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In recent weeks, Indian companies have received a surge of GST demand notices pertaining to situations where foreign employees have been assigned to work in India. This development stems from a landmark Supreme Court ruling that stipulates that the salaries of such “seconded employees” sent to Indian companies, which are reimbursed to the overseas entity, […]
During an event on Saturday, Finance Minister Nirmala Sitharaman stated that the North Eastern states have experienced a significant increase in their GST revenue following the implementation of the Goods and Services Tax (GST) in 2017. Sitharaman, speaking at ‘Conclave 2023,’ pointed out the favourable impact of the Goods and Services Tax (GST) on the […]
The taxpayer/applicant has been permitted to upload ITC-01 to enable him to avail of Input Tax Credit for shifting from the Composite Scheme to the Normal Scheme, Allahabad High Court rendered. The petitioner was originally enrolled in the Composition Scheme for the fiscal year 2022-23. However, due to a rise in their turnover during that […]
In India, Income tax forms 60 and 61 serve specific roles in financial transactions. Form 60 is utilized when an individual lacks a Permanent Account Number (PAN) and engages in specific transactions necessitating PAN. It functions as an affirmation of identity and location. For instance, if someone intends to open a bank account without possessing […]
In this post, we have discussed some of the key elements examined in the online Deloitte Survey 2023. The Goods and Services Tax (GST), introduced in July 2017 as India’s most substantial tax reform post-independence, has completed six years since its implementation. This reform has brought about noteworthy changes in businesses, enhanced supply chains, and […]
For managing the projects the tools of project management are used, it is generally performed by the project manager. Compared to simple projects which take lesser things complex projects need proper planning, assigning tasks, and setting deadlines, which confirms that everyone would comply with it and monitor the spent duration. The requirement for quantifying, objectifying, […]
The Gujarat bench of the Authority for Advance Ruling (AAR) has ruled that an employer can claim Input Tax Credit (ITC) on the Goods and Services Tax (GST) paid for Non-AC Bus Transport Services provided to their employees by Transport Service Providers (TSPs) employing buses with a capacity of more than 13 seats. The judgment […]
In a significant move to improve India’s space tech ecosystem, private launch service companies have been exempted from Goods and Services Tax (GST) when they dispatch satellites into space using their particular rockets or launching vehicles. After the 50th GST Council meeting held in New Delhi, Union Finance Minister Nirmala Sitharaman also said that the […]
Any prospective modifications in the Goods and Services Tax (GST) rates will need to be carefully considered and may need to be made gradually, according to Vivek Johri. In an interview, the Central Board of Indirect Taxes and Customs (CBIC) Chairman highlighted the significance of revenue efficiency and suggested that rate reduction be considered judiciously […]
