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GST is an indirect tax that is collected on all goods and services in India. In the educational sector, there are certain educational courses and training programmes which are devoid from GST since the government is focused on providing education to each and every child in the country. On the flip of the coin, the […]
Tax system in India keeps on reforming for good. The Government and other tax-related departments are constantly working to make the tax system more rigid. One such reform is recently brought in practise by the Tax Department related to ‘Income Tax Refund’. Valid from the prevailing year onward, the one who claims Income Tax Refund […]
The integration of technology with accounting is giving the edge to companies in digital scenarios where competition is soaring at a high pace. The companies adopting the technological advancements can cash in on more opportunities than those who are still stuck with the conventional method of working, thinking that “Old is Gold“. “To stay ahead, […]
Here we are to discuss all the major points on the inward supply transaction under the GSTR 9. We will go through all the particulars and the respected financial year with the reporting in the GSTR 9: Particulars Financial Year 2023-24 Financial Year 2024-25 —————–Reporting in GSTR 9—————- GSTR 3B GSTR 3B FY 2023-24 Table […]
The income tax department is digging the records for the traders who come under the grid of GST but are not filing ITR. The information is also shared with the municipal co-operation of Madhya Pradesh and Chattisgarh (as it comes under the tax zone of MP). As a result of long scrutiny of the trader’s […]
The last date for filing income tax returns for the financial year 2018-19 is landing at the terminus as 31st July 2019 (revised due date 31st August) is arriving. Fling a return without waiting for the final date can be beneficial for the taxpayers as failure to fill the returns by the due date due […]
The GST Council has set different tax rates for various goods and services, divided into categories such as 0%, 0.25%, 3%, 5%, 18%, and 40%. These rates may change based on government announcements in response to economic needs. All goods and services are linked to the Harmonised System Nomenclature (HSN) code, based on which the […]
Providing a sigh of relief to exporters, the centre announced to pay the input tax credit (ITC) refunds of state taxes which will translate into lesser transaction time and costs. while the manual interface is being said under processing. As the industry claims, there is a huge difference between the amount claimed for ITC to […]
Recently, the income tax department (ITD) has announced that it is working on the idea of creating a real-time pan processing centre (RTPC) for issuing E-PAN in less than 10 minutes. This announcement was made in Parliament last Monday by the Minister of State for Finance, Anurag Thakur. Shedding more light on this topic, Thakur […]
