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Learning that “the facts of the case are very gross and shocking”, the Gujarat High Court said on Friday (05th February) uprooted the GST officials for allegedly “coercing and pressurizing” an individual to shift an amount of Rs.9 Crore to the account of the field. The two Judges Justice J. B. Pardiwala and Justice Ilesh […]
The Union Budget 2021 proposed some amendments to the GST Act, and the effect started to reflect as the rules will become more stringent to allow input tax credit. Santosh Kumar Gupta, tax expert, in a seminar organized on the amendment of GST law of Tax Bar Association on Thursday said that “the tax payable […]
Still, the economy is far away from meeting the pre-covid platform, but the finance minister is very well known about the compliance and the rise in the scrutiny which will assist in revenue collection in the next result. Ajay Bhushan Pandey the Finance Secretary said to TNIE that the collection will rise up through the […]
India’s biggest banker State Bank of India (SBI) to impose a levy on those people whose ATM transactions have failed because of not enough balance. A transaction that does not succeed because of insufficient funds in the account of the customer to furnish an additional value as a penalty. There are choices such as missed […]
Budget 2021, which was officially announced by Finance Minister Nirmala Sitharaman on February 1, 2021, introduced multiple changes to the tax regime, including the goods & service tax (GST) system – the indirect tax system of India. The new GST changes, which include relaxation in mandatory audits for registered businesses, aim to help SMEs recover […]
The Tax Professionals Body Bhartiya Vitta Salahakar Samiti (BVSS) said in the media to the government to not remove the procurement of “GST Audit by audit professionals” that is Chartered Accountants (CAs) and Cost and Management Accountants (CMAs). The Society during showing the plan of the decision of the government stated that the grounds of […]
The 15th Finance Commission, which is conducted by N K Singh, has recommended that the 12% and 18% slabs beneath the Goods and Services Tax (GST) be united into one conventional rate, and GST is deliberated into the 3 rate platform accompanied by the 5% merit rate and 28-30% failure rate. For a long time, […]
There is no intention of the tourism industry to seek help for the reduction in the goods and service tax towards the hotel rooms to 12%, stated by the Union Tourism Minister. The minister knew from the tax imposed on several tourism products as well as services which consist of hotels because this will affect […]
The FM Nirmala Sitaraman during the Budget 2021-22 urges the provisional attachment of the assets of the individual who has hands behind the bogus GST invoices exceeding Rs 2 cr. FM said that “A new provision is being inserted in the Customs Act (section 114AC) to prescribe penalty in specific cases where any person claims […]
