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PAN cards will now be issued online and instantly in India by the Income Tax Department. This is a good move towards digitalization of services by the Income Tax Department. Applicants will not need to fill out an application form and submit the required documents manually as now the income tax department would procure the […]
Supreme Court Stayed Punjab Haryana GST Tran 1 Form Orders In a recent turn of event, the supreme court has stayed the orders of Punjab and Haryana high court which had asked the GST department to reopen the facility of filing and revising the GST TRAN 1 form in both manual or electronic format. Goods […]
The current scenario showcases the worst economic phase ever-witnessed in the last 20 years. The demand is adversely affected not only in the urban areas but also in rural areas to an extent never expected, while the economic recuperation is anticipated to happen in the year 2021. According to the report by Centrum brokerage firm, […]
Child adoption fee, paid by the soon-to-be parents does not come under the purview of Goods and Services Tax, according to the Maharashtra bench of the Authority for Advance Rulings. Since the adoption agencies do not provide any services that may promote their operations and children can also not be treated as goods, the imposition […]
The state of Jammu & Kashmir has been bifurcated into two Union Territories – Union territory of Jammu and Kashmir and Union territory of Ladakh. According to the Table II, in column (3), in serial number 51, of the concerned notification by the government of India, dated 19th July, 2019, the words “State of Jammu […]
Lowest rate offered by the supplier may not be heart balm for you if you dig his yesteryear tax payment deeper. Low rates offered by your supplier turn into a piece of unfortunate news for you if you are a GST registered businessman and your supplier is a defaulting taxpayer or he doesn’t pay taxes […]
Uttar Pradesh has presented its expenditure plan for the next five fiscal years to the 15th Finance commission. The plan estimates a loss of Rs 13,500 crore when revenue also did not remain untouched. Losses germinating since the implementation of Goods and Services Tax (GST) will ripe itself to approx Rs 13,500 crore in 2022-2023. […]
According to reports, the government is under a heavy onus of fiscal deficit. Apart from this, the growth rate has been steadily decreasing and investors have not yet invested as much as is anticipated. Budget preparation has already begun and there are many challenges before the government, such as the slowdown in the growth rate […]
Experts have recommended the unification of multiple tax rate slabs under the indirect taxation system in India, quoting the example of Singapore – an island city-state which has one tax rate under GST. Multiple tax rates in India leads to ambiguity and upsets the compliance whereas one tax rate simplifies the adherence to the tax-related […]