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Adamant to revive the GST collection, the government has now designed the roadmap that will lead them to gather Rs. 46,000 crores under interest on late payments. Protesting against the decision of the government, tax experts said that at the time of GST (Goods and Services Tax) implementation when the government was making taxpayers switch […]
The government has recently revealed the GST late penalty collection revenues for the past 9 months which averages 200 crores for a month. As per the data of the Nine-month period of April to December 2019 the total GST late fees were INR 1898 crores. Apart from the late penalty, the government has also garnered […]
It is cleared by the Bombay high court that provisional attachment power is not a universal power given to the department and it has to be used in certain special situations. The judgment was in the middle of one long decision taken by the court in the writ petition which was filed by the M/s. […]
It has been revealed that income taxpayers will lose exemptions and deductions in nearly 70 or more categories for the current Income Tax slab in FY 2024-25. These include investment exemptions of INR 1.5 lakh on section 80C, premium payment deduction of section 80D on health insurance and interest on saving done in 80TTE. Also, […]
The Bengal State government introduced the amnesty scheme aimed at settling the taxes incurred in the pre-GST era i.e. under VAT, central sales tax and entry tax. The much similar phenomenon was seen in the Centre’s amnesty scheme namely ‘Vivad Se Vishwas’ that got its recognition in the Union Budget introduced on 1 Feb 2020. […]
Non-compete agreements between sellers and buyers are now under the tax levy net. Such agreements come into effect when the seller assures the buyer that it will not come in competition with the buyer for a designated period of time. Already received by several private equity firms, strategic investors and others who have purchased businesses […]
The 39th GST Council meeting has been concluded on 14th March 2020 in New Delhi in the chairmanship of Union finance minister Nirmala Sitharaman and other panel ministers. The GST Council has taken some of the firm decisions based on the requirement of the market. Also, the Infosys which is the main developer of the […]
The norm w.e.f 15 February 2020, states that all the importers and exporters are obliged to duly mention their GST Identification Number or GSTIN in the goods shipping documents. This current norm is a part of the government’s endeavor to demolish tax evasion from the country. Relevant to the scenario, the Central Board of Indirect […]
Latest Regulation for Companies Under Form SPICe Plus Spice+ is a new web-based form in place of the Spice Form. To make the company incorporation process easier MCA has deployed a new web-based form spice+ and other registration along with the form. Now the company can apply for EPFO/ESI, and GST numbers as well with […]
