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The GST rate cuts announced in Budget 2020 by the finance minister, Nirmala Sitaraman will provide an annual benefit of INR 1 trillion to the Indian customers. This, in total, will help citizens in the country to save approx 4% of their monthly spending, according to the Union Budget speech 2020-21 made by the finance […]
A couple of weeks has been given to the Punjab and Haryana High Court Bar Association by the UT excise and taxation department for the submission of details of the revenue that the bar generates from its business establishments including the shops and paid-parking being operated by it. Parking-lot services and rental income attracts a […]
The set of guidelines has been issued by the Central Board of Indirect Taxes and Customs (CBIC) related to errors while uploading Balance Sheet and Profit and Loss statement with GSTR 9C audit form. CBIC commanded that documents such as the Balance sheet and Profit & loss statement/income & Expenditure Statement keywords that are used […]
The department under GST is finally extending notices to on business whose accounts are required to get audited as per the norms. Cordial notices are being sent by the government to businesses for the first year of GST (2017-18). There are three basic kinds of audits under GST, the first one focuses on the business […]
The total of 245 Star Export Houses and 5,000 other exporters went alienated from claiming their shares of Input Tax Credit (ITC) from the government due to taxman’s heavy investigations. On the other hand, amidst the existing exports decline, merchandise exports declined by 0.34% year-on-year in November consistently for the fifth time in the past […]
Director Identification Number (DIN) has was introduced in India with the Companies Amendment Act, 2006. DIN Number is an 8 digit unique number that is required for any existing or proposed Director of a Company. Recently the Central Board of Indirect Taxes and Customs ( CBIC ) has enhanced the reach and use of Director […]
As per the recent update, the government is planning a beneficial step for companies undergoing resolution process under the IBC. IBC is an acronym for Insolvency and Bankruptcy Code. There is some talk going on between the Ministry of Corporate Affairs and Department of Revenue (DoR) and a framework is expected to be revealed soon. […]
The All India Food Processors’ Association (AIFPA) in a letter to FM appealed against the higher existing rates of processed foods. The processed unbranded food falls under the slab of 5% whereas their branded peers fall under 12%. The companies are putting up their concern for setting up a wrong trend in the market which […]
Director identification number (DIN) refers to a unique identification number allotted to an individual who is willing to be a director or is an existing director of a company. DIN is obtained by filing an application in eForm DIR-3, which was initially a single-time process to be carried out by the one who wishes to […]
