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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 […]
Comparing with the numerals of January 2019, a clear hike of 12% is witnessed in the gross collection of GST for January 2020 month. The administration was able to accumulate a total of Rs. 1,10,818 crore in the very first month of the year, as declared by Union Finance Ministry on Friday. It is for […]
A couple of weeks has been given to the Punjab and Haryana High Court Bar Association by the UT excise and taxation department for the submission of details of the revenue that the bar generates from its business establishments including the shops and paid-parking being operated by it. Parking-lot services and rental income attracts a […]
It’s been a few days left for the Union Budget 2020 presentation to take place in Parliament and the trade body Federation of Indian Chambers of Commerce & Industry (FICCI) has put forth another proposal. FICCI is sighing for excise duty benefits for the producers in the petroleum sector What will the scenario if petrol […]
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 […]
GST RET 1 form is newly introduced form by the GST council for the easy return filing of GST returns. The normal GST RET 1 form has arrived with the revised details and columns. The new RET 1 form under GST has been released on the GST portal and is ready to be filed on […]
GSTR 9C is a statement of reconciliation among the Annual Returns in GSTR 9 filed for a Fiscal Year and the figures based on audited annual Financial Statements of the taxpayer. Every registered individual whose aggregate turnover during a fiscal year is more than INR 2 crore must get his accounts audited as prescribed under […]
As per the revelations made by Punjab and Haryana High Court, all the assessee grievances linked to interest on GST will be addressed in GST Tribunal. The so-called provision was designated due to the recent petition that was filed against the demand for Rs 4,004,832 as interest on grounds of late payment of output tax. […]
Even when the taxpayers are demanding the lenient process under the GST return filing system, there are very few assessees which are coming up to submit the audit conciliation statement for the FY 2017-18 (FY 18). Just for the reminder the due date to submit the audit conciliation statement FY 2017-18 (FY 18) is 31st […]
