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The anti-profiteering clause of new indirect taxation structure seems like ineffective with no powers. The government has not framed restrict rules or regulations under this, in fact, suo moto will do more research on the anti-profiteering provision of GST Regime.
Input tax credit in GST, As defined by section 2 (57) of the MGL (Model GST Law) and section 2 (1) (d) of the IGST Act, Input tax is related to a taxable entity which means the (IGST and CGST) in respect of CGST Act and (IGST and SGST) in respect of SGST Act is levied on every supply of goods or any services on the entity which is used by it or which is intended to to be consumed in the course of the business and subsumes the tax payable under sub-section (3) of section 7. In a simple way, input tax credit defines that an entity can reduce the taxes it paid on the inputs at the time of paying the taxes on output.
Apart from the regular tax slab, the GST council has decided 3 percent GST on gold. It is a positive move towards the jewelry association and their growth as the sector was demanding lower tax rates earlier.
GST composition scheme was implemented under the respective State VAT Laws with conditions applied on eligibility for the scheme accordingly. GST composition scheme assures greater compliance without the requirement of maintaining records. This system is missing in Service Tax laws. Latest Update 13th October 2022 09th July 2022 09th May 2022 GST Software Demo for […]
Central Board of Excise and Customs (CBEC) has proposed an e-way bill in the event of transiting goods worth INR 50,000 under the GST regime. This will ask for online registration of the goods consignment and this will give the tax authorities a right to inspect the element anytime if suspected of a tax evasion.
After uploading of return in electronic mode, a New functionality of electronic verification code (EVC) of the Income Tax return has been introduced vide Notification No. 2/2015, dated 13/07/2015. This facility can be used as an alternative for the submission of ITR-V to CPC-Bangalore. What is an Electronic Verification Code Under Income Tax The Generate Electronic […]
Indian tax forms are used to document information in compliance with the Income Tax Act of 1961 and in accordance with the Income Tax Rules (codified in 1962), which govern the process of filing income tax returns in India. Two of such forms are Form 3CA & Form 3CB. Latest Update Filing 3CA and 3CB Form Via Software […]
Audit is known as examination and inspection of the financial statements of a firm to make sure that the records related to the company are current and fair. Generally audit work is done by the professionals like CA. But, nowadays, many chartered accountants takes help of software to audit the records the firms. There are […]
When the last date of IT filing arrives close, every taxpayer worries about how to calculate the taxable income and online e-filing of the income tax return. The income tax return has to be mandatorily e filed in case your income is above the basic slab rate. However, paper returns can be filed by those […]
