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The GST Council approved decriminalizing specific crimes and doubled the limit to the launching prosecution beneath the tax act to Rs 2 cr, however, kept the limit at Rs 1 cr for bogus invoicing. The department, for the SUVs (sport utility vehicles), charges a 22% compensation cess over the 28% GST and would have chosen […]
The Patna bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that as per the provisions of the Income Tax Act, 1961 no income tax is payable on compensation for the compulsory acquisition of land by the Government. This came in a case where Shri Suresh Prasad is the assessee who had received compensation […]
The meeting of the 43rd GST council is scheduled for forthcoming Friday. Various stakeholders from the legislature and executive machinery shall participate in it. In addition, states shall also be represented in this meeting. It is much awaited as it shall deliver much valuable decision that includes but are not limited to. Merging GST Slabs […]
The bridge between the collection of GST cess along with the revenue shortfall seen by the states to implement the goods and service tax can lie between anywhere from Rs 5 lakh crore to Rs 7 lakh crore as by June 2022 as from Rs 2.35 lakh crore expected for this year, the 15th finance […]
Puducherry has accepted the proposal of the center to borrow Rs 1.1 trillion to bridge the shortfall for goods and service tax (GST) collection INR 1 trillion GST has been collected for the very first time in the eight months in October post unlocking from September. Any month GST collection resembles the business received in […]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench removed the sum on account of presumed authority taxable under section 9 (l)(vi) of the Income Tax Act, 1961 “Get to know complete guide of TDS provisions under income tax act 1961 at here. Also, we include several topics as TDS returns, TDS due dates, penalt. Read […]
The Goods and Services Tax (GST) official was a stand-off on the problem of compensation which is to be given to states on record of the shortfall arising from the change in the tax in 2017. Although they had taken a decision to extend the cess compensation beyond 2022 which is a 5 year period […]
21 states have chosen the borrowing option from the centre to fill the shortfall of GST in between the coronavirus pandemic. This is called option 1 in which these states will be allowed to borrow the amount estimated Rs 97,000 crore through issuing the debt under the special window done through the finance ministry. The […]
In the monsoon session of parliament, the GST administration was divided from politics, after the opponent ruled the state governments turned down the option of borrowing chosen by the central government at the cabinet meeting last month. The suggestion has been rejected by the opposition ruled states who try to fulfil temporarily through borrowing, however, plans […]
