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Search results for: IT Act

Impact of Late Payment to MSME Vendor

After Effects If Late Payment Done to Vendor Under MSME Act

Under the MSME act doing the late payment to the MSME vendors just affects the supply of the materials from the MSME vendors. This article consists of sections where it mentions the effects and consequences of doing the late payment Vendor under the MSME act.  The article discusses the issues and their effects of the […]

Income Tax Serious Offences with Penalties

10 Serious Offences with Applicable Penalties Under Income Tax Act

The taxpayer who has disputed within the provision of the income tax act 1961 shall be subjected to file the penalty. The penalty will be imposed on the levied amount and is distinct from the tax that is needed to pay. The fines and penalty shall be imposed on the taxpayer who performs unwanted deeds […]

Impact After Correction in Inverted Duty Structure

Impact of Inverted Duty Structure Correction on Footwear & Textile Industry

At the present time, there are 2 tax slabs – 5% for bills below Rs 999 and 12% towards the bills apart from that. GST official has specified that the GST price amendment from the date Jan 2022 so as to improvise the inverted duty plan towards the Footwear and textile sector. GST is subjected […]

CAIT Strong Message to Govt for E-commerce Companies

CAIT: No Steps in 5 Years for Unethical Practices of Amazon & Flipkart

The Simplicity of Implementing Business for MSMEs Traders’ body Confederation of All India Traders (CAIT) mentioned that there is no decision avail through the government to restrict the violations of e-commerce firms which seems to be a hurdle for the traders of the country. CAIT is doing unwanted business things like deep discounting, predatory pricing, […]

New Bills Passed in Gujarat Assembly

Gujarat Assembly Passes New Bills – GST Amendment & Indian Partnership Act

The two invoices from the Finance Department amending Gujarat Goods and Services Tax Act and Indian Partnership (Gujarat Amendment) Act were passed in the Gujarat Assembly on Tuesday. These Bills were inserted by freshly appointed Finance Minister Kanubhai Desai, who came up with particular rectification of the two Acts for enhancing ‘ease of doing business […]

GST Authorities Start Analysis Under Section 70 and 6(2)(b)

Madras HC: Officers Can Start Proceedings & Inquiry As per GST Act

The Madras High Court held that the GST Authorities can implement the investigation beneath section 70 with proceedings beneath section 6(2)(b) of the CGST Act. The petitioner, Kuppan Gounder P.G.Natarajan, is the Managing Director of a Company enrolled beneath the Indian Companies Act, 1956, that is involved in the transportation business. The petitioner seeks to […]

New Update U/S 168A in Goa GST Act 2017

Latest Notification U/S 168A of Goa GST Act 2017 on Limitation Extension

The government of Goa has provided the clarification for the extension of limitation beneath GST law from the directions of the supreme court on 27th July 2021. The government provided the notifications beneath section 168A of Goa GST Act 2017 in which the time limit towards the finish of several actions through any authority or […]

All About MCA Annual Filing Forms

MCA Annual Filing Forms Under Section 92 & 137 of Companies Act

All the firms enrolled beneath the companies act 2013 or previous acts are needed to furnish the financial and yearly return through the Ministry of Corporate Affairs. The forms to furnish the financials and yearly return are prescribed beneath section 137 and section 92 correspondingly of the companies act 2013. Annual Filing AOC-4, AOC-4 XBRL, […]

18 Percent GST Levy on Diesel in Composite Service

18% GST Rate on Diesel Under Composite Service As Per KGST Act

For M/s. goodwill auto’s [Advance Ruling No. KAR ADRG 44/2021 concluded on July 30, 2021], M/s. Goodwill Auto’s (Applicant) seeks the advance ruling the GST subject to that upon the cost of the diesel incurred in the form of the reimbursements for running the diesel generator (DG) which is mentioned for the furnishing of the […]

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