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A panel of officers aimed to improve the current condition of the good and Service tax (GST) has received a suggestion to replace the current slab scheme with a new slab scheme by putting two slabs of 10% and 20% and an additional third slab for sin and luxury goods. Currently, the committee has not […]
Director Identification Number (DIN) has was introduced in India with the Companies Amendment Act, 2006. DIN Number is an 8 digit unique number that is required for any existing or proposed Director of a Company. Recently the Central Board of Indirect Taxes and Customs ( CBIC ) has enhanced the reach and use of Director […]
On Monday, 23rd December 2019, Sushil Kumar Modi Bihar Deputy Chief Minister and the convenor of Group of Ministers (GoM) on integrated GST stated that- ” The Goods and Services Tax (GST) Council is examining the validity of 66.79 lakh new registrations.” In a conversation with reporters after the meeting of the Group of Ministers, […]
As per the recent update, the government is planning a beneficial step for companies undergoing resolution process under the IBC. IBC is an acronym for Insolvency and Bankruptcy Code. There is some talk going on between the Ministry of Corporate Affairs and Department of Revenue (DoR) and a framework is expected to be revealed soon. […]
As per a recent survey report, brands are acting sluggish in providing the benefits of GST rate reduction to the consumers. The report also stated that consumers also want to want anti-profiteering investigation should not be limited to just the product that has been complained about. This consumer survey is conducted by local circles about […]
GST Council 38th Meeting concludes on 18th December 2019 under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman. The meeting was also attended by Anurag Thakur (Union Minister of State for Finance & Corporate Affairs) and Finance Ministers of States & UTs and some senior officers of the Ministry of […]
The Delhi High Court has sought a response from the Center Government on a petition filed against only 20% input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India on missing invoices in GST. The petition with […]
The news suggested that GOI is planning to increase the GST rate As per the recent update, The central government is planning to do changes in the slabs of Goods and Service Taxes (GSTs) soon. As per the rumors on various goods, in the same matter, the GST council is scheduled to meet on December […]
According to a recent update, a contention related to GST and taxman’s power has reached the Delhi High Court. Promoters of companies which are suspected in evasion of Good and Services Tax (GST) are now knocking the door of the high court. Several promoters have filed a petition against the validity of GST statutory provisions […]