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If you think you have made a mistake while selecting between new and old tax regimes then here is the way to switch back to the scheme you desire: Through the Current Financial year’s Budget, Union Minister Nirmala Sitharaman announced the new tax regime as voluntary compliance. Taxpayers, especially employees are allowed to choose between […]
The government came up with the conclusion of extending the deadlines for the GST e-way bill validation until 30 April 2020. Amid corona crises due to which the entire market is stagnant, this is a sigh of relief for all the businesses that were struggling with the issues of goods supplies stuck in between the […]
The Gujarat High Court has granted bail to the applicant in the case of false, higher Input Tax Credit (ITC) claimed by the assessee. The applicant in the case of Amit Chandrakant Shah vs. the State of Gujarat, was granted bail on the precondition that he, Mr. Amit Chandrakant Shah, will not exploit the benefit […]
Goods and Service Tax Network has scheduled a webinar (to assist the taxpayer) that will address the topics related to tax liabilities and ITC comparison tool on the GST portal in different languages for effective results and answering common queries of the public. The webinar will be held on 15th July, 18th July, 19th July, […]
For such companies that are demanding the Input Tax Credit even after the due date is over are receiving notices from the tax department saying that they (companies) need to reverse their transactions. ITC is the credit claimed by the companies in lieu of the GST paid on raw materials or input services. The credit […]
The Madras High Court, while permitting the Writ Petition, has stated that the GST Department could be demanded interest only on the cash component of the tax remitted with delay, but not on ITC available. The judgment was passed by Dr. Justice Anita Sumanth, bench member, regarding the case between M/s. Refex Industries Limited Vs. […]
Budget 2020 had many surprises but one thing which is getting most of the attention is that It now allows a taxpayer to choose between the existing income tax regime and a new tax regime every year as per their convenience. While the existing income tax regime features availing benefits of tax exemptions and deductions, […]
Regarding an application filed by the application, the Maharashtra Authority of Advance Ruling (AAR) stated that “Goods and Service Tax (GST) given by any co-operative housing society toward the maintenance charges, which is paid by its members are not eligible to claim the Input Tax Credit (ITC) in the case of replacement of existing elevator […]
In a bid to simplify the taxpayer’s compliance, the Central Board of Direct Taxes (CBDT) has announced that the taxpayers are now free to switch between newer income tax slab offering lower tax implication from the current one without exemptions. As per the statement, it was said that “Let it be very clearly noted that […]
