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GST law supports the free flow of the input credit. It is used to permit tax-free transactions and removes the rollover effects. Amnesty is directed towards forgiving the crime or the act of forgiveness for the previous offences. From the compliance of the old dictionary, Amnesty means “a fixed period of time during which people […]
Tax Evasion has been prevalent from ancient times, persistent to date and will continue in future. Nevertheless, the regulatory authority can limit its intensity if they infuse the efforts aptly and by utilizing the latest technology. To date, In the April-June quarter of the present financial year, Tax evasion worth Rs1,920 crores has been recovered […]
In a customer-centric approach, the world’s biggest e-commerce company Amazon has now rolled out the facility of “Bill to Ship” which is basically providing GST credit from across the states even if the Amazon Business customer had only one GSTIN in a single state. This move has been taken to offer a better indirect office […]
Here is the reason for Taxpayers to be distressed and furious. No extension has been allowed beyond the May 20 due date for the purpose of filing the GSTR-3B and remitting taxes; however, the date for filing GSTR-1 that is required to claim input tax credits has been extended to May 26. “Ideally, the due […]
The due date for filing Income Tax Return (ITR) changes based on the category of taxpayer i.e. whether a taxpayer is an Individual or HUF or Firm or other entity. Although the last due date for filing the Income Tax Return Get all due dates of income tax return and payment of advance taxes for […]
The Central Board of Indirect Taxes and Customs (CBIC) has circulated the ‘advisory’ regarding the implementation/execution of PMT-03 for re-crediting the Input Tax Credit (ITC) that has been approved as a refund. The Board has Highlighted the following Notification: “Notice bearing number16/2020-Central Tax dated March 23, 2020, through which sub-rule4 A has been added in […]
The Odisha Authority of Advance Ruling (AAR), on Tuesday of this week, has passed a ruling that the Supply of items such as birthday stickers, candles, and so on does not qualify as Composite Supply. Here, in this case, The Applicant is “Pioneer Bakers” that is a registered Partnership Firm and since the year 1997, […]
Businesses are in an unfortunate situation. Things are not as easy as they appear apparently. While the centre is busy putting in efforts to accelerate tax compliance by implementing technology-driven infrastructure, the businesses are losing tax credits owing to supplier defaults. Notably and Interestingly, while one entity (Suppliers) is committing a mistake, the repercussions of […]
As per the direction of GST authorities now field units have to identify prime taxpayers, find the defaulters and promote them to give more tax. They have been directed to connect the top 200 defaulters (return) for the month of February concerned to central jurisdiction and ask them to file tax returns. The directive was […]
