Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The Goods and Service Tax (GST) is not applicable for consideration paid on sales of property plots, according to a recent ruling by the Karnataka Appellate Authority for Advance Ruling (AAAR) under GST. In order to convert her three acres of property from agricultural to residential use, applicant Rabiya Kanum formed a small plot and […]
The other surcharge obtained via open-access consumers under section 42 of the electricity act 2003 shall get taxed under the GST act, Karnataka Authority for Advance Ruling (AAR) held. The two-member bench of M.P. Ravi Prasad and Kiran Reddy T. found that Chamundeshwari Electricity Supply Corporation Limited could not be regarded as a “governmental authority” […]
According to a recent ruling by the Tamilnadu Authority for Advance Ruling (AAR), bus bodybuilding activities are subject to an 18% Goods and Service Tax. The proprietrix company Royal Coach Builders, which specializes in producing bus bodies, builds the bodies over the chassis that the client supplies in accordance with their specifications. On the question […]
The Goods and Service Tax Network recently published its new advisory regarding e-invoice portals. Interestingly, this advisory has a strong hint of releasing four new IRPs( Invoice Reporting Portals). The mentioned private IRPs are already available for taxpayers to report GST e-Invoices. The GSTN issued the following advisory to stakeholders on February 25th, 2023 Dear […]
Under the Chairpersonship of Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the 49th GST council meeting would have launched different suggestions concerning the GST compensation, GST Appellate Tribunal, approval of the Report of Group of Ministers (GoM) on Capacity Based Taxation and Special Composition Scheme in specific Sectors on GST, recommendations relating […]
Analysis of New Clause (H) of Section 43B The Finance bill 2023 would include a new insertion of clause (h) to section 43B of the income tax act 1961. To assure on-time payments, the stated clause would have been inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies. […]
Regarding the CSR (Corporate Social Responsibility) expenses, there is zero anticipation among the companies to see any relaxation in the budget provision concerned with the no ITC (input tax credit). The 2023 finance bill aims to revise section 17 of the CGST Act by stating that input tax credit will not be accessible for goods […]
A compilation of effective Judicial and Advance Rulings on Goods and Service Tax (GST ), has been posted by the Institute of Chartered Accountants of India (ICAI). “Significant Judicial and Advance Rulings in GST: A Compilation” is the name of the publication that assists the readers in knowing the scenario of judicial for different GST […]
GST CMP-08 is the statement that dealers registered under the Composition Scheme use to report their self-assessed tax liability. It provides information on taxes owed for sales and purchases (subject to the Reverse Charge Mechanism) and has replaced Form GSTR-4. Composite Dealers are required to file CMP-08 Return every quarter through the GST Portal. They […]
