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Businesses are preparing their systems for the commencement of petrol GST e-invoicing. Amidst the resonance of e-invoicing all over the nation, a specific relaxation to e-commerce companies could be seen. The giant e-commerce hubs such as Amazon and Flipkart might get the grant to upload e-invoices on behalf of their registered suppliers under Goods and […]
The mobile handset manufacturing industry seeks alteration in the GST rates applicable to the Internal Parts and Accessories of mobile phones. A lower GST percentage i.e. 12% is sought by the manufacturing arena on mobile parts and accessories making it go hand in hand with the GST rates on the finished product. According to the […]
Goa government is all set to enter the year 2020 with strict augmentations to curb tax evasionTax sleuths have planned a fresh crackdown on traders practising tax evasion of Goods and Services Tax (GST) by pursuing new registration for their businesses and growth in the percentage of the state’s revenue. The meeting headed by State’s […]
Circulars released on 30 December 2019 show increase in the GST rates on woven and non-woven bags plus the sacks of polyethene. The changes were recommended in the 38th GST council meeting related to the items falling under HSN 3923/6305. As a result of recommendations by the council, the Central Government made the amendments and […]
Paying heed to the issues stated by the stakeholders, the due date of filing companies’ CRA-4 (Cost Audit Reports) for Financial Year 2018-19 (as per Company Act 2013) has been extended till 29.02.2020 from 24.10.2019 respectively. All such compliance before 29 Feb will be submitted without any additional fees paid by applicant companies. The extension […]
The total of 245 Star Export Houses and 5,000 other exporters went alienated from claiming their shares of Input Tax Credit (ITC) from the government due to taxman’s heavy investigations. On the other hand, amidst the existing exports decline, merchandise exports declined by 0.34% year-on-year in November consistently for the fifth time in the past […]
Central Board of Direct Taxes (CBDT) in its current notification has declared to extend the due dates of filing returns in response to tax notices received by the taxpayers u/s 142(1). The step is determined to provide taxpayers and other concerned professionals relief from sudden compliance and allotting them enough time to sort their legal […]
The decision of the panel has caused fear for various industries as this will further block the cash flow of businesses amid their existing struggle with finances in times of economic slowdown in India. The proposed clause goes on like if taxpayer has paid Rs. 1,000 as taxes to the supplier in lieu of the […]
The ongoing concerns of the startups are related to equalization levy and tax on employee stock ownership plans (esops). These budding businesses are now seeking clarifications from the government related to some key tax issues which will directly/indirectly affect their sales and profits. The issues came in the limelight when companies discussed the same in […]