Electronic Credit Reversal and Reclaimed statement

GST Portal GSTN issued an advisory on 31.08.2023 introducing ‘Electronic Credit Reversal and Reclaimed Statement’ in the GST Portal. The purpose of introducing this ledger is to facilitate the taxpayer to keep a track of ITC reversal in current return period and reclaim thereof in the subsequent return period. The new ledger will start keeping […]

Serving of the summary of notice in DRC-01 and uploading of summary of order in DRC-07 – reg.

CBIC has issued an Instruction on ‘Serving of the summary of notice in FORM GST DRC-01 and uploading of summary of order in FORM GST DRC-07 electronically on the portal by the proper officer-regarding’. Instruction No. 04/2023-GST F.No.20016/41/2023-CBICGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and CustomsGST Policy Wing New Delhi, dated […]

Industry renews its demand for overhaul of taxes on capital gains

With the interim Budget to be presented in February, industry bodies and tax experts are learnt to have approached the government for a thorough review of the capital gains tax structure. According to sources, the government has received proposals from industry to simplify the tax structure and bring parity among tax rates and holding periods for different asset classes. […]

FM Reassures Global Firms Of Certainty in GST Regime

Finance Minister Nirmala Sitharaman assured on Monday that the GST regime is transitioning from ambiguity to clarity on certain matters, addressing global firms’ anxieties regarding ‘tax certainty’ in the face of ongoing tax demand notices and investigations by revenue authorities. Sitharaman said, “The Constitutional body of the GST Council has actually brought about a great […]

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