News

Eye Share: GST Conundrums for E-rickshaw Industry
As part of Government’s bid to make India an electric vehicle (EV) nation, 69,000 petrol pumps all across the country have.....

Haryana Govt. restores Amazon retail arm’s registration; Urges all taxpayers to amend registration particulars within prescribed timelines
Haryana Excise & Taxation Dept. releases ‘advisory on timely amendment of registration particulars in GST’, advising all taxpayers to amend.....

Finance Ministry announces release of weekly instalment of Rs. 6,000 crore to States
The Ministry of Finance releases the 6th instalment of Rs.6,000 crore to the States as back to back loan to.....

Jharkhand chooses Option-1 to meet GST implementation shortfall, joins all other States & UTs
State of Jharkhand chooses Option-1 to meet GST implementation shortfall, thereby all the 28 States and 3 union Territories have.....

CBIC notifies 8 digit HSN code for certain items
CBIC notifies 8 number of digits of HSN Codes in a tax invoice to be issued by a registered person.....

November GST collections surpass Rs. 1 lakh Cr., up by 1.4% against November 2019
Ministry of Finance records Rs 1,04,963 crore of gross GST Revenue collections for the month of November 2020 of which.....

CBIC waives penalty for non-compliance of QR Code in B2C invoices till March 2021
CBIC waives the amount of penalty payable by a registered person u/s 125 of CGST Act for non-compliance of provisions.....
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Kerala and West Bengal chose Option-1, to receive Rs.10,197 crore through special borrowing window
State Governments of Kerala and West Bengal opt for Option 1 to meet the GST compensation shortfall; Besides granting the.....

Recent International Developments on Taxability of Early Termination Fees and Liquidated Damages
Welcome back to Taxsutra's Global IDT Chronicles, where this time, in Episode 5, we bring to you yet another engrossing.....

Eye Share: Fake Invoicing – A Burning Issue!
Fake invoice racket is a menace and essential to be punished. However sometime genuine taxpayer may get punished. The author Vaishali.....

GST/VAT Paid Expenses - Is 'Exclusivity' a Factor for Eligibility of ITC ?
The question that “When an expenditure incurred by a taxable person, benefits him as well as a third party, whether.....

Finance Commission Report flags States dependence on GST Compensation as 'concern', highlights implementation challenges
15th Finance Commission, a constitutional body formed by the President of India to give suggestions on Centre-State financial relations, submits report.....

Eye Share: Is Credit Card Payment Liable to GST?
Corporates or any business entities avail credit cards for their employee’s usage to be used for business purposes. While the.....

Telangana State opts for Option-1 to meet GST implementation shortfall, to receive Rs. 2380 crores
The Government of Telangana opts for Option 1 out of the two options suggested by the Ministry of Finance to.....

CBIC issues clarification in respect of quarterly return-filing along with monthly tax-payment scheme
CBIC issues clarification in respect of notifications issued to implement the Scheme of quarterly return filing along with monthly payment.....
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CBIC amends e-invoice requirement, extends due-date for ITC-04
CBIC amends requirement for issuance of e-invoice w.e.f. January 1, 2021 making it applicable to registered persons whose turnover in any.....
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State of Rajasthan opts for Option-1, GoI allows additional borrowing of Rs.5462 Crores
Central Government publicizes that the State of Rajasthan has opted for Option-1 to meet the shortfall in revenue arising out.....

Eye Share: The Impersonal Side of Personal Consumption
GST legislation, in its present form, has disfigured the mirage of perfect VAT law and it has only reduced and.....

FinMin to release Rs. 6000 Cr. under Special Window to States, as second tranche
FinMin apprises that under its “Special Window to States for meeting the GST Compensation Cess shortfall”, it will be releasing.....
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GST collections for Oct surpass Rs. 1 Lakh crore, up by 10% YoY
GST revenue collection for the month of October 2020 stands at 1,05,155 crore comprising of CGST Rs. 19,193 crore, SGST.....