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The GST law execution in India would have been started through the narrative of national ambition and that of a global exception. To ease the whole GST framework for India Inc the government is enduring a lot via revising the reporting method to make the GST a Good and simple tax for exclusively non-compliant assesses […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled the taxpayer had elaborated, deposits were being incurred in the way of cash withdrawals which would be functioned before for the intention of the marriage of her daughter. Bench, Saktijit Dey (Judicial Member) saw that a taxpayer who explained the case was reasonable if […]
“A proposal is under consideration to raise the threshold to Rs 5 crore for initiating criminal prosecution. The matter will be put up before GST Council soon” said the senior officials. GST evasion with Rs 2 to 5 cr shall draw three years in jail. If the tax evasion is up to Rs 2 crore […]
The Gujarat Bench of the Authority for Advance Rulings (AAR), the activity of fabrication & mounting of Tanker and Tripper on chassis provided and owned by the principal is a supply of Service and must be levied with 18% of GST. M/s. Hasmukhlal Jivanlal Patel, petitioner would be involved in building bodies of various vehicles […]
The Gujarat Bench of Authority for Advance Ruling (AAR) ruled that the Good and Services Tax (GST) at the rate of 18% is applicable to the ‘HTP Kirloskar Power Sprayer’ manufactured by M/s. Kirloskar Oil Engines Ltd. as well as the 8-digit Harmonised System of Nomenclature(HSN) code is 8424 89 90. The petitioner, Kirloskar oil […]
The rise in the tax collection of goods and services is higher because of the higher inflation compared to the higher consumption mentioned by the India Ratings and Research. A private final consumption expenditure, with respect to the first quarter of 2019-20 there is a rise in the consumption which would have increased by 9.9% […]
Central Board of Indirect Taxes and Customs (CBIC) has postponed the due date to avail the ITC for FY22 from October 20 to November 30, the same is decided towards the relief of the Goods and Services assesses during the festival season. The last date to provide the credit notes along with the declaration in […]
There are more than 7.9 million MSMEs in India dated 27th March 2022, as per the Ministry of Micro, Small, and Medium Enterprises. Nearly 30% of the country’s manufacturing production comes from MSMEs. In the 2022 Statista report, there are nearly 110 million Indians who worked in MSMEs in the financial year 2016. As compared […]
Myntra is facing a setback, the Karnataka Authority of Advance Ruling (AAR) said that input tax credit (ITC) does not be claimed on the vouchers and subscription packages procured from third-party vendors. The petitioner, Myntra an Indian fashion e-commerce firm that owns the e-commerce portal. The petitioner does have the business of selling fashion and […]
