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The GST department is coming up with the webinar in Hindi. The said session on the internet will be held on 18 March 2020 (Wednesday) at 11:30 AM to direct the taxpayers with policies on GST. The session is of utmost importance as many taxpayers these days are struggling with the tax compliances due to […]
The Kerala High Court cleared that the Authority for Advance Rulings (AAR) can set the place of supply under the GST regime. The AARs were not taking this decision up to now saying that it was beyond their jurisdiction but now after the decision taken by KHC, the AARs are given full authority over it. […]
Introduction of Traces New Form 26AS (Annual Statement) The Income Tax Department of India is required to upload annual statements in new form 26AS containing the details of Tax Credits in the account of a taxpayer as per the records of the department. It is mandatory to prepare traces of Form 26AS under Rule 114I […]
What is GSTR 9? GSTR 9 is filed mentioning the complete information of the transactions done by the taxpayer in a particular Financial year. The form is a consolidated annual form and has details of the inward and outward supplies made/received by the taxpayer in the previous year under tax heads like CGST, SGST, IGST […]
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 […]
India Cellular and Electronics Association (ICEA) has foreseen that the government might increase the rates of GST on mobiles and electronic items. ICEA is basically a regulatory body for mobile and electronic industries. The organization has urged all the states not to entertain any proposal of GST rate increase (presently 12%) on such items. Adamant […]
The GST rate cuts announced in Budget 2020 by the finance minister, Nirmala Sitaraman will provide an annual benefit of INR 1 trillion to the Indian customers. This, in total, will help citizens in the country to save approx 4% of their monthly spending, according to the Union Budget speech 2020-21 made by the finance […]
Infosys – the company which provides IT services for GST, was called upon by the Finance Ministry to present the clarification in reference to grievances about the IT system of Goods & Service Tax (GST), on Friday. As per the FinMin sources, CN Raghupati, Senior Vice-President of Infosys and V Ranganathan, Vice-President were summoned by […]
The Government stands on its resolution to make the GST system robust and efficient. There are a number of changes waiting to be implemented and new formats to be introduced in order to make the system more responsive and taxpayer-friendly. You can check here the list of the new updates under GST 2020, including the […]
