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GST council in its forthcoming meeting dated 11th July would seem to address and authorize the revisions in the mechanism to fetch the bogus ITC claims. The revisions would have the listing of the risk profiling parameters of the entities comply with the physical verification. The GST Council will need to approve any modifications to […]
For enabling the setting of the appellate tribunal with its principal bench in Delhi, the state government has been questioned by the centre to approve the revisions of their respective GST laws. By December, the tribunal shall secure the benches within the states. In March the Parliament would provide its nod to revise the GST […]
In a recent ruling, the Bangalore branch of the Income Tax Appellate Tribunal (ITAT) has made it clear that marketing and advertising expenses made for the assessee, Herbalife International India Pvt. Ltd’s manufactured products do not fall under the purview of foreign transactions. Following the submission of the income tax return, the case of the […]
In this post, the discussion will be in the direction of the GST Forward charge mechanism, analyze its working, and discussion of its related advantages. Moreover, we shall discuss the FCM impact on small businesses and find out the methods to resolve the cost of compliance. The execution of the Forward charge mechanism (FCM) would […]
On Wednesday, Sanjay Kumar Agarwal, a member of the CBIC, stated that additional efforts are required to get a solution for fake GST input tax credit (ITC) generators from the system in order to stop tax evasion and boost GST collection. He said that the government has taken a number of measures to deal with […]
Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]
What is a Form 10? The same article would be concerned with one of the revisions made in Form No 10 by Notification No. 96/2022 on 17th August 2022 which would be subjected to be applied for all the Trust/Institution registered under subclause (iv)(v)(vi)(via) of Section 10(23C) of the Act for F.Y. 2022-23 (A.Y. 2023-24). […]
Data analytics is being used by the GST officers to make sure the whole supply chain in a specific sector is paying sufficient GST or if there is a missing link, said an official. The Directorate General of GST Intelligence (DGGI) has taken a stance and made efforts to find out about tax evasion at […]
The rise of the tax in the GST regime would have been rectified for the central government but it does not rectify for the states yet a working paper via the National Institute of Public Finance and Policy (NIPFP) elaborated. Sacchidananda Mukherjee who is a professor at the autonomous research institute under the Ministry of […]
