Rahul Agrawal’s Post

Weekend reading!! GST in India. Important changes brought about by amendment to Rules and Notifications. 📣 Changes to GST returns 📣 ISD provisions 📣 Valuation of corporate guarantee and much more. That’s not it.. circulars issued by CBIC in vairious aspects. Watch this space. #GST #Deloitte

𝐀𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐢𝐧𝐠 𝐎𝐮𝐭𝐜𝐨𝐦𝐞𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐔𝐩𝐜𝐨𝐦𝐢𝐧𝐠 𝐆𝐒𝐓 𝐂𝐨𝐮𝐧𝐜𝐢𝐥 𝐌𝐞𝐞𝐭𝐢𝐧𝐠 Going by the trend, the outcome of the GST Council meeting, immediately chaired by the re-elected government, is likely to be more inclined towards: ➡GST rate-related changes on the supply of goods and services ➡Implementation of the new return system in a phased manner ➡Extensions of due dates for filing ➡E-Invoice and E-Way Bill related thresholds ➡Litigation-related compliance relaxations We hope the 53rd GST Council meeting scheduled for June 22, 2024, will meet the expectations and requirements of Indian businesses and small taxpayers. #gst #gstupdates #taxes #law #legal #litigation #finance #India #laws #tax #lawyer #ca #cs #cma #audit #business #compliance #technology #einvoice #ewaybill

In GST regime related party transactions has emerged as one of the key issues of dispute, especially since they are treated as supply regardless of presence of consideration. Inevitably in the course of any investigation/audit carried out by the GST department, related party transactions attract closer scrutiny. This article delves into the complexities around GST implications on such transactions, including chargeability, valuation, and recent clarifications by CBIC. Few prominent issues analysed in this article are - (a) Corporate guarantees, (b) Right to use of brand names, and (c) Secondment of employees. Against this backdrop, Our Partner Kumar Visalaksh and Senior Associate, Ashish Garg have co-authored an article, “𝗚𝗦𝗧 𝗼𝗻 𝗥𝗲𝗹𝗮𝘁𝗲𝗱 𝗣𝗮𝗿𝘁𝘆 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀: 𝗔 𝗖𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀”  which has been published in September Issue of The Chamber of Tax Consultants. Read the detailed article below

Dear Professional Colleagues, Please find attached an important case law along with its summary that will be instrumental in effectively managing GST departmental notices concerning Input Tax Credit (ITC). Understanding and staying updated with relevant case laws is crucial in navigating the complexities of GST regulations, particularly when it comes to ITC. This case law and its summarized insights will provide valuable guidance in responding to departmental inquiries and ensuring compliance with GST provisions. Best regards, CMA Rajani Kant Choudhary #gst #caselaw #gstupdates

In this informative session with CA Pranav Kapadia, we explore the latest amendments to CGST Rule 28 Retrospectively w.e.f. 26th October, 2023. The discussion starts with a brief introduction and quickly moves into a comprehensive overview of the new provisions added to the GST framework, circular nos. 204 and 225.  These updates have significant implications for how certain transactions are classified and treated under GST law, particularly focusing on corporate guarantees and their taxability. Watch here:  https://lnkd.in/d5F6Wj2T #GSTUpdate #CorporateGuarantee #InputTaxCredit #GSTLaw #TaxCompliance #Rule2802 #GSTAmendments #ITC #TaxationUpdate

🌐 GST Council Set to Meet in Early September? Key Issues on the Table! 🌐 ⏲ The upcoming GST Council meeting could bring significant changes impacting businesses across sectors. This meeting is one to watch from tax rate rationalization to dispute resolution. We've summarized the key points in this carousel to keep you informed. Dive in to understand what's at stake! 👍 🔍 Swipe through to stay ahead of the curve!  Send Us a DM for Personalized Finance Consultancy For Your Business. 📨 #GST #GSTNews #TaxUpdates #BusinessGrowth #Compliance #GSTCouncil #NirmalaSitharaman #GSTMeet #PrefaceVenture

#TaxmannAnalysis #GSTLitigation Missed Taxmann's Webinar on GST Litigation – Challenges and Solutions? Don't worry; we have got you covered! • PPT Link: https://lnkd.in/gi2A_BkD • Video Link: https://lnkd.in/gZHT8MCK [55 Mins | Watch Time] 📋 Coverage of the Webinar: ✔️ Comparing Input Tax Credit (ITC) between GSTR-2A and GSTR-3B ✔️ Denial of ITC when the supplier's registration is cancelled with retrospective effect ✔️ Time limits for availing ITC from the previous financial year ✔️ Challenges faced by taxable persons regarding cross-empowerment ✔️ Applicability of judgments of High Courts other than jurisdictional High Court ✔️ Q&A Session 📢 Speaker: • Satish Saraf – Practicing Chartered Accountant 𝐅𝐨𝐫 𝐃𝐚𝐢𝐥𝐲 𝐓𝐚𝐱 & 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐋𝐚𝐰 𝐔𝐩𝐝𝐚𝐭𝐞𝐬, 𝐅𝐨𝐥𝐥𝐨𝐰 '𝐓𝐚𝐱𝐦𝐚𝐧𝐧' 𝐨𝐧 𝐖𝐡𝐚𝐭𝐬𝐀𝐩𝐩: https://lnkd.in/dXuaSZhc #TaxmannUpdates #GSTITC #GSTR #GSTIndia

The GST Policy Wing has issued instructions and guidelines under Instruction No. 02/2024-GST, dated 12th August 2024. These guidelines pertain to the conduct of a second special nationwide campaign aimed at addressing and eliminating fraudulent GST registrations. Dates/Duration @ Drive = 𝟏𝟔𝐭𝐡 𝐀𝐮𝐠𝐮𝐬𝐭 𝟐𝟎𝟐𝟒 𝐭𝐨 𝟏𝟓𝐭𝐡 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 𝟐𝟎𝟐𝟒. It is pertinent to note that a similar drive was previously conducted during the period from 16th May 2023 to 14th August 2023. #GST #GSTUpdates #GSTReturns #GSTRegistrations #Taxation #IndirectTax #GSTIndia #CFO #BusinessuNews #bizupdates #TaxCompliance #TaxLaw #Compliance #Finance #Accounting #RegulatoryUpdates #LegalUpdates #FraudPrevention #SpecialDrive #TaxReforms #GovernmentGuidelines #IndiaBusiness #IndianEconomy #CorporateLaw

Our Deloitte Alert on recent notifications & circulars issued pursuant to the recommendations of the recent 53rd GST Council meeting. Some of the key changes/ clarifications are as under: 1. Valuation methodology of corporate guarantee provided to related party. 2. Form GSTR-1A (amendment return) notified for amending details of outward supplies reported in GSTR-1 for a tax period 3. Procedure for distribution of ITC through an ISD 4. Guidelines for recovery of outstanding dues, till Appellate Tribunal comes into operation 5. Post sales discount related certification/ self declaration process #GSTCouncil #IndiaGST #EODB All eyes now on the upcoming Budget where fine print relating to legal changes in GST law is awaited and thereafter, the expected next GST Council meeting in August 2024! Deloitte

Significant updates from the 53rd GST Council Meeting: reduced GST rates, simplified compliance, and sector-specific relief. #GSTCouncil #TaxReforms #EconomicRecovery #GST #rates #simplified #compliance #Meeting #updates