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Clothing Manufacturers Association of India (CMAI), a textiles body, conducted a study and stated that the imposition of a standard GST of 12% on textiles proposed by the Center may increase prices of low-end garments by 6 percent will result in reducing demand, closure of 95,000 small units and 7-10 lakh job loss. The same […]
This is the time of year when employees of many firms start receiving requests to share details of their tax-saving investments with their employers. However, before that, you have to choose whether you want to opt for the new tax regime or the old tax regime. Budget 2020 has come up with a new tax […]
The Central Board of Direct Taxes (CBDT) has recently enabled the tax audit utility for taxpayers to file Tax Audit Reports (TARs) for the assessment year 2021-22. Income tax rules require certain taxpayers to get their accounts audited as per section 44AB. The limit was Rs 1 crore for tax audit before but now it […]
Even after 4 years of GST implementation and over a thousand notifications and circulars, we are still facing a lot of problems in GST on-site maintenance or in the department’s working. Due to the issues and continuous changes many times, businesses and professionals face a lot of problems. This is unfortunate to say that even […]
On Sunday 29th August 2021, the Finance Ministry has extended the last date for availing of the GST Amnesty Scheme, under which taxpayers were liable to pay a decreased fee for delay in filing monthly returns by 3 months till November 30. The GST Amnesty Scheme was introduced by the GST Council, headed by Nirmala […]
A short time ago, the Ministry of Corporate Affairs has released a separate form for Small Companies and One Person Company. As per section 92 read with the sub-rule (1) of rule 11 of companies management and the administration rules. The objective of the aforesaid move is to reduce the compliance burden on small companies […]
Nirmala Sitharaman finance minister has been chaired the 45th GST Council meeting at Lucknow city. The council members have discussed several issues such as states compensation and revision of GST rates on Covid essentials, petrol diesel GST applicability or not, and food delivery app applicability. The major discussion points for the council meeting are the […]
The income tax department launched the new website of Income Tax on June 7th, 2021. The website is having various technical problems since its launch. One of these is the problem related to ITR, Let’s know it in detail here. Various Errors Related to ITR People were excited about the new Income Tax website but […]
There are 16 bullet points we should keep in mind while mentioning HSN Code in GST Invoice from this FY means the financial year 2021-22. Mandating the mention of HSN code on all tax invoices was a major change business had to go through. Those 16 major points to consider in this new provision are: […]