionally, the Council has taken steps to streamline processes such as the Reverse Charge Mechanism (RCM) for metal scrap and clarified GST applicability on several goods and services. GST Rate Changes on Goods and Services Compliance Relief and Streamlined Processes The meeting also focused on easing the compliance burden for businesses: New Reforms to Boost Trade Facilitation In an effort to further simplify GST, several changes were recommended for trade facilitation: A Future-Focused Approach The 54th GST Council meeting reflects a future-focused approach by addressing critical sectors like healthcare and simplifying compliance for businesses. By recommending e-invoicing in the B2C segment and offering relief in areas such as R&D services and commercial property renting, the Council has shown its commitment to improving the ease of doing business and ensuring transparency in tax compliance. As these recommendations roll out, businesses and consumers alike can expect more streamlined processes, enhanced transparency, and significant cost savings.

Sellers often utilize post-sale discounts to attract buyers and manage their net sale values, which impacts their GST liabilities and compliance obligations. Understanding the treatment of these discounts under GST is crucial for ensuring compliance.

Taxes are often categorized as “direct taxes” and “indirect taxes” based on economic theory. Indirect taxes, such as GST, are ultimately borne by consumers despite being charged on suppliers. This means the burden of an indirect tax can be shifted to another party, which is why they are termed “indirect.”

The Central Board of Indirect Taxes and Customs (CBIC) has recently issued comprehensive guidelines for initiating recovery proceedings under the Central Goods and Services Tax Act, 2017 (CGST Act). These guidelines aim to standardize the recovery process and ensure fair practices by tax authorities.

In the complex world of Indian law, “actionable claims” play a crucial role in areas like taxation and business transactions. This blog delves into actionable claims concerning the Goods and Services Tax (GST) and the Transfer of Property Act (TPA). Let’s first understand what actionable claims are, with some

The 53rd GST Council meeting, held on June 22, 2024, in New Delhi, marked the first meeting after the 2024 Lok Sabha elections. Chaired by the newly appointed Union Finance Minister, Nirmala Sitharaman, the meeting addressed several critical issues to streamline GST compliance and enhance the tax structure.

Goods and Services Tax (GST) is one of the most significant reforms in the Indian taxation system. Introduced on July 1, 2017, GST has revolutionized the way businesses operate, streamlining tax structures and simplifying compliance. This blog aims to provide a comprehensive understanding of GST,