Breaking GST News: Latest Developments and Insights

GST News Roundup

Upcoming Deadlines and Events
* The Federation of Tax Consultants and Institute of Cost Management and Accountancy (ICMAI) are conducting the GST Appellate Tribunal (GSTAT) Outreach Programme to create awareness among taxpayers and professionals on filing appeals before June 30th.
+ The programme aims to educate taxpayers on the importance of filing timely appeals and the consequences of non-compliance.

Businesses and GST
* Businesses in India have begun to accept GST, with a survey revealing that many seek further reforms in the system. Some key takeaways from the survey include:
+ 95% of respondents agree that GST has improved compliance and transparency in tax frameworks
+ The e-invoice and e-way bill systems have been widely adopted, with businesses citing ease of compliance as a major factor
+ There is a growing demand for further reforms, including simplifying the return filing process and reducing the complexity of tax laws

GST Refund Rules and Updates
* The Union of India has recently passed a judgment stating that any restrictive amendments for filing refund claims cannot be applied prospectively and cannot curtail vested rights.
* Recovery proceedings cannot be initiated when a statutory appeal remedy is available and the time to file an appeal has not expired.
* Construction firm Westbank has been sued for unpaid work, including damages for breach of contract, payment for work, services, materials, change work, delay-related loss, and holdback, which includes GST claims.

GST Registration and EU Updates
* GST registration cancellation cannot rest on a checkbox alone; a business deserves a reasoned order for cancellation.
* The EU proposes to overhaul DAC7 marketplace reporting rules by 2028, which includes the development of an automated Tax Identification Number (TIN).
* The GST Appellate Tribunal's Chennai Bench has held its first hearing, strengthening GST dispute resolution and expanding access to justice for taxpayers.

Other GST Developments
* The Indian Institute of Chartered Accountants (ICAI) has released a revised handbook on finalization of accounts with GST perspective, covering topics such as GST refunds claimed versus refund receivable balances and turnover, and the importance of accurate accounting entries.

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