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A person who is registered as a composition taxpayer cannot generate taxable invoices, collect GST from consumers, or claim ITC on purchases, according to the Central Board of Indirect Taxes and Customs (CBIC). The explanation came in response to a popular video showing a restaurant tricking patrons even though it was a composition taxpayer under […]
The 49th GST Council Meeting has resolved to change entry at Sl. No. 41A of notification No. 1/2017-Compensation Cess (Rate) so that exemption advantage encompasses both coals reject provided to and by a coal washery, arising out of coal on which compensation cess has been paid and no person has claimed an input tax credit […]
The Rajasthan Government has made a decision to compensate late filing costs paid by taxpayers for the months of April 2021 to March 2022 in a way that will soon be regulated. The State Government is responsible, under the ruling, for reimbursing the late charge. The Rajasthan Goods and Services Tax Act, 2017, registered taxable […]
The supply of machinery, mechanical appliances, parts, etc including the erection, commissioning, and installation is being supplied by the applicant. The GST returns in Form GSTR 3B for the FY 2017-18 (for short, “the FY”) would have been submitted by the applicant. Asking for the books of accounts for conducting the desk audit and rendering […]
Tuesday, the government’s Finance Minister Nirmala Sitharaman said it will investigate lowering cement’s 28% Goods and Service Tax (GST) rate. In the midst of the present global unrest, she added, the nation has been able to get petroleum at comparatively reduced rates because of good leadership. She asked India Inc. for unconventional suggestions that would […]
Extracts from the GST-related amendments that were included in the Finance Bill for 2023 (Budget 2023-24), which Union Minister of Finance Mrs Nirmala Sitharaman submitted to the Loksabha on February 01, 2023. Except for those in clause 142, modifications proposed in the Finance Bill, 2023 will go into effect on the date they are announced, […]
GST input tax credit Input tax is related to a taxable entity, which means the (IGST and CGST) in respect of the CGST Act and (IGST and SGST) in respect of the SGST Act are imposed upon each supply of goods and any services on the entity that is used by it or that is […]
Under section 115BAC of the Income-tax Act, 1961, the concessional/New Tax Regime (NTR), which was introduced in the Union Budget 2020, gives individuals and HUF taxpayers the opportunity to pay income tax at reduced rates in exchange for giving up some exemptions and deductions. The NTR was developed to streamline the filing of income tax […]
Businesses nowadays are implementing fresh and creative promotional strategies to draw in clients. Making room for a new firm or even surviving in the market has become difficult due to growing competition. But under the indirect tax regime, tax implications have been a contentious issue and are crucial for the implementation of such schemes. The […]
