GST Updates: Legal Insights for Compliance in India

Goods and Services Tax (GST) is India's indirect tax system, unifying multiple taxes under one framework

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GST is governed by the Central Goods and Services Tax Act, 2017, and associated state GST Acts

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Key GST components include CGST, SGST, IGST, and UTGST, each with unique rules and compliance

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GST applies to goods, services, or both, based on transaction location and value thresholds

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Businesses with annual turnover exceeding ₹40 lakh (₹20 lakh for services) must register under GST

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GST rates range from 0% to 28%, based on product type, with additional cess for luxury and sin goods

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The GST regime mandates filing monthly, quarterly, and annual returns as per applicable laws

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Legal non-compliance with GST attracts penalties under Section 122 of the CGST Act, 2017

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Input tax credit misuse or fraud can lead to fines, imprisonment, or both under Section 132

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GST disputes are resolved through tribunals, courts, or the Alternative Dispute Resolution mechanism

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Amendments to GST laws are frequent, necessitating constant legal vigilance by professionals

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