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Particularly in the rise of medical cases during and post-pandemic, the insurance sector was in demand. Experts see that the 18% GST is higher on health and term insurance and the same must be reduced. Much more people shall take health and term insurance for their medical security if the government cancels the 18% GST […]
GST council could take the problem of circular trading in its forthcoming meeting. The council would be anticipated to discuss the report on the decriminalization of crimes beneath the GST statute. Circular trading directed to bogus claims of ITC via traders through providing the invoices with no carrying of the real goods or services. Bombay […]
Chartered accountant Kirti Joshi, former chairman of the Indore Branch of The Institute of Chartered Accountants (ICAI) held, there would be a total of 19 tables in GSTR-9 that would be essential to opt for the proper care during filing. For the case in which the turnover of the dealer would exceed Rs 5 cr, […]
The department would have initiated providing the notices and asking for the details by comparing the information shown in GSTR 9/9C Vs GSTR 3B. Acknowledging distinct amendments in the GST law in the recent former time. The article discusses furnishing transparency on annual returns (Form GSTR 9) filing and reconciliation statement (Form GSTR 9C) including […]
From the forthcoming budget, the salaried people secure much more expectations, and taxes relief is a major concern. In India, from 5% the personal income tax has been started and then goes to 42.74% along with the surcharge and cesses. As compared to other countries like Hong Kong (15%) Sri Lanka (18%), and Singapore (22%), […]
The Central Board of Indirect Taxes and Customs (CBIC) specified the way of processing and sanctioning IGST refunds, upheld for clause (c) of sub-rule (4) of rule 96, transmitted to the jurisdictional GST authorities under sub-rule (5A) of rule 96 of the Central Goods and Service Tax Rules, 2017. Under the rule, CBIC laid on […]
The High Court of Bombay High Court at Goa, refusing the order for the compounding of offence ruled, the compounding amount of offence under the GST act would not be more than the maximum penalty mentioned in the act for the same offence. The applicant Mr Shekhar P Vernekkar dissatisfied with the order of the […]
Reduce the personal income tax rates is been suggested to FM Nirmala Sitharaman, in the Union Budget 2023-24 for raising the consumption in the economy, however, there are two options one is a lower income tax regime with some exemptions and the other is a higher income tax regime with all exemptions provided to assesses. […]
Introduction of GST Forms TRAN-1 and TRAN-2 GST law comprises the information provisions to take forward the ITC made via the GST-enrolled individuals in the course prior to the date 1st July 2017. These credits (left-out credits) were taken forward or claimed in the GST forms Tran-1 and Tran-2 [T1 and T2] to be filled […]
