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Minister of State for Finance and Corporate Affairs, Anurag Thakur brought attention to the decline in the pending cases related to indirect taxes by 61% to 1.05 lakh by March 31, 2019, in comparison to the number of pending cases under litigation on June 30, 2017. The discussion regarding the pending cases took place at […]
Recently, some new amendments in income tax return e-Form 2 and 5 have been proposed by the income tax department. According to the latest notice published on the e-filing website, the utilities of ITR (income tax return ) 2 form and ITR-5 form has been changed in order to fix the bugs identified during filing […]
The Indian Air Force has appealed the Directorate of Revenue Intelligence (DRI) to see in a new light the imposition of huge integrated goods and services tax (IGST) on parts of aircraft which attract no tax under the harmonised system nomenclature (HSN) code pursued by GST for putting the goods under five tax rate slabs […]
In a recent announcement, the Finance Ministry has said that no GST invoice will be required for the goods that were taken abroad for exhibitions or other kinds of export promotion events and are brought back to India within six months. The ministry further said that most of the exporters were having problems due to […]
In a recent ruling, The Tamil Nadu Authority for Advance Ruling (TNAAR) has clarified that if the monthly maintenance amount gathered by the registered housing society or resident welfare committee surpasses INR 7500 per month, then a flat 18% GST rate will be applicable on the entire amount, not the different amount. The ruling decision […]
At the point of origin of income, taxpayers in India are required to pay TDS (Tax Deducted at Source) as per the Income Tax Act of 1961. An amount from the total earnings received by a deductee or receiver is generally withheld by the deductor (person, institution, or organisation). This deducted amount is equal to […]
The 36th GST council meeting discussed major topics such as reducing the GST rate applicable to e-mobility solutions and to conclude the GST rate for solar power producing systems and wind turbine projects. Finally, the long-awaited decisions by the government have been done in the view of constant demand by the public as well as […]
Valid for taxpayers whose annual aggregate turnover exceeds ₹5 Crores for FY 2024-25. The GSTR-9C is a self-certified reconciliation statement to be filed on or before 31st December 2025. GSTR 9C is now a Self-Certified form from FY 2020-21 onwards before that, it was an audit form for taxpayers. Now Taxpayer may self-certify his/her annual […]
In the budget 2019, several GST related rules and regulations have changed which have been presented in the Finance Bill. Finance Minister Nirmala Sitharaman presented the budget 2019 on July 5, 2019. The budget promulgates the tax payment facilities in addition to the changes made in composition schemes. Most of the things presented in the […]
