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Only on billing, no business process will be completed. Businesses will have to provide details of their sale/purchase to the prospective government and if they come under the radar of taxation, they will also have to file a tax return. The Goods and Services Tax (GST) was introduced on July 1, 2017, it replaced all […]
Prior to the changes in the CGST reform act 2018, there is no idea of the suspension of the GST registration beneath GST law. This act introduced the suspension of the enrollment through inserting the proviso to section 29 (2) of the CGST Act, 2017 effective from 01.02.2019. The proviso directed that: Moreover, it further […]
The Central Board of Indirect Taxes and Customs (CBIC) said that the customs automated system notified Rs 1000 as the fees in managing the mismatch amid shipping bill and GST returns. The board said to impose the fees (Customs Documents) Amendment Regulations, 2021 which seeks to further amend the Levy of Fees (Customs Documents) Regulations, […]
During the time when the government was facing less collection from the revenue in the pandemic times, moreover, the bogus cases also harm the financial term of the government and the ability to pay. The FM Nirmala Sitaraman in the 2021-22 budget urged that the provisional attachment of the assets of those who are engaged […]
The budget 2021, which was announced by the Finance Minister on Feb 1, 2021, proposed many changes in a range of finance sectors. The sectors which were affected the most by the recent Indian budget are taxation, personal finance, pensioners, etc. A number of proposals for amendment in certain GST rules were also proposed by […]
There is confusion in every GST-enrolled individual and professional furnishing of GST returns in the current times to which the policy is to be taken, QRMP policy, or the monthly 3B system such as in Income Tax, the incorporation of the new income tax slab regime in lower tax price done by the government and […]
The Karnataka Authority of Advance Ruling (AAR) held that GST might be imposed on the notional interest upon the security deposit. The petitioner is the owner of Midcon Polymers Pvt. Ltd. who has the intention to involve in the business of renting commercial property on the monthly rents and allied business. They have an idea […]
The FM Nirmala Sitaraman during the Budget 2021-22 urges the provisional attachment of the assets of the individual who has hands behind the bogus GST invoices exceeding Rs 2 cr. FM said that “A new provision is being inserted in the Customs Act (section 114AC) to prescribe penalty in specific cases where any person claims […]
New changes and some additions have been implemented inside the goods and services tax plan through the 14th GST amendment rules 2020. The article concentrates on the important rule inserted with respect to the input tax credit which has effected from 1/01/2021. A new rule has been inserted in 86B which reveals that the division […]
