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All the Central Goods and Services Tax (CGST) commissioners and State Goods and Services Tax (SGST) commissioners were advised by National Anti-Profiteering Authority (NAA) to ensure that the eligible buyers of flats and apartments are getting the Profiteering Amount and were ordered to submit a report of compliance within 4 months from the receipt date […]
NAA which stands for the National Anti-Profiteering Authority has recently directed DGAP to investigate profiteering allegations on the supply of construction services under Pradhan Mantri Aawas Yojna (PMAY). The first applicant had filed a petition before the Standing Committee on Anti-profiteering stating that “the Respondent had resorted to profiteering in respect of the supply of […]
Businesses dealing with the levy of around Rs. 46,000 crores as interest on delayed GST payments are expected to get some relief as the GST council is proposing to calculate interest on their net tax liability and with a retrospective effect. Finance Ministry has not yet concluded how much shall be accumulated from the assessee. […]
The new indirect tax, GST (Goods and Services Tax), has been in the economy for more than two and a half years now. It was launched claiming that its implementation will be beneficial for the economy and will bring smoothness in the process of tax payments, but the micro, small and medium scale industries (MSMEs) […]
What is GSTR 9? GSTR 9 is filed mentioning the complete information of the transactions done by the taxpayer in a particular Financial year. The form is a consolidated annual form and has details of the inward and outward supplies made/received by the taxpayer in the previous year under tax heads like CGST, SGST, IGST […]
February’s Goods and Service Tax contribution to the national treasury stood at Rs. 1.05 lakh crore which is still less than the targets pre-assumed by the government. Though the GST collection was not up to the targets of the government (i.e. Rs. 1.15 lakh crore for Feb month), it was able to gross 8% more […]
The Chhattisgarh High Court has stated very clearly that the writ benefit cannot be extended to those indolent persons who sleep over their rights and duties without any convincing explanation and justification, and now when the due date has been ended, woke up from slumber and reached the high court trying to get relief without […]
Budget 2020 recently introduced by Finance Minister Nirmala Sitharaman incorporates a law related to lowering the income tax rates. The law is imposed on a voluntary basis and can be exercised at the time of furnishing the Income Tax Return (ITR) Read the easy guide on e-filing of IT return online in India. Step by […]
In Bhopal, a total of 75 thousand registered traders accused of making delayed GST payments are now in the eyes of the Central Board of Indirect Taxes and Customs (CBIC). Currently, such taxpayers in the capital have received notices from the CBIC. Out of 75 thousand traders, 50 thousand owed more than Rs. 300 crore. […]
