New GST rule from April 1, 2025: ISD mandatory for input tax credit; not following will lead to ITC denial, minimum penalty of Rs 10,000
GST: The government has made the ISD mechanism mandatory, effective April 1, 2025. This means that the distribution of common ...
The Financial Express5d
GST relief on insurance: Why 5% tax could be better than a full waiver for consumers
This reduction rather than a complete waiver in GST on gross insurance premium will be beneficial for both policyholders as ...
New GST rule: Input Service Distributor mechanism takes effect from April 1; details here
The Input Service Distribution (ISD) mechanism will enable businesses with branches in multiple states to consolidate ...
Tax Guru10h
Section 34: Understanding Credit Notes in GST
There is no legal restriction on the time of issuing a credit note; however, it must be reported in GST returns within a specified period, typically by November 30 of the following financial year or ...
Why SC ruling on GST error corrections is a major relief for businesses
This ruling is particularly crucial for small and medium enterprises, which may lack sophisticated accounting systems and are ...
Supreme Court upholds buyers can correct clerical errors in GST filings without penalty, claim ITC
In a significant ruling that promises ease of compliance to taxpayers under the goods and services tax, the Supreme Court has ...
Maximise your savings with input tax credit using a GST calculator
The Input Tax Credit (ITC) allows you to claim credit for the GST paid on business-related purchases. Whether it is raw ...
Public Accounts Committee flags mismatches in GST worth Rs 16.6K cr in FY21
The PAC said the inconsistencies highlight serious inefficiencies in the GST system's data validation and reconciliation ...
Hospitality Biz India3d
Hotel Restaurants Charging INR7,500 Room Rent to Attract 18% GST from April 2025: CBIC
Hotels with room rents exceeding INR7,500 per day at any point during a financial year will be categorized as “specified ...
NewsBytes10d
New GST rules effective April 1: Key changes for businesses
The government is introducing the Input Service Distributor (ISD) system from April 1, 2025, to improve tax collection on ...
Tax Guru14h
Orissa HC Quashes GST Demand Order for Apparent Assessment Error
Orissa High Court set aside the GST demand order against Kalishankar Sahoo for the financial year 2019-20, citing reassessment concerns. The petitioner argued that the scrutiny report dated March 23, ...
Restaurant services in hotels with room rent above Rs 7,500/day fall under 18 pc GST: CBIC
Hotels charging room rent above Rs 7,500 a day will be considered 'specified premises' from April 1, 2025. Restaurant ...