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I-T dept again suspended the inclusion of details regarding GST & GAAR in tax audit report till 31st March 2020 that means the reporting necessity of GST and General Anti-Avoidance Rules (GAAR) details in income tax audit form has been suspended till March 2020. The mutation seemed to be backbreaking for the companies and the […]
In the present election scenario, Government is providing relief to the taxpayers. The government will soon start a first track settlement of cases related to refunds which will provide a great level of comfort and relief to the taxpayers. The hearing on the matter of early settlement of the cases related to income tax appeal […]
Delhi High Court by clarifying the technical difference between the exercise book with 12 per cent GST and tax-free printed books gives a sigh of relief for publishers. Reversing the verdict of Authority of Advance Ruling (AAR) the court neglects the decision of putting books with space for answering questions and other practise modules in […]
The revenue department has come with a new step to facilitate the GST refunds to the Exporters and suppliers of goods and services to SEZ units. For this, they have automated the process to quicken the refund accompanied with accuracy. Now there will be no personal interaction as the whole process of claim settlement has […]
The National Anti-Profiteering Authority (NAPA) took the decision in favour of home buyer and refused the behest of builder about the calculation of benefits on completion of the project. Believing all by themselves that the profits will be computed after finishing the project, the several builders have not been delegating the benefit on tax credit […]
Currently, there is a turbulence in the minds of car dealers, as the tax authorities are not leaving any stone unturned to curb the government’s revenue loss. Time has arrived for the car dealers to be investigated by the Indirect Tax authorities. The surveillance is all about the discounts and freebies offered by major car […]
The collection of GST (Goods and Services) was the highest in the month of April till now but this sudden increase in the GST revenue is far from the sight of becoming the permanent norm. In April 2019, the GST revenue increased by 10 per cent i.e. INR 1.13 trillion ($16 billion) as compared to […]
In a recent decision based on concern for the real estate sector, the government has now extended the time limit to finally opt for the new rate applicable on under construction house till 20th May 2019 The government has applied new GST rates for the under-construction flats and the home buyers do not have any […]
GST system is not likely to curtail the large deficits of State Government due to rising social sector expenditure and capital spending. According to reports, the Goods and Services Tax (GST) regime in India is improbable to eliminate the deficits of state governments significantly. The large and increasing expenditure requirement for the social sector and […]
