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In the current hearing of M/s Neva Plantation Private Ltd. vs. ACST-cum-Proper Officer North Enforcement Zone, Palampur, the Himachal Appellate Authority commanded penalty for the taxpayer in accusation for not covering all the documents (i.e. not generated E-way bills) while transporting the goods. The appellant is a private firm registered under the name M/s Neva […]
In Bhopal, a total of 75 thousand registered traders accused of making delayed GST payments are now in the eyes of the Central Board of Indirect Taxes and Customs (CBIC). Currently, such taxpayers in the capital have received notices from the CBIC. Out of 75 thousand traders, 50 thousand owed more than Rs. 300 crore. […]
Paying heed to the current analysis given by the Income Tax Department on Thursday only 1.46 crore people in the country are under tax-paying net. The said analysis is the affair of the day following the statement of country’s Prime Minister Mr. Narendra Modi who said that out of 130 crore people only 1.5 crore […]
The Maharashtra Authority of Advance Ruling (AAR) received the application from the manufacturer of the transformers that were supplied to Indian Railways stating that the transformers are included under HSN‘8504’ and Sr. No. 371 of Schedule III of the notification 1/2017, that invited the levy of Goods and Service Tax (GST) at 18%. The applicant […]
Adamant to revive the GST collection, the government has now designed the roadmap that will lead them to gather Rs. 46,000 crores under interest on late payments. Protesting against the decision of the government, tax experts said that at the time of GST (Goods and Services Tax) implementation when the government was making taxpayers switch […]
The Bengal State government introduced the amnesty scheme aimed at settling the taxes incurred in the pre-GST era i.e. under VAT, central sales tax and entry tax. The much similar phenomenon was seen in the Centre’s amnesty scheme namely ‘Vivad Se Vishwas’ that got its recognition in the Union Budget introduced on 1 Feb 2020. […]
Non-compete agreements between sellers and buyers are now under the tax levy net. Such agreements come into effect when the seller assures the buyer that it will not come in competition with the buyer for a designated period of time. Already received by several private equity firms, strategic investors and others who have purchased businesses […]
The panel head and Finance Minister Nirmala Sitharaman declared that there will soon be alterations in the GST rates for various goods and services that are expected to be the yearly affair rather than a subject of frequent amendments. Further stating strong defiance against the process of frequent amendments in GST rates she said that […]
The GST Council has recently shown a green flag to the e-invoicing or electronic invoicing commencement in a phased manner. The mechanism is an advanced level Business reporting model through which all the B2B invoices are directly communicated to the main GST System. Prior to its commencement, the new e-invoicing mechanism was discussed upon by […]