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Tax deducted at Source (TDS) and Tax Collected at Source (TCS) are the most popular methods of tax collection. To guarantee correct adherence to the tax regulations, it is crucial to recognise the difference between TDS and TCS under the Income Tax Act 1961, since these are some big ones. Let’s get into it in […]
A division bench of the Gujarat High Court has overturned a decision to revoke a company’s GST registration on the grounds that the show-cause filing lacked sufficient justification. The Central GST Department conducted a search at the petitioners’, M/s Dee Cubes Diamonds Pvt Ltd., location. The government issued a notice to terminate the GST registration […]
The GST Council approved decriminalizing specific crimes and doubled the limit to the launching prosecution beneath the tax act to Rs 2 cr, however, kept the limit at Rs 1 cr for bogus invoicing. The department, for the SUVs (sport utility vehicles), charges a 22% compensation cess over the 28% GST and would have chosen […]
The Kerala High Court stated that Section 119(2)(b) of the Income Tax Act does not levy any limitation for the purposes of application filing for the condonation of delay. A single bench of Justice Gopinath P, sees, the same is wrong on the portion of the council to treat the filing date of the application […]
What is CBDT Rule 132? Central Board of Direct Taxes (CBDT) has made Rule 132, which comes into force from October 1, 2022. It deals with the application for re-computation of income under Section 155(18). CBDT has also shown Form 69 that can be used to apply for re-computation of income. Tax experts mentioned that […]
Once GST registration has been received the same could not be revoked unless an assessee applied voluntarily against it or GST heads cancelled the same for some reason. If the GST registration would get cancelled by the GST heads the same would get specified on the GST portal as Suo Moto cancelled. One is not […]
The government has made a decision to make the scrapping of the IGST on ocean freight and the same proposal is under consideration for the GST council in the next meeting. The particular decision is made to consider the supreme court order on the scrapping of IGST on ocean freights. This has made a sigh […]
The GST official has decided to rectify various tax rates and withdraw the tax exemptions, excluding building a series of amendments to the enrollment and GST refund process to increase the collections of revenue. On the second and the final day of the 47th GST meeting, the officials would see into the demand from the […]
Gujarat High Court ruling that the real value of the land must be deducted prior to imposing the GST on the flats which are under construction will diminish the tax outgo for the homebuyers, given that the contractual arrangements clearly show the value of the land. In the present times, GST is imposed on the […]
