Clarification on E-Way Bill Requirement for Goods under Chapter 71 Rule 138(14) of the Central Goods and Services Tax (CGST) Rules, 2017, read with its Annexure S.Nos. 4 and 5, states that goods covered under Chapter 71 viz., Natural or cultured pearls and precious or semi-precious stones; precious metals and metals clad with precious metal, Jewellery, goldsmiths’, and silversmiths’ articles, except those classified under HSN 7117(Imitation Jewellery), are exempt from the mandatory requirement of generating an E-Way Bill. Pursuant to the introduction of the E-Way Bill (EWB) for goods classified under Chapter 71, excluding HSN 7117 (Imitation Jewellery), in the state of Kerala for intra-state movement, the National Informatics Centre (NIC) has provided an option to generate EWBs for goods covered under Chapter 71 except 7117 under the category "EWB for Gold" on the EWB portal.
Read More →Jammu and Kashmir Bank (J&K Bank) announced on Wednesday that it has received a Goods and Services Tax (GST) notice amounting to over Rs 16,000 crore. Of this, Rs 8,130.66 crore pertains to the GST demand, with an equal amount imposed as a penalty, issued by the joint commissioner of the central GST commissionerate in Jammu. The bank has stated that it has taken appropriate legal action in the matter, as it believes that it has a strong case on merit. Expert opinions on the subject have stated that the demand is without legal justification and will be set aside by a court of appropriate jurisdiction.
Read More →After rationalising income tax rates in the Union Budget, the government may also be looking at rationalising the Goods and Services Tax (GST) rates, sources told Moneycontrol. The process has already begun, with the Centre working towards bringing all states on board, sources said. "The process is already underway to rationalise GST, and we want to ensure a consensus among states before finalising any changes," a source aware of the matter said on condition of anonymity. The move follows Finance Minister Nirmala Sitharaman’s recent Budget announcement on February 1, where she offered significant relief to the middle class by exempting individuals earning up to Rs 12 lakh from income tax while also tweaking tax slabs for others.
Read More →Following the stipulation in a recent GST council meeting and issue of a circular, Budget 2025 has deleted obsolete provisions relating to goods and services tax (GST) on gift vouchers. However, it should be noted that allied activities like marketing of these vouchers will still be subject to gift tax. Rohit Jain, deputy managing partner, at Economic Laws Practice said, "The Karnataka high court had held that vouchers do not fall in the category of goods or services and cannot be subject to GST. Subsequently, a circular issued in Dece, stated that GST does not apply on vouchers. Consequently there is no need to determine the time of supply.
Read More →A supplier of goods or services can issue a credit note to the buyer in several instances. Typically this happens if the supplier has made mistakes in the original invoice, such as declaring a value higher than the value of goods or services actually provided or has mentioned an incorrect higher GST rate. A credit note is also issued when goods are returned by the buyer. Rohit Jain, deputy managing partner, at Economic Laws Practice explains, "There exists a possibility that the recipient (buyer) could have taken input tax credit (ITC) based on the original invoice and subsequently, the supplier issues a credit note and claims adjustment (refund). The Budget proposes that it is now necessary for the supplier to ensure that the recipient reverses ITC before such adjustment is claimed."
Read More →This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process. 1. Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be identified on the common portal, based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking a photograph of the applicant along with the verification of the original copy of the documents uploaded with the application. 2. The above-said functionality has been developed by GSTN. It has been rolled out in Tamil Nadu and Himachal Pradesh on 28th January 2025. 3. The said functionality also provides for the document verification and appointment booking process. After the submission of the application in Form GST REG-01, the applicant will receive either of the following links in the e-mail,
Read More →The Finance Ministry recently issued a notification about Goods and Services Tax (GST) payers who have not filed the annual reconciliation statement using the GSTR-9C form. According to the circular, such taxpayers have an opportunity not to pay any outstanding late fees for failing to file GSTR-9C for FY 2017-18, FY 2018-19, FY 2019-20, FY 2020-21, FY 2021-22, or FY 2022-23. To avail of the waive-off, the pending GSTR-9C must be filed by March 31, 2025. Who needs to file GSTR-9C and GSTR-9? GSTR-9 is an annual return to be filed by taxpayers who are registered under GST. This return consolidates the information furnished in the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) during the financial year.
Read More →In Budget 2025, Finance Minister Nirmala Sitharaman unveiled significant income tax savings, giving taxpayers more funds and introducing modifications to the way they compute their obligations. A noteworthy point is that individuals with earnings up to Rs 12 lakh are exempt from paying income tax in the updated taxation system. During her speech, the Finance Minister announced that individuals earning up to Rs 12 lakh will be exempt from paying taxes. Taking into account the standard deduction of Rs 75,000, the effective tax-free threshold is raised to Rs 12.75 lakh. How much tax do I have to pay? Calculate now According to the Finance Bill, 2025, on the Central Board of Direct Taxes (CBDT) website, income taxed at special rates is not considered in the rebate calculation. This means that you are still eligible for a rebate even if your total income exceeds Rs 12.75 lakh due to capital gains.
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