Discover and read the best of Twitter Threads about #Gst
Most recents (24)
1/15 ๐ข BREAKING: The Calcutta High Court just issued a landmark judgment impacting GST claimants nationwide. Case: Gargo Traders v. State Tax, West Bengal. Judgment delivered on June 12, 2023. #CalcuttaHighCourt #GSTJustice #GargoTraders
2/15 โ๏ธ Gargo Traders, a registered taxable person, contested an order that rejected their Input Tax Credit (ITC) claim, a decision that was based on the retrospective cancellation of their supplier's GST registration. #ITC #GST
3/15 ๐ซ The Tax Department dismissed their ITC claim, alleging that Global Bitumen, Gargo Traders' supplier, was fake and non-existent, leading to the retrospective cancellation of its GST registration. #GlobalBitumen
๐ฅ๐จ Very Important Judgement giving support to genuine buyer to avail Input Tax Credit (ITC) based on his tax invoice issued by supplier.
Read Compete Judgement Below: โฌ๏ธ
#GST #GSTwithBimalJain #a2ztaxcorpllp #InputTaxCredit #GSTITC
1/7
Read Compete Judgement Below: โฌ๏ธ
#GST #GSTwithBimalJain #a2ztaxcorpllp #InputTaxCredit #GSTITC
1/7
2/7 
3/7
1/38. Today is the eighth day of the #BonnClimateConference (#SB58) and it saw the closing plenary of the Technical Dialogue of the #GST, discussions on the #SantiagoNetwork, the continuation of the #NCQGโs 6th Technical Expert Dialogue and the first stocktaking plenary. ๐งต
2/38. Today also saw a focus on #HumanRights with a number of side events and an action drawing attention to the key message that โthere can be no #ClimateJustice without #HumanRightsโ.
3/38. Joining "No #ClimateJustice without #CivicSpace and #HumanRights: zooming in on the @UNFCCC process"* with @ciel_tweets, @amnesty and @350, we heard important messages on the need for safe #CivicSpace under the @UNFCCC so that we can make our #LossAndDamage demands heard!
๐๐ฅImportant Update: 2 Factor Authentication will be made mandatory from July 15, 2023 for all taxpayers with AATO above 100cr
#GST #GSTeWayBill #gstwithbimaljain #a2ztaxcorpllp #einvoice
Read the Complete Update below ๐๐ป
#GST #GSTeWayBill #gstwithbimaljain #a2ztaxcorpllp #einvoice
Read the Complete Update below ๐๐ป
To enhance the security of e-Way Bill/e-Invoice System, NIC is introducing 2-Factor Authentication for logging in to e-Way Bill/e-Invoice system. In addition to username and password, OTP will also be authenticated for login.
There are 3 different ways of receiving the OTP. You may enter any of the OTP and login to system. The various modes of generating OTP are explained below:
๐ฅ๐Important #GST updates for this week:
Eligibility of input tax credit (ITC) for works contract services and materials used for the foundation and structural supports of machinery
[Colourband Dyestuff P Ltd ., In re]
1/5
#GSTwithBimalJain #a2ztaxcorpllp #GSTUpdates
Eligibility of input tax credit (ITC) for works contract services and materials used for the foundation and structural supports of machinery
[Colourband Dyestuff P Ltd ., In re]
1/5
#GSTwithBimalJain #a2ztaxcorpllp #GSTUpdates
Issuing separate invoices for different tasks, despite being mentioned in a single contract agreement, cannot be considered a 'composite supply'
[PES Engineers Private Limited ., In re]
2/5
[PES Engineers Private Limited ., In re]
2/5
More steps needed to weed out fake ITC generators from GST system: CBIC member
Read More at: a2ztaxcorp.com/more-steps-neeโฆ
3/5
Read More at: a2ztaxcorp.com/more-steps-neeโฆ
3/5
๐Unlocking the Mysteries of Section 60: Provisional Assessment! ๐งต
๐ก Are you struggling to determine the value or rate of tax for goods or services? Fear not! Section 60 of the GST Act offers a solution: provisional assessment. Let's dive into the key points:
๐ If you find yourself in this predicament, write a formal request to the proper officer, explaining why you need to pay tax on a provisional basis
Gst On Renting of Immovable Property๐งต
In this thread we will discuss renting of both commercial & residential property ๐ต๏ธ (1/4)
#gst #tax #incometax #tds #gstn
In this thread we will discuss renting of both commercial & residential property ๐ต๏ธ (1/4)
#gst #tax #incometax #tds #gstn
1. Renting of Residential Dwelling.๐ก
A) If residential dwelling is used for commercial purpose then GST is payable on Forward charge basis.(office etc)
B) If residential dwelling is used for personal purpose then the service is exempt for both registered & unregistered. (2/4)
A) If residential dwelling is used for commercial purpose then GST is payable on Forward charge basis.(office etc)
B) If residential dwelling is used for personal purpose then the service is exempt for both registered & unregistered. (2/4)
C) If Residential dwelling used for commercial purpose but as a residence i.e Guest house etc. by registered person then it's taxable under RCM.
D) If Residential dwelling used for commercial purpose but as a residence i.e Guest house etc. by unregistered then it is exempt.(3/4)
D) If Residential dwelling used for commercial purpose but as a residence i.e Guest house etc. by unregistered then it is exempt.(3/4)
๐งตDemystifying GST Audits: Section 65 & Rule 101. Understanding Both Sides of the Audit Journey! ๐ผ๐
Read this thread to gain a complete understanding of GST audits, covering Section 65 and Rule 101.
#GST #TaxAudit #DemystifyingAudits
Read this thread to gain a complete understanding of GST audits, covering Section 65 and Rule 101.
#GST #TaxAudit #DemystifyingAudits
๐ธThe Commissioner or any officer authorized by him, may undertake audit of any registered person for a financial year or part thereof or multiples thereof at such frequency and in such manner as may be prescribed
๐ธThe officers referred above may conduct audit at the place of business of the registered person or in their office
1/9 As an Practitioner in Indian #GST laws, I'm sharing a simple yet comprehensive guide on the procedures involved in physical verification as per Rule 25.
A vital process to maintain transparency and ensure legitimacy. #TaxLaw #GSTLaw
A vital process to maintain transparency and ensure legitimacy. #TaxLaw #GSTLaw
Key Points of CBIC's Automated Return Scrutiny Module (ARSM) for GST returns
The CBIC has rolled out an Automated Return Scrutiny Module (ARSM) for GST returns. Learn more about this new tool and how it can help improve GST compliance in India
#GST #Compliance #Taxation #India
The CBIC has rolled out an Automated Return Scrutiny Module (ARSM) for GST returns. Learn more about this new tool and how it can help improve GST compliance in India
#GST #Compliance #Taxation #India
Automated GST Scrutiny
The Central Board of Indirect Taxes and Customs (CBIC) has rolled out an Automated Return Scrutiny Module (ARSM) for GST returns.
The Central Board of Indirect Taxes and Customs (CBIC) has rolled out an Automated Return Scrutiny Module (ARSM) for GST returns.
The ARSM is a non-intrusive means of compliance verification that allows tax officers to scrutinize GST returns of Centre Administered Taxpayers (CATs) selected on the basis of data analytics and risks identified by the system.
Independent India has always been a vibrant democracy, except for the #Emergency years of #IndiraGandhi from 1975-77. That it has taken a decisive turn to religious majoritarianism under the #BJP and under #Modi since 2014 doesn't change that fact. (1/)
Democracy is not necessarily congruent with liberal values or even human rights. #Slavery was legal both in the democracy of Great Britain as well as the USA for almost a hundred years since the US' formation. Even a White woman was not considered equal to a man in America. (2/)
Union Finance Minister Smt. @nsitharaman met Mr. Hayashi Nobumitsu, Governor, Japan Bank for International Cooperation #JBIC, on the sidelines of the 56th #ADBAnnualMeeting, in Incheon, today. (1/5)
@IndiainROK
@IndiainROK
FM Smt. @nsitharaman encouraged engagement of JBIC with Indian financial institutions such as Exim Bank @IndiaEximBank, NIIF and lending banks to leverage the strength and complementarities of both countries for facing local, regional and global financial challenges. (2/5)
FM spoke of GoI intiatives towards facilitating #investment, like #PLIs scheme, #NIP, reforms in #GST & Insolvency & Bankruptcy Code #IBC, among others & hoped JBIC will use this enabling environment as an opportunity to expand marine products & seaweed processing in India. (3/5)
1 The data on #GST revenues arrives on the first of every month. And, every month, the Indian media - financial as well as general - hypes the numbers, nodding in agreement with the sarkar that it has touched a new "record". Here is a Thread based on April GST collections
2 There is neither context that anchors the latest numbers to some reference point, which could be either in terms of comparison to the previous year or in relation to the size of the economy (GDP at current prices, for instance).
3 Since GST revenues (all taxes for that matter) are always in current prices, and since we know that prices have been on a wild upswing in the last year, context also requires that revenues be compared to prices. Otherwise, revenues would be exaggerated by a โprice effectโ.
โ๏ธ Court dismisses writ petition in a tax evasion case involving a registered dealer, transporter, and misuse of E-Way Bills. Find out how multiple transactions were made with the same documents and vehicle, leading to the dismissal. #TaxEvasion #GST #EWayBill
Facts & Timeline:
Facts & Timeline:
โข On 08.04.2018, the petitioner, a registered dealer, sold 300 bags of Pan Masala valued at Rs.33,81,000 to a dealer in Meghalaya, generating a tax invoice and E-Way Bill under the IGST Act, charging 28% IGST and 60% Cess.
โข The goods were handed over to transporter M/s Bombay Kandla Transport Pvt. Ltd. for transport via Truck No.NL01N/6504
โข The vehicle was used for transporting fruits and vegetables to West Bengal on 07.04.2018, and then for transporting rice to Darbhanga (Bihar) on 12.04.2018
โข The vehicle was used for transporting fruits and vegetables to West Bengal on 07.04.2018, and then for transporting rice to Darbhanga (Bihar) on 12.04.2018
As a business owner, it's important to understand the process of claiming Input Tax Credit (ITC) in Indian GST.
Here's a step-by-step guide to help you claim ITC correctly and in compliance with the latest laws. ๐งต๐
Here's a step-by-step guide to help you claim ITC correctly and in compliance with the latest laws. ๐งต๐
1/ Maintaining accurate records is key to claiming ITC. Ensure that all invoices and receipts are properly filed and organized. Any discrepancy in the details provided can lead to rejection of ITC.
2/ Check if the supplier has filed their GSTR-1 and GSTR-3B returns correctly. This is important because if the supplier has not filed the returns properly, the ITC claimed by you will not be allowed.
Brasil e China ๐ง๐ท ๐จ๐ณ soltam declaraรงรฃo climรกtica conjunta. Meus comentรกrios em forma de ๐งต:
1. O comunicado fala que responder q crise climรกtica รฉ uma oportunidade de construir prosperidade comum. โ
gov.br/mma/pt-br/assuโฆ
1. O comunicado fala que responder q crise climรกtica รฉ uma oportunidade de construir prosperidade comum. โ
gov.br/mma/pt-br/assuโฆ
2. Ha linguagem sobre equidade, termo sempre presente nas declaraรงรตes do BASIC. Isso remete ao ponto de que economias desenvolvidas jรก usaram boa parte do โorรงamento de carbonoโ com suas emissรตes passadas e que agora โseria a vezโ dos paรญses em desenvolvimento.
Nรฃo รฉ bem assim.
Nรฃo รฉ bem assim.
3. Brasil e a China enfatizam a urgรชncia da aรงรฃo climรกtica com a erradicaรงรฃo da pobreza e da fome, โsem deixar ninguรฉm para trรกsโ.
Vale lembrar que manos os paรญses fizeram esforรงos gigantescos para tirar milhรตes de pessoas da linha da pobreza. E que o desafio permanece.
Vale lembrar que manos os paรญses fizeram esforรงos gigantescos para tirar milhรตes de pessoas da linha da pobreza. E que o desafio permanece.
Delhi High Court upholds government notifications levying Goods and Services Tax (GST) on auto rickshaws booked through e-commerce operators like Uber and Ola
#DelhiHighCourt @Olacabs @Uber_India #GST
#DelhiHighCourt @Olacabs @Uber_India #GST
Court: Classification as a class of service providers separate and distinct is recognised in the provisions of the Act. The classification has a rational nexus with the object sought to be achieved.
#DelhiHighCourt @Olacabs @Uber_India #GST
#DelhiHighCourt @Olacabs @Uber_India #GST
Court: In view of this, the petitioner's submission is incorrect. This court has thus held that respondents can exclude the said class from exemption.
#DelhiHighCourt @Olacabs @Uber_India #GST
#DelhiHighCourt @Olacabs @Uber_India #GST
๐๐ฆ๐ง ๐๐ฝ๐ฑ๐ฎ๐๐ฒ ๐ผ๐ป ๐๐ฎ๐ฟ๐ถ๐ผ๐๐ ๐ป๐ผ๐๐ถ๐ณ๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป ๐ถ๐๐๐๐ฒ๐ฑ ๐ฏ๐ ๐๐๐๐ ๐ผ๐ป ๐ฏ๐ญ ๐ ๐ฎ๐ฟ๐ฐ๐ต ๐ฎ๐ฌ๐ฎ๐ฏ.
Please follow @GSTinSHORT to learn ๐๐ฆ๐ง in a ๐ฆ๐๐ข๐ฅ๐ง, ๐ฆ๐๐ ๐ฃ๐๐ and ๐๐๐ฆ๐ฌ ๐ง๐ข ๐จ๐ก๐๐๐ฅ๐ฆ๐ง๐๐ก๐ manner
(1/9)
#gstinshort
#gstinoneslide
Please follow @GSTinSHORT to learn ๐๐ฆ๐ง in a ๐ฆ๐๐ข๐ฅ๐ง, ๐ฆ๐๐ ๐ฃ๐๐ and ๐๐๐ฆ๐ฌ ๐ง๐ข ๐จ๐ก๐๐๐ฅ๐ฆ๐ง๐๐ก๐ manner
(1/9)
#gstinshort
#gstinoneslide
๐๐ผ๐ป๐ฑ๐ถ๐๐ถ๐ผ๐ป๐ฎ๐น ๐๐บ๐ป๐ฒ๐๐๐ ๐๐ฐ๐ต๐ฒ๐บ๐ฒ ๐ณ๐ผ๐ฟ ๐ฐ๐ผ๐บ๐ฝ๐ผ๐๐ถ๐๐ถ๐ผ๐ป ๐ฑ๐ฒ๐ฎ๐น๐ฒ๐ฟ๐
(2/9)
@GSTinSHORT
(2/9)
@GSTinSHORT
๐ข๐ป๐ฒ ๐๐ถ๐บ๐ฒ ๐ฟ๐ฒ๐น๐ถ๐ฒ๐ณ ๐ณ๐ผ๐ฟ ๐ฟ๐ฒ๐๐ผ๐ฐ๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐ฐ๐ฎ๐ป๐ฐ๐ฒ๐น๐น๐ฒ๐ฑ ๐ฟ๐ฒ๐ด๐ถ๐๐๐ฟ๐ฎ๐๐ถ๐ผ๐ป
(3/9)
@GSTinSHORT
(3/9)
@GSTinSHORT
๐ Gist of further amendments relating to Indirect taxes proposed in Finance Bill, 2023
1. The amendments relating to Customs and Goods and Services Tax (GST) shall come into effect from the date to be appointed by the Central Government through notification
>> a Thread>> ๐ twitter.com/i/web/status/1โฆ
1. The amendments relating to Customs and Goods and Services Tax (GST) shall come into effect from the date to be appointed by the Central Government through notification
>> a Thread>> ๐ twitter.com/i/web/status/1โฆ
2. The deferment of duties in respect of goods imported under Manufacture and Other Operations in Warehouse Regulations (MOOWR) is now being restricted to duties other than IGST & compensation cess. In other words, IGST and Cess are payable on import of goods under MOOWR
3. Provisions of compulsory registration will not apply only where the person is exempted from obtaining registration through a notification issued under section 23(2) of Central Goods and Services Tax Act, 2017. #GST #Budget2023
#BRILLIANT CHARTS showing Indiaโs GDP Growth - A Notable #ACHIEVEMENT by #Modinomics
Letโs look at India's nominal GDP that matters to Households & Businesses
EXCLUDING government borrowing & spending) Indians Households & Business Experience ~ZERO GROWTH since 2014-22
Letโs look at India's nominal GDP that matters to Households & Businesses
EXCLUDING government borrowing & spending) Indians Households & Business Experience ~ZERO GROWTH since 2014-22
This contrasts with the period FY 2008-14 when non-government component of GDP accounted for 38% of nominal growth.
Economists believe these animal spirits to be a vital ingredient for high growth of #SMEs & #Businesses
Economists believe these animal spirits to be a vital ingredient for high growth of #SMEs & #Businesses
But you might argue that lots of STARTUPS have created jobs and lots of govt data shows lots of New Business Registrations since 2017
BOTH ARE TRUE but
During these yrs #Farmers, #Unorganised Biz & #SMEs LOST a total of #45-60 MILLION JOBS. So 1-2 Million Startup jobs is a drop
BOTH ARE TRUE but
During these yrs #Farmers, #Unorganised Biz & #SMEs LOST a total of #45-60 MILLION JOBS. So 1-2 Million Startup jobs is a drop
๐จ๐ป๐ฑ๐ฒ๐ฟ๐๐๐ฎ๐ป๐ฑ๐ถ๐ป๐ด ๐ผ๐ณ ๐-๐ถ๐ป๐๐ผ๐ถ๐ฐ๐ถ๐ป๐ด ๐๐ป๐ฑ๐ฒ๐ฟ ๐๐ฆ๐ง
(1/5)
Please follow @GSTinSHORT to learn ๐๐ฆ๐ง in a ๐ฆ๐๐ข๐ฅ๐ง, ๐ฆ๐๐ ๐ฃ๐๐ and ๐๐๐ฆ๐ฌ ๐ง๐ข ๐จ๐ก๐๐๐ฅ๐ฆ๐ง๐๐ก๐ manner
#gstcompliance
#gstinshort
#gst
#gstinoneslide
#GSTupdates
(1/5)
Please follow @GSTinSHORT to learn ๐๐ฆ๐ง in a ๐ฆ๐๐ข๐ฅ๐ง, ๐ฆ๐๐ ๐ฃ๐๐ and ๐๐๐ฆ๐ฌ ๐ง๐ข ๐จ๐ก๐๐๐ฅ๐ฆ๐ง๐๐ก๐ manner
#gstcompliance
#gstinshort
#gst
#gstinoneslide
#GSTupdates
๐ช๐ต๐ฎ๐ ๐ถ๐ ๐-๐ถ๐ป๐๐ผ๐ถ๐ฐ๐ถ๐ป๐ด?
(2/5)
(2/5)
๐๐ฒ๐ป๐ฒ๐ฟ๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐-๐ถ๐ป๐๐ผ๐ถ๐ฐ๐ถ๐ป๐ด ๐๐ฅ๐ก
(3/5)
(3/5)
GST relief for hotels, and restaurants soon? Govt to change GST structure?
Know Here โฌโฌ
1/5
#GST #GSTITC #GSTcredit #Restaurant #Hotel #GSTwithBimalJain #a2ztaxcorpllp
Know Here โฌโฌ
1/5
#GST #GSTITC #GSTcredit #Restaurant #Hotel #GSTwithBimalJain #a2ztaxcorpllp
Sources says:
โก๏ธ Hotel and restaurant industry may soon get relief on GST
โก๏ธ Finance Ministry is considering their demand to change current GST structure
โก๏ธ GST on Hotels/Restaurants may be increased to 12% from 5% with ITC benefit
2/5
โก๏ธ Hotel and restaurant industry may soon get relief on GST
โก๏ธ Finance Ministry is considering their demand to change current GST structure
โก๏ธ GST on Hotels/Restaurants may be increased to 12% from 5% with ITC benefit
2/5
Source says:
โก๏ธ Alert: At present Hotels/Restaurants attracts 5% GST without input tax credit
โก๏ธ Finance Ministry has sent the proposal to the fitment committee of the GST council
3/5
โก๏ธ Alert: At present Hotels/Restaurants attracts 5% GST without input tax credit
โก๏ธ Finance Ministry has sent the proposal to the fitment committee of the GST council
3/5
Orissa HC held that tax, interest, penalty, fine, and fees due need to be paid for the revocation of cancellation of GST Registration by the assessee.
1/5
#GST #GSTwithBimalJain #a2ztaxcorpllp #GSTregistration
1/5
#GST #GSTwithBimalJain #a2ztaxcorpllp #GSTregistration
The learned counsel appearing for the Petitioner relied on the judgment of M/s. Durga Raman Patnaik v. Additional Commissioner of GST [W.P.(C) No.7728 of 2022 dated August 4, 2022],
2/5
2/5
where the Petitioner opted for applying for revocation of the cancellation by complying with all the other requirements of depositing all the tax, penalty and interest due as payable and other formalities as required by law.
3/5
3/5
๐ผ๐ง๐ ๐ฎ๐ค๐ช ๐๐ฌ๐๐ง๐ ๐ค๐ ๐ฉ๐๐๐จ๐ ๐ฎ๐๐๐ง ๐จ๐ฉ๐๐ง๐ฉ ๐๐ค๐ข๐ฅ๐ก๐๐๐ฃ๐๐๐จ ๐ช๐ฃ๐๐๐ง ๐๐๐?
Please follow @GSTinSHORT for more such GST related updates.
(1/๐ญ๐ฌ)
#gst
#gstupdate
#gstcompliance
#gstinshort
#gstinoneslide
Please follow @GSTinSHORT for more such GST related updates.
(1/๐ญ๐ฌ)
#gst
#gstupdate
#gstcompliance
#gstinshort
#gstinoneslide
๐๐ฎ๐ฐ๐ธ๐ด๐ฟ๐ผ๐๐ป๐ฑ:
(2/๐ญ๐ฌ)
(2/๐ญ๐ฌ)
๐ก๐ฒ๐ ๐๐ฒ๐ฟ๐ถ๐ฎ๐น ๐ป๐๐บ๐ฏ๐ฒ๐ฟ ๐ณ๐ผ๐ฟ ๐ฑ๐ผ๐ฐ๐๐บ๐ฒ๐ป๐๐
(3/๐ญ๐ฌ)
(3/๐ญ๐ฌ)
