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Search results for: input tax credit

Important GST Changes in Budget 2022

Must-know Important GST Amendment in Union Budget 2022-23

Everyone was concerned about the union budget 2022 and now it is finally out. FM Nirmala Sitharaman reflects various reasons for an effective future. The budget speech and the economic survey in 2021 show the economic revival of the country after the pandemic. Also, the deficiencies have been diminished, revamp in the foreign exchange reserves, […]

GST - FIPI Expectation for Natural Gas in Budget 2022

FIPI Demands GST Rationalization of Natural Gas in Budget 2022

The government must draw the natural gas under GST compliance to discover the vision of the PM Narendra Modi on the subject of the economy of the gas and making the environment friendly fuel for India, the industry council that shows the likes of the Reliance Industries and the companies owned by the state. Natural […]

Bombay HC Notice Over Blocking of ITC

HC Circulates Fresh Notice to Center & MH Govt for GST ITC Blocking

The Bombay High court has provided the notices to the centre and Maharashtra government in context to the applicant where the subject seeks to announce as unconstitutional a provision in GST laws that provides the authority with a power to restrict the input tax credit (ITC) on the contract services inside the real estate. The […]

GST Compliance Guide for E-commerce Operators

Simple GST Guide to Reg, Returns, TDS/TCS for E-commerce Operators

There is no doubt that the online business or selling from the e-marketplace does not only become the most famous channel of running the business however this channel of selling or running the business becomes unavoidable for any business if the same needs to survive and raise in the coming years. The same provides the […]

Future Announcements in Upcoming 4th Budget

Significant Announcements May Happen by Upcoming Budget 2022

FM Nirmala Sitharaman would present her 4th Budget for India. In the ongoing pandemic, inflation is rising and the coming budget 2022 seems to disclose actions to mitigate the Covid-19 impact on the economy. At this time FM Sitharaman was required to raise more resources via taxes and non-tax revenues. But experts and salaried class […]

GST E-waybill and E-invoice Overview for Retailers

Smart Guide of GST E-invoice & E-WayBill for Retail Traders

In India, any retailer coming under the turnover range of INR 50 Crore to 500 Crores (and more) must have to follow the below compliance as per the GST Act: Real-time GST E-invoice (SEZ, B2B) GST Credit Note/Debit Note (B2B, SEZ) GST Invoice (B2C) Bill of Supply (B2B and B2C) Dynamic QR Code for 500 […]

MH AAAR Judgment for Cummins India Limited

MH AAAR: Head Office Can’t Claim GST ITC on Common Services

Does the chief executive of large companies headquartered in Mumbai towards the firm or just the head office? Are there any common expenses like salary, marketing, branding, or legitimate expenses be circulated to the branch offices or taken by head office only? In a recent ruling via appellate authority for the advance ruling (AAAR) mentioned […]

Must File GSTR 1 on Time from 2022

Timely e-File GSTR 1 Form from 2022 to Avoid GST Litigation

What is the Amendment Circulated via Govt in Filing GSTR-1 & 3B from 1st Jan 2022? Earlier taxpayers (Supplier) were unable to furnish GSTR-1 or practice the IFF on the GST portal if they had due GSTR-3B filings for the past two months (monthly filer) or for the last quarter (quarterly filer) as per CGST […]

GST on Electricity via NTPC Report

More Than INR 5,000Cr Loss If 5% GST Levy on Electricity

A proposal to draw the electricity under the GST regime will make a loss of Rs 5780 cr towards both centre and state. In the report, a 5% GST rate would be recommended for electricity. In the case when all the current electricity duties are included in GST the losses surge to Rs 59000 cr […]

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