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A GST expert CA Sunil P Jain mentioned that the traders and the tax consultants are suffering from the issues in CGST departmental audit as towards the GST law various discrepancies are there, and in other cases, it is found even in the departments. Various meanings are assumed, and the business found it difficult to […]
July 31, 2024, will be the due date to file the ITR unless it gets postponed through the government’s guidelines. The last date is applied for the person whose accounts are not needed to get audited. According to the norms of the income tax laws, the employers are needed to provide Form 16 to the […]
To lessen the tax for the tour and the hospitality sector, the GST council’s fitment committee recommended imposing the tax on the margins incurred by the tour operators at an appropriate rate. A 5% GST would be imposed on the total tour cost without any utility of the ITC. The panel recommended a regularisation of […]
The clarifications seek the applicability of the demand and the penalty provisions on the transactions invoicing the bogus invoices. The GST officials in their next week’s meeting seem to acknowledge a proposal to draw clarity on the actions with respect to the entities engaged in Input Tax Credit claims that becomes a bigger source of […]
Form 16 would be an essential document for the salaried class people. They assist the employees to find out the total taxes that would get deducted from their salary income, the gross salary which would be furnished in the fiscal year, tax-exempt allowances, and others. According to the income tax laws, a person should obtain […]
A group of ministers (GoM) verifying the GST rates would ask for the elimination of the exemptions on given services, which consists to remain in cheap hotel rooms, hospital rooms exceeding a tariff limit, and the service given by the financial sector and the food safety regulators. Concerning the increase in the revenue-neutral rate (RNR) […]
The Rajasthan Bench of Authority of Advance Ruling, secured with Vikas Kumar Jeph and M.S. Kavia held that GST would not be subjected to pay on the goods movement between the two units working beneath the identical GSTIN. The petitioner performs the business of manufacturing Thermocol, PET Bottles, Tableware, Kitchenware & Tiffin, Toilet ware, Plastic […]
In this post, we have completely summarised section 15(3) of the Central Goods and Service Tax Act 2017 which is concerned with the treatment of discounts under GST. Below, we discussed the various aspects of the supplied value which is not considered for the discount, and also understand section 15 (3) for a better perspective: […]
Through the GST, the goods and services are categorized in the Nil Rated, Exempted, Zero Rated, and Non-GST supplies. Let’s see what is the difference between them. Latest Update 09th August 2022 After the implementation of GST in India, Bihar and Uttar Pradesh have the highest digit of active and registered taxpayers who have paid […]
