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The taxpayer/applicant has been permitted to upload ITC-01 to enable him to avail of Input Tax Credit for shifting from the Composite Scheme to the Normal Scheme, Allahabad High Court rendered. The petitioner was originally enrolled in the Composition Scheme for the fiscal year 2022-23. However, due to a rise in their turnover during that […]
Consumption, in counted with inflation and compliance, significantly boosted the GST revenue in key States from February to July of this year. Most of these States experienced substantial double-digit growth, with Maharashtra leading not only in accordance with collection but also in growth. Because GST functions on a consumption-based tax model, impacting prices of both […]
In this detailed article, we have provided comprehensive information about the Corporate Identification Number (CIN), which is assigned to companies settled in India by the Registrar of Companies (ROC). We will be discussing what the CIN is, how to check it, and its significance in different business documents submitted to the Ministry of Corporate Affairs […]
Approximately 200 companies, including McDonald’s India, L’Oreal, Colgate Palmolive, Castrol, Saint-Gobain, Whirlpool, Mastek, and Domino’s Pizza, have obtained notifications from state authorities requesting taxes for the period before the Goods and Services Tax (GST) was implemented. These companies are contesting the taxation of the same item as both “goods” and “services” and have taken their […]
Goods and Services Tax (GST) collections of Maharashtra have shown a significant growth constantly by 18% from April to July this year. It surpassed the national growth rate of 11-12%. The state clocked its highest GST collection at ₹33,196 crore ($4.6 billion) in April, reduced in May, but it has shown growth again for June […]
The Punjab Bench of the Authority for Advance Ruling (AAR), in the case of Punjab State Transmission Corporation Ltd. has ruled that shifting of Electricity Transmission Lines is subject to GST. The assessee is operating the business of Transmission of electricity which is not under the law, vide GST Notification No. 12/2017 released on 28th […]
A report released on Thursday tagged a genuine exporter as ‘risky‘ and informed that it will affect India’s exports and the inter-ministerial board including representatives from commerce and finance ministries is needed to determine its detailed outlook before stigmatising them in such a category. Merely based on certain risk factors of customs, GST, income tax, […]
Some states have achieved great success collecting record GST revenue. Madhya Pradesh, Karnataka, and Uttar Pradesh have reported the highest growth rate in GST revenue. The growth is marked in the first four months of the current fiscal year compared to the same period of time in the previous fiscal year. In the mentioned states, […]
The Income Tax Department, under the Ministry of Finance, Government of India has recently launched the Young Professional Scheme. Under this scheme, the aim is to strengthen the resources and streamline tax litigation management. The scheme will open opportunities for young graduates in Law and Accountancy to learn and acquire precious knowledge of the domain. […]
