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Process for a Recovery Towards the Mismatch in GSTR 1 & 3B The Central Government presented modification to Section 75 (12) of the CGST Rules, 2017 through inserting an illustration so as to retrieve self-assessed tax without having to resort to proceedings u/s 73 or Sec 74 of the CGST Act, 2017. The illustration describes […]
As per a recent update, the Institute of Chartered Accountants of India has requested the Central Government to bring back the audit and certification provisions associated with GST annual returns. The institute said the scrapping of audit and certification provisions would hamper compliance. As per the official statement, ICAI said “Eliminating audit would lead to […]
The Goods and Services Tax Network (GSTN) has enabled some new features on the GST portal for taxpayers. GSTN has told about various changes made in Form GSTR-1 or IFF with an aim to improve the taxpayer’s experience on the portal. These improvements have been made to the GSTR-1 and GST IFF (Invoice Furnishing Facility) […]
The Union budget for FY23 seems to announce the procedure to diminish the tax litigation, increase compliance by keeping an eye on the transactions in a strict way and does work for the target to draw more companies into the formal sector. Inside the procedure beneath acknowledgment are the changes towards the issue resolution policy […]
SAG Infotech once again comes up with the latest features in the Genius tax management software package including extra reporting tools. Summarized Consolidated Reports The first and the latest features one would find out when opening the Genius tax filing software dashboard and clicking on the main ‘Gen Income tax‘ tab after which there will […]
In the current union budget, the Finance Minister has increased the limit for the essential audit Under Section 44AB of the Income Tax Act, 1961 to Rs 10 Crores towards the 95% or exceeding transactions are accomplished through the digital mode. The major goal behind this is to diminish the compliance loads on small businesses […]
The last date to furnish ITR towards FY 2021-22 finished on 31st July 2022. People who do not furnish their Income tax return yet would need to furnish a late fee during the time of furnishing the belated Income tax return. An individual who comes under the taxable income exceeding Rs 5 lakh would need […]
The 2 GST notifications are furnished dated 21st Dec 2021 so as to draw the specific GST amendments into the compliance imposed from 1st Jan 2022. GST Central Tax Notification No. 38/2021 The same ask for drawing down the imposition of the particular sub-rules of Rule 2 Central Goods and Services Tax (Eighth Amendment) Rules, […]
The Karnataka Appellate Authority of Advance Ruling (AAAR) held on AAR ruling held that the ‘Landfill-pit is a civil-structure, not plant and machinery, no (ITC) is available. The petitioner is the owner of Mother Earth Environ Tech Pvt. and does the business of solid waste management. They furnish the services towards the treatment, storage, and […]
