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A company is referred to as a Section 8 Company when registered as a Non-Profit Organization (NPO) i.e. when it has the motive of promoting arts, commerce, education, charity, protection of the environment, sports, science, research, social welfare, religion and intends to use its profits (if any) or other income for promoting these objectives. The […]
In the scenario when the industries are pressing pedals for dwindling down the GST rates to get out of the stagnant phase, rail wagon makers are urging for the contrast i.e. increment in GST rates. According to companies, Inputs refer to GST which is levied at the rate of 5% and 18%, as a result […]
Rewards to homebuyers is a new hatch by the union government to innervate the growth of stagnant real estate sector along with other measures which include a proposal by homebuyers about marginally elevating the Goods and Services Tax (GST) on housing projects and cutting down the overall cost, people having deep knowledge about the development […]
GST has been prone to many tax evasion techniques since its commencement in India in 2017, as a well-developed system that can completely barricade the areas open to profiteering via bogus invoices for availing extra credit and truncate the tax liability is still absent. In the recent few weeks, the Income-tax department has issued notices […]
Now, the change in the price of Goods and Services according to the business cycle is not an issue any more. The government has liberated the companies from the applicability of anti-profiteering provision in the Goods and Services Tax (GST) law, provided they have turned over the benefits of GST rate abbreviations to consumers. An […]
This ‘One Nation One Tax’ regime was initiated for the first time in the nation on 1 July 2017 and has completed 2 years of existence. Even after two years, GST governance lacks a definite blueprint of input tax credit system (ITC) says CAG reports. Not only this, the digitized e-tax filing system is still […]
In a recent announcement, the Finance Ministry has said that no GST invoice will be required for the goods that were taken abroad for exhibitions or other kinds of export promotion events and are brought back to India within six months. The ministry further said that most of the exporters were having problems due to […]
In the budget 2019, several GST related rules and regulations have changed which have been presented in the Finance Bill. Finance Minister Nirmala Sitharaman presented the budget 2019 on July 5, 2019. The budget promulgates the tax payment facilities in addition to the changes made in composition schemes. Most of the things presented in the […]
Here we are to discuss all the major points on the inward supply transaction under the GSTR 9. We will go through all the particulars and the respected financial year with the reporting in the GSTR 9: Particulars Financial Year 2023-24 Financial Year 2024-25 —————–Reporting in GSTR 9—————- GSTR 3B GSTR 3B FY 2023-24 Table […]
