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The Madras High Court ruled that the last date to upload GST TRAN 1 for pursuing credit and correction of the credit should not be the same. The applicant, M/s.Interplex Electronics India Pvt. Ltd has strived for the respondents to credit the amount, for the input tax credit (ITC) of Rs. 16,21,227 and Rs. 4,24,136 […]
For eliminating the issues, the Rajasthan State GST department would have issued a circular for the verification of the application for the grant of the new GST registration. In the issued circular, any business entities registered under the GST law rendered that taking a unique GSTIN number via the related tax counsel for collecting tax […]
New compliance for the income tax dept assessing officer has been announced by the Central Board of Direct Taxes (CBDT) so as to diminish the errors in the procedure and raise the faceless assessment system for the assessee. As per the decision, the assessing officer (AO) shall be needed to issue a show cause notice […]
Through the motive to make it effective for the one’s income assessees, the centre would work to rectify the 2-year former exceptions free income tax regime, furnishing fewer tax rates post to the failure of the new system to attain the benchmark. Finance Ministry, seems to remove the old personal income tax regime, that provides […]
Finance Ministry before the Supreme Court, timeline extension to open a special window for filing transitional credit claims by 30 days, as it feels GSTN has limited time to perform the amendments in the portal to ease filing. The IT support of GST, GSTN functions as a portal for furnishing the returns, incurred to claim […]
In the recent ruling by the AAR, there is a lot of relief for all the corporate individuals as well as for the companies as now the tax credit on the goods and services tax can be availed on the upfront lease premium. In the previous scenario, the same was not allowed to be taken. […]
18% GST would be imposed from 18th July 2022, on the lease rent furnished for the rental residential dwellings to enrolled individuals beneath GST. The amendment is on the suggestions of the 47th GST council meeting, conducted on 29th June 2022. For learning the revisions for the common man on the basis of the change, […]
The industry, specifically for the segment of auto components, needs to worry since the Apex court has refused to review the petition furnished by the finance ministry on the classification of goods on the grounds of the harmonized system of the nomenclature (HSN) codes. The same case is concerned with the excise duty, however the […]
A show cause notice was issued to the assessee for running a bogus company and missing a bogus ITC of Rs 26.53 cr. on 1st June 2018, the related dept refused the same enrollment. The assessee gives his statements on the date of 7th June 2018 and 6th July 2018 to the Directorate of Revenue […]
