@abhishekrajaram's Latest X Threads

🤔 𝗚𝗦𝗧 𝗖𝗼𝗺𝗽𝗲𝗻𝘀𝗮𝘁𝗶𝗼𝗻 𝗖𝗲𝘀𝘀: 𝗪𝗶𝗹𝗹 𝗶𝘁 𝗦𝘁𝗮𝘆 𝗼𝗿 𝗪𝗶𝗹𝗹 𝗶𝘁 𝗚𝗼? 🤔 The Group of Ministers (GoM) on GST compensation cess met yesterday to discuss the potential merger of the cess into the GST. No decision was reached, and the GoM will meet again in November. 📅 𝗕𝗮𝗰𝗸𝗴𝗿𝗼𝘂𝗻𝗱: The compensation cess was introduced in 2017 to compensate states for revenue losses incurred following the implementation of the GST. It is levied on certain luxury, sin, and demerit goods, in addition to the 28% tax rate. With the compensation cess set to expire, states are looking for clarity on how they will be compensated for future revenue losses. Some states have referred back to discussions from 2016, when it was suggested that the cess could be merged into the GST. ❓ 𝗪𝗵𝗮𝘁'𝘀 𝗡𝗲𝘅𝘁? It remains to be seen what the GoM will decide. However, the outcome of their discussions will have a significant impact on the future of the GST. Stay tuned for updates! #GST #compensationcess #taxation #India #futureofGST

𝗖𝗘𝗦𝗧𝗔𝗧 𝗡𝗲𝘄 𝗗𝗲𝗹𝗵𝗶 𝗥𝘂𝗹𝗶𝗻𝗴 𝗼𝗻 𝗗𝗲𝗺𝗮𝗻𝗱 𝗳𝗼𝗿 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗧𝗮𝘅 𝗼𝗻 𝗙𝗿𝗲𝗶𝗴𝗵𝘁 📢 The Tribunal held:

𝗖𝗘𝗦𝗧𝗔𝗧 𝗔𝗵𝗺𝗲𝗱𝗮𝗯𝗮𝗱 𝗥𝘂𝗹𝗶𝗻𝗴 𝗼𝗻 𝗖𝗘𝗡𝗩𝗔𝗧 𝗖𝗿𝗲𝗱𝗶𝘁 𝗳𝗼𝗿 𝗧𝗲𝗹𝗲𝗰𝗼𝗺 𝗧𝗼𝘄𝗲𝗿 𝗜𝗻𝘀𝘁𝗮𝗹𝗹𝗮𝘁𝗶𝗼𝗻 📢 The Tribunal held: "CENVAT credit is available on goods related to the supply and installation of telecom towers."

𝗖𝗘𝗦𝗧𝗔𝗧 𝗖𝗵𝗲𝗻𝗻𝗮𝗶 𝗥𝘂𝗹𝗶𝗻𝗴 𝗼𝗻 𝗧𝗗𝗦 𝗮𝗻𝗱 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗧𝗮𝘅 📢 The Tribunal held: "TDS deposited to the Income Tax Department in relation to payments made to foreign service providers over and above the invoice value is not liable to service tax."

𝗚𝗦𝗧 𝗖𝗹𝗮𝗿𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 𝗮𝘀 𝗽𝗲𝗿 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝗿 𝗡𝗼. 𝟮𝟯𝟰/𝟮𝟴/𝟮𝟬𝟮𝟰 📢 The Ministry of Finance issued key clarifications on the applicability of GST following the 54th GST Council meeting held on 9th September 2024.

𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝗖𝗚𝗦𝗧 𝗥𝗮𝘁𝗲 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁𝘀 – 𝗠𝗶𝗻𝗶𝘀𝘁𝗿𝘆 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 📢 The Ministry of Finance has issued Notification No. 05/2024-Central Tax (Rate), which introduces amendments to the Central Goods and Services Tax (CGST) rates under Notification No. 1/2017-Central Tax (Rate).

𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼. 𝟬𝟯/𝟮𝟬𝟮𝟰 - 𝗖𝗲𝗻𝘁𝗿𝗮𝗹 𝗧𝗮𝘅 (𝗥𝗮𝘁𝗲) 📢 The Government of India has announced:

𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗼𝗻 𝗚𝗦𝗧 𝗥𝗮𝘁𝗲𝘀 𝗳𝗼𝗿 𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗖𝗼𝗺𝗺𝗼𝗱𝗶𝘁𝗶𝗲𝘀 📢 The Government of India revises GST rates and classifications:

🚫📋 𝗠𝗮𝗱𝗵𝘆𝗮 𝗣𝗿𝗮𝗱𝗲𝘀𝗵 𝗛𝗖 𝗤𝘂𝗮𝘀𝗵𝗲𝘀 𝗚𝗦𝗧 𝗥𝗲𝗴𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻 𝗖𝗮𝗻𝗰𝗲𝗹𝗹𝗮𝘁𝗶𝗼𝗻 𝗗𝘂𝗲 𝘁𝗼 𝗜𝗻𝗮𝗱𝗲𝗾𝘂𝗮𝘁𝗲 𝗦𝗵𝗼𝘄 𝗖𝗮𝘂𝘀𝗲 𝗡𝗼𝘁𝗶𝗰𝗲! 📋🚫

𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗼𝗳 𝗧𝗮𝘅 𝗖𝗹𝗮𝘀𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗚𝗮𝘀𝗲𝗼𝘂𝘀 𝗖𝗼𝗺𝗺𝗼𝗱𝗶𝘁𝗶𝗲𝘀 📢 The Government of India updates GST classifications: