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Under Sections 50 to 63 of the Customs Tariff Delhi high court has discarded the appeal for compensation of 5% of GST on every type of fabrics Grab the information of revised GST slab rates on consumer products in India, Although GST council finalized the slab rates like 5%, 12%, 18% and 28% as an […]
Sometimes the taxpayer makes some ITR filing mistakes and may also miss some important details to fill in the income tax return form, and this fact has obliged the IT department to come up with a solution. Now taxpayers can make corrections in their ITR filing through the IT department’s E-filing portal within a specified […]
The CEO of GSTR-3B and GST network said that the businesses who are getting registered with GST will fastly get the return form. “We are moving towards providing taxpayers with a pre-filled GSTR-3B form GST council decided GSTR 3B filing until March 2019 in the 27th meeting. We researched and published some interesting points that […]
21 states have chosen the borrowing option from the centre to fill the shortfall of GST in between the coronavirus pandemic. This is called option 1 in which these states will be allowed to borrow the amount estimated Rs 97,000 crore through issuing the debt under the special window done through the finance ministry. The […]
An income tax return (ITR) will be furnished when the income from all sources will (without giving effect to exemptions under section 54/54F or deduction under chapter VI A) exceed the highest value not liable to the income tax. One seeks to see the difference in income arising from all the sources before filing ITR […]
In April and August of the current year, the Goods and Service Tax GST revenue sees a sharp decline of 30.4% in comparison to the last year. On September 14 the centre states that around Rs 2.72 lakh crore was the GST revenue between April and August 2020-21, and that was 3.90 lakh crore in […]
CBDT has reduced the tax of District Mineral Foundation Trusts which has raised the offering from leaseholder to the foundation, interest on delayed return, fines, interest on the funds, saving bank accounts, and that collected from excess reserves invested in a term deposit. The Board has defined provisions for availing the privilege. the Trust is […]
Section 194-O has inserted that normally explains the applying 1% tax deducted at source (TDS) on the amounts made to E-commerce Members, which shall be suitable for the transactions from 1st October 2020 onward. The residents and non-residents e-commerce operators will be applicable to make the payment under section 194-O in context to the sale […]
In the monsoon session of parliament, the GST administration was divided from politics, after the opponent ruled the state governments turned down the option of borrowing chosen by the central government at the cabinet meeting last month. The suggestion has been rejected by the opposition ruled states who try to fulfil temporarily through borrowing, however, plans […]