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Amidst the second corona pandemic wherein the life of hundreds of people, constituting a large proportion of people was ruined and devastated and consequently, the economy was hit, The GST revenue exchequer of the government for May 2021 was nearly Rs 1,02,709 lakh crore.— It slipped from April 2021 which was Rs 1.41 lakh crore. […]
The Income Tax Appellate Tribunal has ruled that the affidavits received by tax authorities from Family Member are sufficient to prove that the Cash Gift is genuine. Here in this case, the assessee, Dheeraj Thakran is an individual and his sources of income are from: Rent Profession And other sources. And he has already filed […]
The Government of India has, in the wake of the second wave of the Corona Pandemic, extended the dates of various compliances by Taxpayers under GST vide a list of following notifications. In essence, it is an extension of GST due dates for various categories of businessmen/entrepreneurs. The dates mentioned are foolproof — information related […]
The Central Board of Indirect Taxes and Customs, as per guidelines and instructions of the Government of India, has notified that the Land Owner Promoters can obtain GST paid to Developers on Sale of Land. Earlier, on May 28, 2021, a 43rd GST council meeting Smt @nsitharaman will chair the 43rd GST Council meeting via […]
The Central Board of Indirect Taxes and Customs (CBIC) has finally notified easing of Interest Rates levied on businessmen for the delay in the filing of GSTR 3B Return. The aforesaid decision was taken on May 28 in the 43rd meeting of the GST Council Smt @nsitharaman will chair the 43rd GST Council meeting via […]
The message about ‘economic activity during lockdown’ is clear. Tax exchequer is in direct proportion to the volume of economic activity undertaken in a particular period of time. Things are worse than the previous month but better than the lockdown of the first Corona Pandemic in the same month of 2020. The restrictions that have […]
The GST council, in a recent meeting, has put a clarification on the grey area that annuity paid for ‘service provided in the form of access to a road or a bridge shall be exempted from GST. In India and most of the developing economies across the globe, Road construction projects are operated by the […]
This phenomenon is a sensitive and burning issue in the GST since its inception and implementation in the year 2017 “Whether the recipient are required to reverse their Input Tax Credit (ITC) due to mismatch of 2A or due to non-submission of GSTR 1 or GSTR 3B by supplier” As per Section 16 (2)(c) of […]
The Government of India, on Monday, declared that the deadline for filing monthly GST sales returns for the month of May has been extended by 15 days to June 26. In the 43rd meeting of GST council Smt @nsitharaman will chair the 43rd GST Council meeting via video conferencing at 11 AM in New Delhi […]