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During the lockdown, some issues related to Special Economic Zones (SEZs), Export Oriented Units (EOUs), and some general policy have been put forward by stockholders and now on May 15, 2020, the Director-General of Export Promotion (DGEP) clarified all of them in a circular released by the Ministry of Commerce. The circular clarified several issues […]
In a Controversial issue Authority Advanced Rulings (AAR) Karnataka Bench comes up with a ruling on 4th May and it states that The salary of a director in a company is not liable to be taxed under GST. However, This ruling by AAR Karnataka is opposite to a ruling given by the Authority of Advance […]
As per the recent update, the registered persons were facing certain challenges or issues in the implementation of provisions of GST Laws, and on 06th May 2020 CIBIC which stands for the Central Board of Indirect Taxes These types of taxes paid on Consumption by the consumer but they do not pay directly to the […]
The High Court of Delhi permitted taxpayers who are registered under GST to claim collected CENVAT credit from the pre-GST system till 30th June 2020 and that the high court also stated that the benefit of the transitional credit will be applicable for 3 years since the launch of GST on 1st July 2017. It […]
In the second week of April 2020, the Income-tax department asked taxpayers to keep their e-filing account safe, and the Income-tax department along with CIBIC asked taxpayers to beware of phishing attacks in which emails will be received regarding a refund. A phishing attack is not the only thing to concern in this situation, GST […]
The Income Tax Appellate Tribunal (ITAT) has seconded the decision of the Commissioner of Income Tax (CIT) about an additional 12.5% for taking the bills without any delivery of the goods. Vijay B Shah, the Karta of a Hindu Undivided Family (HUF), indulges in a business of trading of iron and steel. The assessing officer […]
The Income Tax Department once again postponed the requirement for the companies to give the details of GST and GAAR in their audit reports. The department has deferred the compliance until 31 March 2021 which means until the said date all the GST registered companies Get to know the complete GST registration procedure online on […]
Vivad se Vishwas Scheme, 2020 was announced by the Finance Minister after the budget announcement this year to provide dispute resolution regarding all the pending income tax litigation. Later on 5th Feb, 2020, the Direct Tax Vivad se Vishwas Bill, 2020 was also presented in the Lok Sabha. After that, the authority also released a […]
The Central Government of the country is desperately trying to revive the country from the impact of the outbreak of coronavirus. The demands and suggestions made by the industry include reducing custom duties, more liquidity, reduction in GST (Goods and Services Tax) Have a look at the major issues/problems being faced by Indian people after […]
