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The government is planning to allot a bit of GST relief to SEZ (Special Economic Zones) for their supplies to Domestic Tariff Area (DTA), declared by a Finance Ministry Official. Above that, the GST department is planning to give some concessions to MSMEs that qualify for the composition dealer category so that they are taxed […]
As directed by the Finance Ministry, the employer is liable to deduct the TDS from the salaries of their employees according to the new lower tax regime if opted by the employee. A new tax regime with lower rates was rolled out by the government on a voluntary basis to facilitate the taxpayers. Though the […]
FICCI writes a letter to FM Nirmala Sitharaman highlighting the saturated position of the business service segment due to the COVID-19 outbreak in India. The business association (FICCI) stressed upon the urgent need for relaxations like GST rate cut, PF contribution support for the business service segment. The sector having the total employee accumulation of […]
The government keeps on amending and updating the provisions related to different types of taxes. The reason could be anything, but in most cases, the changes are made for the ease of the taxpayers. In this article, you will get to know about such amendments related to GST Update. Goods and Services Tax (GST) in […]
Central Board of Indirect Taxes and Customs (CBIC) on 31st March 2020 released a circular with No.135/05/2020 in Subject of Clarification on refund related issues-Reg. The Circular actually provides clarification on some of the issues relating to GST refunds which have been received by Various representations. In order to clarify all the reported issues and […]
The government has suggested some amendments to be made in the Goods and Services Tax (GST) to counter the increasing number of frauds in exports. The reports of investigations conducted have found that a large number of exporters overestimate the exports in the records in order to claim higher amounts of Input Tax Credits (ITC) […]
The Bombay High Court said that the credits of Goods and Services Tax (GST) collected by the taxpayers are monitored by the Central Board of Indirect Taxes and Customs (CBIC). The board decides the time limit and way of the utilization of the credits. The experts said that as the HCs of Haryana, Delhi, Calcutta, […]
The Central Board of Indirect Tax and Customs (CBIC) declared clarification on the distribution of the Input Tax Credit for the cases of business reorganization like a merger, demerger, amalgamation, change in constitution or change in the ownership of the business mentioned under section 18 (3) of the Central Goods and Services Tax (CGST) Rules […]
The Centre has come up with amendments in the laws under section 164 of the CGST Act 2017 widely acclaimed as ‘The Third Amendment Rules 2020’ Modifications in the Rules made by the government: Mandating the Aadhaar Authentication Aadhaar authentication is mandatory for the grant of registration to businesses in India. As per the memorandum […]
