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Non-resident Indians (NRIs) need to get a Tax Deduction at Source (TDS) certificate in order to avoid having taxes deducted on income generated in India. NRIs cannot utilize Form 15G/H to excuse themselves from TDS on their income as residents may. Instead, they must submit an application to the assessing officer to get a certificate […]
In the fiscal year 2018-19, Andhra Pradesh recorded a total goods and services tax (GST) revenue of 25,331 crore, with an average monthly GST revenue of 2,100 crore. Presently, the state consistently achieves monthly GST collections ranging from 3,500 to 4,000 crore. April saw Andhra Pradesh achieving a remarkable milestone by raking in 4,329 crore […]
When a tax officer issues form GST DRC-01 to a taxpayer due to non-payment, underpayment of taxes, improper utilization of input tax credit, or issuance of an erroneous refund, and the taxpayer fails to settle the outstanding amount, they are labelled as defaulters. In accordance with clause (a) of sub-section (1) of section 79 of […]
Reliance General Insurance, a subsidiary of Reliance Capital, has been served with multiple show-cause notices by the Directorate General of GST Intelligence (DGGI), totalling ₹922.58 crore. These notices include four separate claims requiring GST payments of ₹478.84 crores, ₹359.70 crores, ₹78.66 crores, and ₹5.38 crore respectively. The liabilities are concerning revenue generated from services such […]
Corporate guarantees provided to related parties will be subject to an 18 percent goods and services tax (GST) on either 1 percent of the guaranteed amount or the actual consideration, whichever is greater. On the other hand, personal guarantees extended by the company’s promoter or director may not be subject to taxation. These clarifications may […]
A procedure, format, and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962 (“the IT Rules”), for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (I) of section 197 of the Income-tax Act, 1961 (“the […]
The fee furnished via the taxpayer, Tata Consultancy Services (TCS), for the brand to Tata and Sons Ltd. is not capital in nature for the cause that the brand does not get owned via the taxpayer, Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. There is no royalty that provides to get levied on […]
The Tax Practitioners Association (TPA), a leading organization representing tax consultants in the city, has raised concerns by filing a petition with the city bench of the MP High Court. Their petition challenges the establishment of the State Bench of the GST Appellate Tribunal (GSTAT) in Bhopal, citing a Public Interest Litigation (PIL) that questions […]
The Bombay High Court has invalidated the reassessment order, which was made solely due to a change of opinion without presenting any substantial new evidence. A panel of judges, including Justice K. R. Shriram and Justice N. K. Gokhale, has noted that the petitioner had provided complete and accurate information required for the assessment process. […]
