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Capital Good – Defined Under CGST Act 2017 As mentioned under section 2(19) of the Central Goods and Service Act 2017, Capital Goods under GST are termed as goods whose value is capitalized (recorded as an asset) in the Books of Accounts which can either be claimed by the assessee as the Input Tax Credit […]
The Chamber of Chandigarh Industries on Wednesday sent a written recommendation to Trade and Industry Administration, Chandigarh in general and MSMEs, in particular, stressing on extending 10% share in the gross revenue collection to dealers, businesses rather than giving freebies (relaxations) to the taxpayers, amid the corona crises. The statement also included the extension of […]
In India, the COVID-19 pandemic has adversely affected the Goods and Service Tax collection. GST collection for the month of March and April have considerably fallen along with the decrease in the number of electronic permits and GST e-way bill generation Know the details on blocking and unblocking e-way bill feature for non-filers of GST […]
The constant demand from the public has made BBMP extend the deadlines for availing a 5% rebate on property tax from earlier April 30 to current May 31, 2020. New due dates were announced nearly a month after the Directorate of Municipal Administration gave a similar extension to all the urban local bodies, excluding the […]
Commissioner of Customs and Central Tax (Appeals) via a recent notice announced to hold personal hearings (online) that could not be held physically due to COVID-19 lockdown. The circular issued by Commissioner of Customs and Central Tax (Appeals) related to the matter stated that the personal hearing that got canceled due to the nationwide lockdown […]
The Income Tax Department once again postponed the requirement for the companies to give the details of GST and GAAR in their audit reports. The department has deferred the compliance until 31 March 2021 which means until the said date all the GST registered companies Get to know the complete GST registration procedure online on […]
The National Anti-Profiteering Authority (NAA) recently gave its verdict saying that if the discount rate remains the same pre and post-GST reduction then it is not subject to profiteering. Here is the case of a reduction in the GST rate on Ceramics Glazed Wall Tiles, Printex Crema from 28% to 18% (valid under Notification dated […]
Sessions are to be held by the Economic Advisory Council of the Fifteenth Finance Commission on April 23-24 2020 regarding the current position and the revival of the Gross Domestic Product (GDP) growth The biggest tax reform i.e. Goods and Services Tax is now a part of Indian Economy. A new and unified tax structure […]
Nationwide lockdown that was announced due to increasing cases of COVID-19 in India has adversely affected revenue collections of April. As per the data, GST collected for the month of April is estimated to reach only 40% of the aggregate collection recorded in March this year as the entire Indian economy has come to a […]