Goods And Service Tax

Zydus Wellness Ltd on Saturday said its wholly-owned arm has received a GST demand of Rs 56.33 crore, along with applicable interest and penalty from the tax authority. Zydus Wellness Products Ltd (ZWPL), a wholly-owned subsidiary company, has received an intimation from the Directorate General of Goods and Services Tax Intelligence, Surat Zonal Unit, alleging GST demand of Rs 56.33 crore, along with applicable interest and penalty, Zydus Wellness Ltd said in a regulatory filing. The intimation alleges that the GST was payable in relation to the acquisition of intellectual property rights from Heinz Italia S.P.A. by Heinz India Pvt Ltd, now merged with ZWPL, it added. "ZWPL believes that there is a strong merit in the case, and ZWPL is evaluating the next steps based on a detailed review of the intimation," the filing said. The period covered by the order relates to the pre-acquisition period prior to January 30, 2019, the filing said. Due to this order, there is no impact on ...

As per GSTN data, more than 98 per cent of applicants for new registration under GST either do not pass on ITC or pass on ITC within a limit of Rs 500,000 per month

The Council might reject bringing MSME ice cream manufacturers under the composition scheme

The Customs have held up our export consignment because our export price is nearly twice the price our purchase price

This is a major concern for the industry, especially for start-ups, as it increases costs and makes it difficult to manage working capital, the industry feels

Andhra Pradesh-based Gayatri Enterprises' GST policy was challenged by parties all over the country

Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year

Interim Budget: FM Sitharaman said that the fiscal deficit in 2023-24 is expected to be 5.8%, lower than the earlier estimates of 5.9%

The number of GST return filers rose about 65 per cent to 1.13 crore in 5 years till April 2023 as compliance by taxpayers improved, the finance ministry said on Sunday. Also, the number of active taxpayers registered under GST increased from 1.06 crore as of April 2018, to 1.40 crore. As per data shared by the ministry, 90 per cent of eligible taxpayers are filing GSTR-3B returns by the end of the filing month in current fiscal year, up from 68 per cent in 2017-18, the first year of GST rollout. "Simplification in Rules and Procedure in GST has resulted in increase in return filing percentage by eligible taxpayers," the ministry said in a post on X. A nationwide Goods and Services Tax (GST) was rolled out on July 1, 2017. It subsumed over a dozen local taxes like excise, service tax and VAT. The number of GSTR-3B filers increased from 72.49 lakh in April 2018, to 1.13 crore as of April 2023. GSTR-3B is the monthly return form for filing outward supplies details and tax ...

It is generally feared that AARs typically comprise deputy commissioner or joint commissioner rank of officials who give judgement in favour of authorities

GST authorities had rejected application by a company for changing its main place of business

Since Union Finance Minister Nirmala Sitharaman announced the plan for the tax on July 11, the online gaming industry has asked the government to review the decision

28% GST: According to ESFI, Esports has been officially recognised as a 'sport' by the government which distinguishes it from any and all activities like iGaming like fantasy, teen patti, and rummy

They said that the decision will have a 'deleterious impact' on the industry and is expected to result in the loss of over 50,000 high-skilled jobs in India

Company setting up charging stations would get input tax credit, it rules

India's Goods and Services Tax (GST) Council said that uniform taxation would be levied on multi-utility vehicles and sports utility vehicles, according to a statement

Catch all the latest updates from across the globe

GST authorities have identified about 17,000 non-existent GSTINs and cancelled over 4,900 registrations in the ongoing pan-India drive against fake registration, a senior tax official said on Wednesday. Currently, there are 1.40 crore businesses registered under Goods and Services Tax, nearly double the number of businesses registered in indirect tax regime pre-GST rollout. Central Board of Indirect Taxes and Customs (CBIC) member Shashank Priya said in the drive against fake registration, till July 4, over 69,600 GST Identification Numbers (GSTINs) have been selected for physical verification by field tax officers. Of this, over 59,000 GSTINs have been verified and 16,989 have been found to be non-existent. Out of the 69,600 GSTINs, over 11,000 GSTINs have been suspended and 4,972 registrations have been cancelled. This involved tax evasion of over Rs 15,000 crore, blocking of input tax credit (ITC) was Rs 1,506 crore and recovered taxes worth Rs 87 crore, Priya said at the ...

The SC had held that UDF collected by the DIAL is in the nature of statutory levy and the same would not be taken as consideration against any services

It was the biggest tax demand notice issued in the history of indirect taxes in India