A. Expert Analysis /PPT on 53rd GST Council Recommendations
PPT- Expert Analysis – Recommendations of the 53rd GST Council Meeting [CPA CA Rajesh Khandelwal]
Author CPA CA Rajesh Khandelwal has presented his analysis on the 53rd GST Council meeting held today i.e. 22.06.2024 in the PPT attached. Read more
PPT- Expert Analysis – Recommendations of the 53rd GST Council Meeting [CA Vaishali Kharde’s]
Author CA Vaishali Kharde has presented his analysis on the 53rd GST Council meeting held today i.e. 22.06.2024 in the PPT attached. Read more
Article 53rd GST Council – Conditional Waiver of Interest and Penalty for FY 2017-18 to 2019-20 [Sunil Kumar]
The GST council’s recommendation states that if a demand pertains to 2017-18 to 2019-20 under Section 73 of the CGST Act, interest and penalty will be waived by inserting a new provision under the law. The Council’s intent behind this recommendation could be faster recovery or closing these financial years. However, the fairness of this recommendation for honest taxpayers is a significant debate. Read more
Article- RBC GST Updates on 53rd GST Council Meeting [CA Rajesh Bhauwala]
Author CA Rajesh Bhauwala RBC has presented his analysis on the 53rd GST Council meeting held today i.e. 22.06.2024 Read more
PPT- Expert Analysis – Recommendations of the 53rd GST Council Meeting [CA Swapnil Jain]
Author CA Swapnil Jain has presented his analysis on the 53rd GST Council meeting held today i.e. 22.06.2024 Read more
Article- GST Council unlocks ROM Provisions? A forward way for Correcting Tax Mistakes? [Vikash Agarwal]
The GST Council’s recommendations may lead to an influx of applications for rectification of mistakes (ROM) and refund requests. The reason behind this surge is the clarifications proposed by the GST Council, which aim to address issues in favour of taxpayers. Read more
Article- GST Council Made the Secondment Writs Infructuous? [Vikash Agarwal]
All the secondment cases filed before various High Courts seem to have become infructuous as the Hon’ble GST Council waived interest and penalty for a certain financial years provided the tax is paid within the stipulated date. Consequently, the timeline for ITC under section 16(4) has also been extended. Read more
PPT- Expert Analysis – Recommendations of the 53rd GST Council Meeting [TaxMarvel]
Team from TaxMarvel has presented there analysis on the 53rd GST Council meeting held today i.e. 22.06.2024 Read more
B. Tax in Media
GST Council
GST Council waives off interest, penalty on retrospective notices for 2017-2020
GST Council in its 53rd meeting on June 22 waived off interest and penalty on tax demand notices for the period 2017-2020, provided the assessees pay the tax by March 31, 2025, Finance Minister Nirmala Sitharaman said. Read more
What a GST cut will mean for fertiliser companies, analyst weighs in
Fertiliser stocks have been in focus over the last few days with the Street anticipating some relief in Goods and Services Tax (GST) on the sector at the upcoming GST Council meeting on June 22. Read more
Taxpayers can now amend sales return form GSTR-1 before GST payment
The GST Council in its meeting on Saturday had recommended providing a new optional facility by way of Form GSTR-1A to facilitate taxpayers to amend the details in Form GSTR-1 for a tax period and/or to declare additional details. Read more
Less than 2% assessees under CGST gets notice, working to make taxpayers life easier: FM Sitharaman
FM said less than two per cent of the total 58.62 lakh taxpayers under Central GST administration has been sent tax notices and the intention of the government is to make GST assessees life easier by reducing compliance requirements. Read more
Budget 2024
FM holds pre-Budget meeting with agri representatives
Nirmala Sitharaman on June 21 held the fourth pre-Budget meeting with the representatives from farmer associations and agriculture economists. Read more
Reduce GST slabs, hike exemption threshold for firms with up to Rs 1.5 crore turnover: Think tank GTRI
Think tank Global Trade Research Initiative (GTRI) on June 21 suggested a host of reforms like increasing GST exemption limit for firms with up to Rs 1.5 crore turnover, reducing the number of slabs, and doing away with state-wise registration to make GST more efficient, business-friendly, and contributing to economic growth. Read more
Other
Sessions Court Reserves Order On GST Department’s Plea Against Bail To Shemaroo Entertainment Executives
The sessions court on Thursday reserved the order on the plea of the department of CGST moved against the order of the magistrate court granting bail to managing director and two top executives of Shemaroo Entrainment limited booked for allegedly evading payment of tax. Read more
Customs department warns against new parcel fraud
It is common advice not to cater to unknown calls but is not practically possible in our day-to-day lives. Counting on this habit, fraudsters are posing as fake courier staff or customs officers to scam you. They call you to inform that the customs department under the Central Board of Indirect Taxes & Customs (CBIC) has intercepted a parcel/package in your name. Read more
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