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As per the latest notification, dated 26th December, 2019, released by the Central Government, a few amendments in the Central Goods and Services Tax Rules, 2017, have been proposed. According to the new rule, “20 per cent” ITC for non-invoice returns is now replaced with “10 per cent” ITC, effective from the 1st January, 2020. […]
The first-ever kind of meeting is going to be held between Tax officials from the states as well as the Centre to toss around the matters related to legality, administration, revenue, and implementation under the GST regime. The meeting will continue for the whole day but GST rates will not be a group thinks. The […]
Commerce ministry is rummaging jury-rigged expedient for the exporters by implementing the pre and post-import integrated goods and services tax (IGST) exemption for inputs contributed in export between October 2017 and January 2019. Commerce Ministry runs counter to the 1000 notices being sent to exporters by Directorate of Revenue Intelligence (DRI) on grounds of allegedly […]
The Central Board of Indirect Taxes and Customs (CBIC) implements a system that would electronically generate a Director Identification Number (DIN) for all the communications sent by tax officials to the registered individuals & taxpayers. The step towards digitalisation has taken to increase transparency & accountability in the indirect taxation system which will help the […]
Determined by Fitch Solutions, India’s fiscal deficit forecast has increased to 3.6% of the GDP for this FY from 3.4% mentioned earlier. This hike is because of the week revenue collections which is again due to dismal economic growth and government’s widening corporate tax rate cut. “We at Fitch Solutions are revising the fiscal forecast […]
Supreme Court Stayed Punjab Haryana GST Tran 1 Form Orders In a recent turn of event, the supreme court has stayed the orders of Punjab and Haryana high court which had asked the GST department to reopen the facility of filing and revising the GST TRAN 1 form in both manual or electronic format. Goods […]
The current scenario showcases the worst economic phase ever-witnessed in the last 20 years. The demand is adversely affected not only in the urban areas but also in rural areas to an extent never expected, while the economic recuperation is anticipated to happen in the year 2021. According to the report by Centrum brokerage firm, […]
Child adoption fee, paid by the soon-to-be parents does not come under the purview of Goods and Services Tax, according to the Maharashtra bench of the Authority for Advance Rulings. Since the adoption agencies do not provide any services that may promote their operations and children can also not be treated as goods, the imposition […]
As the sources confirm, India’s defence budget will soon witness a hike of more than Rs. 60,000 crore all thanks to the exemptions from the customs duty and contributions from goods and service tax that escalated from October 1. Defence Minister Rajnath Singh claimed this to be a game-changer for defence ministry as this will […]
