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The government is looking upon reforming the set of provisions regarding tax that is allotted to the intermediary service providers (ITs) making it tax-exempt. Included in the list are services from BPO, export services, IT/IT-enabled services and various back-office assistance extended to foreign organizations. The issue will be a subject of discussion in the next […]
It is highly anticipated from the market experts that the GST council will increase the tax on mobile phones and fabric in the upcoming week. This action is likely to be taken from the government end in order to boost the revenue collection as well as correct the inverted tax structure. Presently, 12% GST is […]
The tax exemption list which earlier was believed to be small has considerably expanded and particularly towards the service side. To this, states have demanded a reduction in tax exemption, especially in the service sector, with some even supporting the simpler three slab tax structure. The tax exemption list will be a subject of discussion […]
The Goods & Services Tax Network (GSTN) has struck on some ideas to introduce in the new return filing mechanism which will be effective from the next fiscal year. Under this new system, separate due dates for return filing will be allotted to two different types of taxpayers (categorized based on annual turnover) to avert […]
Constitutional lawfulness of the National Anti-profiteering Authority (NAA) has been challenged by some real estate developers due to the absence of judicial members as a part of authority while condemning the interest levied by NAA on penalties. Around 50 real estate developers throughout India had received notices from NAA on account of not passing the […]
The 38th GST council meeting has been concluded with several major and minor changes in the GST rates as well as in the annual return filing due dates, penalty and ITC related provisions. Let us check out the complete amendments done under the finance minister Nirmala Sitharaman in the 38th GST council meeting. All Updates […]
Now the government has given another relief to the homebuyers by ordering the builders to return the additional GST taken from them. The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has recently ordered this to builders community. But on the contradictory, it has ruled down the issues that the homebuyers can claim the input tax […]
It is a Momento for all the businesses operating in India if the annual turnover of any business is more than Rs. 100 Crore then the supplier is required to generate the e-invoice for every sale. E-invoicing will be mandatory for such business from 1 April 2020. The provision will favour the tax government against […]
The composition levy scheme is an optional scheme for small taxpayers to reduce their tax burden in the easiest, legal and convenient way. It is a voluntary scheme by the Central Board of Indirect Taxes These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike […]
