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A single bench of Justice C. Saravanan of Madras High Court ordered the purchaser to create a pre-deposit of 200% of the maximum fine or a replacement furnish Bank Guarantee in terms of Section 129(c) of the respective Goods and Services Tax ratification and the Rules made under that. After furnishing Bank Guarantee for the […]
Definition of GST Section 62 Section 62 of CGST ACT 2017 noted for the assessment of those enrolled assessees who do not file their GST returns on the specified last dates. The proper officer evaluates the liability of tax including the required interest and penalties that will get deposited through the registered assessee on the […]
Basic Definition of Company Director Report In this post, we discuss the basic steps of how you can see your company director report using Gen Balance Sheet Software. The report of the director would be the document that is included in the annual report of the company. The same document furnishes stakeholders with complete information […]
Goods and Services Tax Network (GSTN) released a notification on 4.05.2023. The authority noted that some difficulty was faced by some taxpayers during filing GSTR-3B of the March 2023 period on 20th April 2023. After investigating the matter, it was found that a larger number of taxpayers started filing GSTR-3B returns on the last day’s […]
For distinct defaults done by the assessee, the penalties would get imposed under the Income Tax Act. Beyond penalties on defaults such as doing payment of Self Assessment Tax, default in payment of taxes, default on filing income returns, and others, the Income Tax department charges penalties for underreporting and misreporting of income. When a […]
The Bombay High Court ruled that the state could not impose the GST on goods and services furnished via intermediaries to its foreign customers. However, while the requirements of the Integrated GST Act have been maintained, experts are unsure whether the Integrated Goods and Services Tax may be applied to these transactions. An intermediary would […]
Deciding between the old and new tax regimes is crucial when thinking about taking a mortgage. Home loan holders can take advantage of deductions under Sections 24 and 80C of the Income Tax Act. It describes that they may deduct up to Rs. 4,00,000 in deductions, including Rs. 2 lacks in interest, Rs. 1.5 lakh […]
What is Section 16 Under CGST Act? Section 16 of CGST ACT 2017 is concerned with the Input Tax Credit mechanism, which permits the assessee to offset the GST Input Tax Credit with the GST Output Tax Liability. The same shall assist in preventing the cascading effect of taxes and promote a seamless flow of […]
The Madras High Court stated that it cannot expect certain conditions to fall under the Goods and Services Tax Law. Particularly, what to expect if the input tax credit to the buyer is disapproved by the government for the reason that the GST has not been paid by the seller but then recovers the tax […]
