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A couple of weeks has been given to the Punjab and Haryana High Court Bar Association by the UT excise and taxation department for the submission of details of the revenue that the bar generates from its business establishments including the shops and paid-parking being operated by it. Parking-lot services and rental income attracts a […]
It’s been a few days left for the Union Budget 2020 presentation to take place in Parliament and the trade body Federation of Indian Chambers of Commerce & Industry (FICCI) has put forth another proposal. FICCI is sighing for excise duty benefits for the producers in the petroleum sector What will the scenario if petrol […]
Infosys – the company which provides IT services for GST, was called upon by the Finance Ministry to present the clarification in reference to grievances about the IT system of Goods & Service Tax (GST), on Friday. As per the FinMin sources, CN Raghupati, Senior Vice-President of Infosys and V Ranganathan, Vice-President were summoned by […]
GSTR 9C is a statement of reconciliation among the Annual Returns in GSTR 9 filed for a Fiscal Year and the figures based on audited annual Financial Statements of the taxpayer. Every registered individual whose aggregate turnover during a fiscal year is more than INR 2 crore must get his accounts audited as prescribed under […]
Here comes another addition to the Budget 2020 wishlist which seeks GST rate cut on BS-VI vehicles to 18% and behests for the announcement of an incentive-based scrappage policy, by the Society of Indian Automobile Manufacturers (SIAM), an industry body for automobiles. Further, pleas have been made by the industry body from the Finance Minister […]
A GST credit of approx INR 40,000 crore has been iced-up by the Central Board of Indirect Taxes and Customs (CBIC) on the grounds of GST returns mismatch Over the past months, many businesses in the country have received GST notices. There are around 34% mismatches or less GST payment, concluding the deficit. The departments […]
Besides, the extension of FAME-II advantages to e-bicycles was also sought by the Hero Cycles. “The budget must focus on reviving slumping demand across the country through a series of measures including re-adjusting GST slab rate to put more disposable income into the hands of people,” stated Pankaj M Munjal, Chairman, Hero Motors Company (HMC). […]
Goods and Services Tax (GST) rate cut has been sought for the white goods by the concerned sector from the Budget 2020 along with the incentives for manufacturing goods locally from the same. “Make in India” incentives are sought for the consumer durable from 1st February i.e. with the application of the Budget in order […]
The new schedule has brought news for small traders and businessmen as it announces a bit extra time than the larger business entities to file returns for them. This announcement was made by the government on Wednesday with an intention to scale down pressure on the IT system. According to the new schedule of return […]