When capital goods are sold, Section 18(6) of the GST Act and Rule 40(2) dictate that the GST payable is the higher of the tax levied on the transaction value or the input tax credit (ITC) reduced ...

Actively follow up with vendors whose invoices are accounted and paid but do not reflect in GSTR-2B. Such missing credits cannot be claimed unless appearing in GSTR 2B; hence vendor compliance must be ...

When an officer finds discrepancies in the submitted GST returns, they will scrutinize any mistakes or inaccuracies in the ...

Brex breaks down how businesses with diligent invoice verification experience clearer financial visibility, more trusting ...

First Games Technology Private Limited, a subsidiary of One 97 Communications Limited, has received a show cause notice from ...

Paytm's subsidiary, First Games, received a Show Cause Notice from the GST Intelligence Department, challenging the GST rate ...

The Indian government is contemplating Goods and Services Tax (GST) rate rationalisation, aiming to simplify the existing four-slab structure. While discussions involve consolidating rates and ...

CBIC specifically highlighted that the issue lies with the registration process, stressing that officers must refrain from raising presumptive or irrelevant queries that go beyond the scope of the ...

However, procedural aspects like these were also the reason of harassment and delays for taxpayers, as without a GST ...

ISLAMABAD: The Federal Board of Revenue (FBR) Wednesday further enhanced sales tax documentation requirements for the sales tax registered persons and amended sales tax return form to obtain ...

If you are planning to dine out, get ready to pay more. From April 1, 2025, all hotels that fall under the definition of ‘specified premises’ will charge an 18% GST (goods and services tax) from ...