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Many employees practice moonlighting for earning some extra money while working with their current organisation. They have been sent notices by the Income Tax Department as they are earning more than their regular salary and were not disclosing the income in tax returns. Among these notices, most of them were related to the financial years […]
The refund of the Integrated Goods and Service Tax (IGST) amount including a subjected interest to an applicant who mistakenly filed IGST on a higher rate compared to the concessional applicable rate, Gujarat High Court ruled. The applicant, Tagros Chemicals India Pvt. Ltd., had been registered under GST as its introduction, and the case related […]
The companies would not be needed to deduct the GST under the reverse charge mechanism (RCM), the central board of indirect taxes and Customs (CBIC) stated on the services like immovable property furnished on rent via the directors in his personal capacity. The clarification followed the goods and services tax GST council’s decision, made at […]
In a recent decision, the Gauhati High Court made it clear that railways can not refuse GST reimbursement due to pricing variations just because the payment of output tax was carried out through an electronic credit ledger and using Input Tax Credit (ITC) under the GST Act. The single-judge bench, chaired by Justice Devashis Baruah […]
The 50th GST Council may provide clarification on July 11 regarding the TCS liability of suppliers engaged in e-commerce trading through Open Network Digital Commerce (ONDC) when multiple operators are involved in a transaction. The Department for Promotion of Industry and Internal Trade (DPIIT) has introduced a new program called ONDC, Open Network for Digital […]
The Goods and Services Tax Network (GSTN) recently released an upgrade that allows taxpayers to explain the difference in GST liability between their GSTR-1 and GSTR-3B returns online via the DRC-01B form. The GST Council directed this change, which intends to simplify compliance procedures for taxpayers. This article gives an overview of the functionality and […]
In just six years, the Goods and Services Tax (GST) has increased significantly. From around 68 lakh in 2017 to around 1.4 crores the number of assessees would have twice, indeed the average monthly revenue has also climbed approx to the identical rate from near to Rs 90,000 crore in 2017-18 to Rs 1.69 lakh […]
The Income Tax Department has introduced an investigation operation against particular social media influencers and content creators who make content using various platforms such as YouTube and Instagram. The move was launched because they are not disclosing their income and profits corresponding to their earnings, according to the sources. The department started taking action last […]
The surplus liquidity in the banking system experienced a significant decline of 42.9 per cent, reaching Rs. 1.04 lakh crore on June 18, down from Rs. 1.82 lakh crore on June 11, primarily due to advance tax payments. Following the advance tax payment deadline of June 15, the surplus liquidity absorbed by the Reserve Bank […]
