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Search results for: Goods and Services Tax

GST - FIPI Expectation for Natural Gas in Budget 2022

FIPI Demands GST Rationalization of Natural Gas in Budget 2022

The government must draw the natural gas under GST compliance to discover the vision of the PM Narendra Modi on the subject of the economy of the gas and making the environment friendly fuel for India, the industry council that shows the likes of the Reliance Industries and the companies owned by the state. Natural […]

Need Regular Reconciliation in GST 2022

Proper Reconciliation Mandatory for Running As Per GST 2022

Performing reconciliation is required before filing returns towards monthly, quarterly, or annual returns. It does not have any influence as to what methods or when the business executed a reconciliation. Thus now there is a right time to know and discuss the reconciliation task as the government makes important amendments to the GST law which […]

CBIC Notifies Rule 144A for Seized Goods

CBIC Circulates 10th Amendment Rules on Penalty Recovery By Seized Goods

The Central Board of Indirect Taxes and Customs (CBIC) mentioned that the law is concerned with the recovery of penalty through the goods sale or conveyance confined or seized in transmit. The Board has declared Central Goods and Services Tax (Tenth Amendment) Rules, 2021 that asks for the change of the Central Goods and Services […]

New Amendment for GST ITC

Govt Authority Mandates Invoices Matched for GST ITC from 2022

Under the GST regime, the finance ministry has circulated a notice dated 1st Jan 2022 as the date towards the norms pointing 100% invoice matching essential for GST ITC (Input Tax Credit). Towards every taxpayer, the framework computes GST ITC based on the return furnished through his or her supplier. “These curb the chance of […]

Overview of GST CT Notifications No. 38 and 39/2021

Explanation of Central Tax GST Notifications No. 38 & 39/2021

The 2 GST notifications are furnished dated 21st Dec 2021 so as to draw the specific GST amendments into the compliance imposed from 1st Jan 2022. GST Central Tax Notification No. 38/2021 The same ask for drawing down the imposition of the particular sub-rules of Rule 2 Central Goods and Services Tax (Eighth Amendment) Rules, […]

Important Amendments Under GST

Lookout Tremendous GST Amendments in 2021 for Taxpayers

The GST council and government had released some of the best and exciting amendments and changes to bring forward the most required features to the GST applicability for the common people as well as organizations alike. Some GST amendments in compliance are late fee relaxation, lowering down of provisions doubts and more. You can check […]

Gujarat AAR's Order for JM Chemicals

GJ AAR Rules No ITC for GST Paid on Lease Premium Input Services

The Authority of Advance Ruling (AAR) of Gujarat state ruled that the Input Tax Credit (ITC) is not available towards the GST paid on input services of Lease Premium towards which GST has been imposed. The petitioner is the owner of JM chemicals furnished that long term lease premium gets privileged from the tax beneath […]

Budget 2022 Expectations for Personal Accident Insurance

Budget 2022: Personal Accident Insurance Expectations, Tax Deduction & Low GST Rate

Policyholders do not have the major intention about the personal accident insurance covers. However, it is an essential cover for the majority of the people it is not being purchased normally. If in the union budget 2022 they mentioned that provide the tax deduction towards the premium furnished to buy the Personal accident insurance then […]

TDS Exemption on E-Auction Services

CBDT Guidelines for TDS Exemption on E-Auction Services U/S 194-O (Read Order)

CBDT provides that the rules that mentioned that there shall be no TDS beneath section 194-O of the income tax act are needed on e-auction services. Through several stakeholders, the board has obtained representatives who are engaged in the business that poses e-auction services via an electronic portal owned, operated, or maintained by e-auctioneer. In […]

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