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Currently introduced by FM Nirmala Sitharaman, Union Budget 2020-21 seems to be a set of challenging income tax provisions. There have been no provisions like the provisions of Union Budget 2020. In the said budget, FM has introduced the new tax slabs with reduced slab rate which taxpayers may adopt on a voluntary basis. This […]
It’s been a few days left for the Union Budget 2020 presentation to take place in Parliament and the trade body Federation of Indian Chambers of Commerce & Industry (FICCI) has put forth another proposal. FICCI is sighing for excise duty benefits for the producers in the petroleum sector What will the scenario if petrol […]
Infosys – the company which provides IT services for GST, was called upon by the Finance Ministry to present the clarification in reference to grievances about the IT system of Goods & Service Tax (GST), on Friday. As per the FinMin sources, CN Raghupati, Senior Vice-President of Infosys and V Ranganathan, Vice-President were summoned by […]
GSTR 9C is a statement of reconciliation among the Annual Returns in GSTR 9 filed for a Fiscal Year and the figures based on audited annual Financial Statements of the taxpayer. Every registered individual whose aggregate turnover during a fiscal year is more than INR 2 crore must get his accounts audited as prescribed under […]
As per the revelations made by Punjab and Haryana High Court, all the assessee grievances linked to interest on GST will be addressed in GST Tribunal. The so-called provision was designated due to the recent petition that was filed against the demand for Rs 4,004,832 as interest on grounds of late payment of output tax. […]
A GST credit of approx INR 40,000 crore has been iced-up by the Central Board of Indirect Taxes and Customs (CBIC) on the grounds of GST returns mismatch Over the past months, many businesses in the country have received GST notices. There are around 34% mismatches or less GST payment, concluding the deficit. The departments […]
The Government will be having a mechanism to resolve the tax issues of the company. It is aimed to lower the rate of litigation. The mediation will help to discuss the disputes relating to the law and ascertain the tax liability of the taxpayers. The companies Act provided a formal mediation to settle disputes relating […]
Following the reports of technical bugs encountered while filing of GST returns (summary returns GSTR 3B), Goods and Service Tax Network (GSTN) announced that the total of 65.65 lakh GST return 3B form were filed in the month of December (till 20 Jan) out of which 13.30 lakh returns were filed on the due date. […]
India’s national treasury is estimated to be in the deficit of INR 5 trillion which is approximately 40% of the total Goods and Service Tax (GST) collection target. The aforesaid loss is due to cases of tax evasion and irrelevant ITC claims by businesses, as declared by Fifteenth Finance Commission (FFC). FCC in its presentation […]
