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The Finance Minister presented the Interim Budget for the fiscal year 2024-25 on February 1, 2024, introducing minimal amendments to the taxation laws. Notably, a couple of significant amendments are proposed in the realm of indirect taxes. This article provides an in-depth analysis of the changes proposed in GST by the Finance Bill 2024, which includes: ‣ Mandating distribution of common ITC on services through the ISD mechanism, which was previously optional. ‣ Additionally, a substantial penalty has been proposed for tobacco manufacturers who fail to register their machines by the specified procedure.
Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024-25 in the Parliament on February 01, 2024. No significant tax announcements were proposed, with only a few necessary proposals introduced concerning Income Tax and GST. The changes proposed in the Finance Bill 2024 about the Income-tax Act have been discussed in this article, which includes: ‣ TCS provisions proposed to be amended to align them with the Govt.'s Press Release ‣ Extension of sunset dates under various provisions ‣ Withdrawal of small outstanding direct tax demands
In the Interim Budget 2024, certain amendments have been proposed in the provisions relating to Input Service Distribution (ISD) under GST. The proposed amendment, if notified, would mandate the ISD provisions regarding the common credit on third-party invoices. This article provides an in-depth examination of the proposed amendment, including: ‣ Key amendments in the provisions relating to ISD – Section 2(61) and Section 20 of the CGST Act, 2017 ‣ Analysis of the proposed amendment to ISD provisions ‣ Impact of proposed amendment on cross-charge ‣ Practical implications as well as difficulties due to the proposed amendment
The Lok Sabha passed the Finance Bill 2023 on March 24, 2023. The Bill has been passed with more than 60 changes compared to the Finance Bill introduced on February 01, 2023. New amendments have been made, and some proposed amendments have been modified. In this special write-up, Taxmann's Advisory and Research team has prepared snippets of all changes (both Income-tax & GST) made in the Finance Bill, 2023, as passed by the Lok Sabha viz-a-viz the Finance Bill, 2023. The changes include: ‣ Changes Related to Income-Tax 1. Marginal relief to a resident individual opting new tax scheme [Section 87A] 2. Scope of Section 50AA is expanded to cover specified mutual funds 3. Change in the tax rates on specified income of non-residents [Section 115A] 4. TDS provision under Section 194BA on winning from online games is effective from 01-04-2023 5. Section 206AB (non-filer of ITR) will not apply in respect of TDS on winning from online games 6. Reference of Section 194BA is given in the meaning of "rates in force" in Section 2(37A) 7. Exemption to be available to a "Sikkimese woman marrying a non-sikkimese" and an "Individual domiciled in Sikkim" [Section 10(26AAA)] 8. Exemption to income of credit guarantee trusts/funds 9. Insertion of reference of Section 10(23EC) in Section 11(7) 10. Meaning of the original fund expanded 11. Exemption from capital gains on transferring the interest in a JV by a Public sector company in exchange for shares in a foreign company [Section 47(xx) and Section 49(2AI)] 12. Unit of IFSC allowed opting for tonnage tax scheme after claiming Section 80LA deduction [Section 115VP] 13. 100% deduction in remaining five years to income of Offshore Banking Units [Section 80LA] 14. No surcharge and cess to be levied on income from securities held by specified fund referred to in Section 10(4D) 15. New TCS rate under Section 206C will apply even if the remittance is made under LRS within India 16. TCS rate shall not exceed 20% if the collectee does not furnish his PAN or is a non-filer of income-tax return 17. A new rate of TDS from interest on a long-term or rupee-denominated bond listed on a recognised stock exchange located in an IFSC introduced [Section 194LC] 18. Scope of exemption has been expanded to the income received by a non-resident from specified activities carried out by a specified person [Section 10(4G)] 19. Exemption to non-residents or IFSC units on the transfer of shares of a domestic company engaged in aircraft leasing business in IFSC [Section 10(4H)] 20. Tax exemption for inter-corporate dividend distribution within IFSC Units engaged in the aircraft leasing business [Section 10(34B)] 21. "Specified" sum received from business trust to be taxable as residuary income ‣ Changes Related to GST and Custom 22. Levy of IGST and GST Compensation Cess on the removal of imported goods to the warehouse for further manufacturing/processing 23. Amendment relating to GST Appellate Tribunal 24. Removing the requirement of compulsory registration where the Government grants exemption through notification 25. Extension of time limit to apply for revocation of cancellation of registration from 30 days to 60 days 26. Increase in the time period for filing a return before initiation of best judgment assessment 27. Place of supply in case of services of transportation of goods where the location of supplier/recipient is outside India 28. Specific tax-based levy of GST compensation cess on commodities like pan masala, tobacco, etc. 29. Changes in Customs Duty Rates relating to a few items
ALL ORDERS OF TAXMANN's BUDGET ARE SENT VIA THE FASTEST MODE OF DELIVERY This book is an imprint edition of the Union Budget 2023-24. It covers the complete text of the Union Budget 2023-24, including: • Income-tax • GST • Customs It has the following key documents: • Budget Highlights • Budget Speech • Finance Bill, 2023 • Notes on Clauses • Memorandum explaining the provisions of the Finance Bill, 2023 • Budget Notifications • DO Letter This edition covers everything you need to decipher the changes proposed by the Finance Bill, 2023 in Income-tax, GST and Customs
The much-awaited 53rd GST Council meeting, held on June 22, 2024, marked a significant milestone in the evolution of the GST system in India. The key focus areas included: ‣ Significant decisions to simplify compliance ‣ Resolving long-pending litigation issues ‣ Creating a more taxpayer-friendly GST environment ‣ Introducing new provisions, such as Section 11A and Section 128A in the CGST Act, providing significant relief to taxpayers across various industries ‣ The government's new approach and commitment to resolving disputes and facilitating trade This article has provided a comprehensive analysis and simplified version of the recommendations and decisions.
The 54th GST Council meeting was held in New Delhi on 9th September 2024. The Council primarily focused on easing compliance, rationalising rates, and implementing changes and recommendations from the Finance Act 2024 and the 53rd GST Council meeting held in June of this year. These recommendations include the following: ‣ Granting Exemptions for Services to Various Sectors ‣ Rate Rationalisations for Various Products, Including Cancer Treatment Drugs, Extruded and Expanded Savory or Salted Products ‣ Clarifications of Ongoing Issues, such as ITC Eligibility on Demo Vehicles, Treatment of PLC under GST, and the Place of Supply of Services Provided to Foreign Affiliates ‣ Prescribing Mechanisms for the Implementation of Section 16(5), Section 16(6), and Section 128A ‣ Introduction of E-Invoicing for B2C Supplies ‣ Covering New Goods under Services under the Reverse Charge Mechanism
Levy of interest under GST on late payment of tax has always been a litigation matter in terms of what should be considered as the tax that 'remains unpaid'. The recent judgment of Patna High Court in the case of Sincon Infrastructure has again cropped up the discussion. This article discusses the provisions of Section 50 related to the levy of interest on delayed payment of tax, covering the following key points: ‣ Background of the Issue ‣ Brief Facts of Sincon Infrastructure Case ‣ Relevant Provisions of the GST law ‣ Court's Observations and Decision in the Case of Sincon Infrastructure ‣ Earlier Decisions on the Same Matter and Future Outlook
Taxmann's Ultimate Bestseller for Indirect Taxes – 'GST Ready Reckoner', is a ready referencer for all provisions of the GST Law, divided into 55 topics, with relevant Case Laws, Notifications, Circulars, etc. The Present Publication is the 23rd Edition | 2024 and has been amended by the Finance Act, 2024 and updated till 1st March 2024. This book is authored by Mr V.S. Datey, with the following noteworthy features: • [Taxmann's Series of Bestseller Books] on GST Laws • [Follows the Six-sigma Approach] to achieve the benchmark of 'zero error' The book has been divided into 55 chapters in respect of all-important-provisions of GST, including the following: • GST – An Overview • IGST, CGST, SGST and UTGST • Taxable Event in GST • Supply of Goods or Services or both • Classification of Goods and Services • Value of Taxable Supply of Goods or Services or both • Valuation Rules if value for GST is not ascertainable • VAT concept and its application in GST • Input Tax Credit (ITC) • Input Tax Credit – Other Issues • Input Tax Credit when exempted, as well as taxable supplies made • Input Service Distributor (ISD) • Persons and the taxable person • Place of supply of goods or services or both other than exports or imports • Place of supply in case of export or import of goods or services or both • Exports and Imports • Special Economic Zones and EOU • Time of Supply of Goods and Services • Reverse Charge • Exemption from GST by issue of Notification • Concession to small enterprises in GST • Construction and Works Contract Services • Real Estate Services relating to residential and commercial apartments • TDR/FSI/Upfront amount in a long-term lease in real estate transactions • Distributive Trade Services • Passenger Transport Services • Goods Transport Services • Financial and related services • Leasing or rental services and licensing services • Software and IPR Services • Business and production services • Job Work • Telecommunication, broadcasting and information supply • Community social, personal and other services • Government-related activities • Basic procedures in GST • Registration under GST • Tax Invoice, Credit and Debit Notes • E-way Bill for transport of goods • Payment of taxes by cash and through input tax credit • Returns under GST • Assessment and Audit • Demands and Recovery • Refund in GST • Powers of GST Officers • Offences and Penalties • First Appeal and revision in GST • Appeal before Appellate Tribunal • Appeals before the High Court and Supreme Court • Prosecution and Compounding • Provisions relating to evidence • E-Commerce • Miscellaneous issues in GST • GST Compensation Cess • Transitory Provisions • Constitutional Background of GST
The book is a comprehensive guide focused on simplifying the filing and reconciliation process of GSTR-9, GSTR-9A, and GSTR-9C for registered taxpayers and professionals. It provides a clause-by-clause analysis of these forms, offers practical steps for accurate filing, and includes more than 40 case studies and 50+ advanced FAQs to address common and complex issues. The book also incorporates the latest amendments, updates, and official clarifications to ensure compliance with GST regulations. Additionally, it features checklists for compliance on outward and inward supplies, providing a complete toolset for those involved in preparing and filing GST annual returns and reconciliations. This book is helpful for GST practitioners, tax consultants, businesses, registered taxpayers, chartered accountants, and legal professionals involved in GST return preparation, reconciliation, and compliance. The Present Publication is the 7th Edition, amended by the Finance (No. 2) Act 2024. It also covers the recommendations of the 54th GST Council Meeting and is authored by Adv. Vivek Laddha, Dr Shailendra Saxena & CA. Pooja Patwari, with the following noteworthy features: • [Clause-by-Clause Analysis] The book breaks down the complexities of Forms GSTR-9, GSTR-9A, and GSTR-9C, providing a detailed clause-by-clause explanation. This enables users to understand the nuances of each form, ensuring error-free filing • [Practical Filing Steps] The inclusion of ready steps for filing GSTR-9 and GSTR-9C equips professionals with actionable insights into the preparation process • [Case Studies and FAQs] More than 40 real-world case studies on GSTR-9 provide practical scenarios that readers can relate to, helping them understand potential challenges. Additionally, 50+ advanced FAQs address complex queries related to annual return • [Comprehensive Checklists] The book provides a detailed compliance checklist covering outward and inward supplies. This checklist serves as a quick reference for registered persons, professionals, and technical experts, ensuring all necessary checks are performed before filing • [Updated with Latest Amendments] Reflecting the latest changes in GST laws, the book incorporates amendments made by Notification No. 12/2024-CT, dated 10-07-2024, and updates relating to GSTR-3B, Rule-37A, and other regulatory developments. References to Press Releases and official clarifications ensure that readers are up-to-date with the latest procedural requirements, clarifying areas of ambiguity in GST return filing. • [Practical Tools] o Locator for Quick Reference – A special feature of this book is its topic locator, which enables readers to quickly reference key elements of GSTR-9, GSTR-9A, and GSTR-9C preparation, saving time and ensuring accuracy o Case Studies on Outward and Inward Supplies – Separate chapters dedicated to case studies on outward and inward supplies help readers understand how to manage data when preparing annual returns for FY 2022-23 and its declaration in the returns of FY 2023-24 o Bare Laws, Forms, and Clarifications – The book includes the text of relevant laws, formats of forms, and clarifications issued by the GST Network and other regulatory bodies, ensuring professionals have access to all the legal resources required for compliance The book covers a wide array of topics critical for understanding and complying with the GST annual return and reconciliation process, including: • Legal Consequences of Wrong Filing o The book discusses the potential legal repercussions of incorrect or delayed filings, providing insights into mitigating these risks • Annual Accounts vs. Annual Return vs Reconciliation Statement o A clear comparison between these important components helps professionals understand how to reconcile financial data with GST returns • Turnover in the GST Regime o Special attention is given to the concept of turnover, a critical factor in determining the applicability of GSTR-9 and GSTR-9C • Impact of Data from Previous and Current Financial Years o The book exhaustively covers the impact of data from FY 2022-23 declared in the return for FY 2023-24 and the impact of FY 2023-24 declared in FY 2024-25. This detailed analysis assists professionals in managing adjustments and reconciling multi-year data effectively • Advanced Topics o New chapters address key considerations for preparing the annual return and reconciliation for FY 2023-24, including an updated locator that helps users navigate the book efficiently