Month: January 2025

GST in Media

You can now file a rectification application to claim pending input tax credit; However, there is a catch

byAdmin

Good news for GST registered taxpayers who filed GSTR-3B to claim pending input tax credit (ITC) for FY 17-18, 18-19, 19-20 and 20-21 but were prevented from claiming it due to due date related issues. Many of these taxpayers received GST demand notice because they did not file GSTR-3B return on or before the deadline. As per the GST law ITC can’t be claimed without filing GSTR-3B return. One issue led to another. Without getting the benefit of ITC their final output tax liability increased unnecessarily.

GST in Media

GST officers must explain ‘grounds of arrest’ to offenders, obtain acknowledgement: CBIC

byAdmin

GST officers will now have to explain to offenders about the “grounds of arrest” and obtain a written acknowledgement from them, the CBIC said on Monday. Modifying the guidelines for arrest and bail in relation to offences punishable under the GST Act, the CBIC said: “The grounds of arrest must be explained to the arrested person and also furnished to him in writing as an Annexure to the Arrest Memo. Acknowledgement of the same should be taken from the arrested person at the time of service of the Arrest Memo.”

GST in Media

Garment Trade Associations Across India Want Group Of Ministers (GoM) To Abandon Proposal To Modify GST Rates

byAdmin

Clothing Manufacturers Association of India (CMAI) and 14 leading Garment Trade Associations from across India collectively met as a Group of Associations and under ONE INDUSTRY, ONE VOICE passed a unanimous resolution for submission to Group of Ministers (GoM) to abandon a proposal to modify GST rates in the Garment Sector, and retain the existing structure of 5% and 12%.

GST in Media

Tax all new technology batteries uniformly at 5% GST: IESA

byAdmin

India Energy Storage Alliance on Wednesday said batteries, irrespective of technology type, must be uniformly taxed at 5 per cent GST like electric vehicles to support the emerging sector. Ahead of the Union Budget, India Energy Storage Alliance (IESA) President Debi Prasad Dash told PTI that the government may consider protecting domestic cells and battery component manufacturers in the wake of an increase in imports of lithium-ion cells, which has risen to Rs 24,000 crore in FY24 from Rs 18,000 crore in FY23, especially from China.