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The Income Tax Appellate Tribunal (ITAT), Mumbai Bench removed the sum on account of presumed authority taxable under section 9 (l)(vi) of the Income Tax Act, 1961 “Get to know complete guide of TDS provisions under income tax act 1961 at here. Also, we include several topics as TDS returns, TDS due dates, penalt. Read […]
The Goods and Services Tax (GST) official was a stand-off on the problem of compensation which is to be given to states on record of the shortfall arising from the change in the tax in 2017. Although they had taken a decision to extend the cess compensation beyond 2022 which is a 5 year period […]
21 states have chosen the borrowing option from the centre to fill the shortfall of GST in between the coronavirus pandemic. This is called option 1 in which these states will be allowed to borrow the amount estimated Rs 97,000 crore through issuing the debt under the special window done through the finance ministry. The […]
In the monsoon session of parliament, the GST administration was divided from politics, after the opponent ruled the state governments turned down the option of borrowing chosen by the central government at the cabinet meeting last month. The suggestion has been rejected by the opposition ruled states who try to fulfil temporarily through borrowing, however, plans […]
The 42nd GST Council meeting finally took place in New Delhi on 5th October 2020. The meeting chaired the finance minister Nirmala sitharaman and the Minister of State (MoS) for Finance Anurag Thakur along with finance minister of all the states. The 42 GST council meeting has taken some major decision based on the GSTR […]
The 41st GST Council Meeting was organized on August 27, 2020, till 5:30 pm. The GST council meeting members discussed the “revenue compensation to states”. The 41st GST Council Meeting was conducted via video conference due to the corona pandemic. Also, there was some discussion pending before the GST council such as GST rate cut […]
The collection of revenue from GST Cess has seen a 42% shortage in the financial year 2019-20. The GST council has decided to organize a meet to discuss the lending from the market as shortfalls are projected to continue. The finance ministry said that the final installment of the GST collection of the year, amounting […]
COVID-19 Panadamic causing a bad effect on the collection of the states, due to it, their GST collection requirements is expected to reach Rs. 4.1 trillion in this Financial year, which is almost equal to 2.1 percent of the GDP of our country The biggest tax reform i.e. Goods and Services Tax is now a […]
Our country was already facing an economic slowdown and the Covid-19 pandemic makes the situation worsen. Due to the continuous shortfall of Good and Service Tax (GST) caused by various reasons, the central government is now is questing ways to compensate states. The States were guaranteed to be paid for any loss of revenue in […]
