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Discipline matters a lot in tax-related issues also. If you are late you have to bear the cost in the form of a penalty. And all possible discrepancies and escalations along with consequent fines are mentioned in the various provisions section 47 and section 50 of the CGST Act 2017. However, recently, the government has […]
GST PMT 06 has been a popular way of tax-paying in registered taxpayers for one month after bearing in mind the availability of input tax credit completely that may be a straightforward administration on own of the second and third month in which additional input tax credit amount available compared with the tax liability going […]
The Quarterly Return Filing and Monthly Payment of Taxes (QRMP) policy originated through the Central Board of Indirect Taxes & Customs (CBIC) dated 1st Jan 2021 to assist the small assessee in diminishing their burden under rules. The article covers the process of tax payment to be furnished for the initial 2 months of the […]
This decree of the High Court of Gujarat is a lesson for those medical stores who are selling medicines while wearing the mask of the charitable trust. The Honourable Court has held that the medical store that is run by the charitable trust shall be considered as a business even if it is selling medicines […]
Since July 2017, the One Nation One tax i.e. Goods and Services Tax (GST) has been introduced in India. Apparently, it looks simplified; however, the entire accounting mechanism has been overhauled. Nevertheless, the concept of GST has its own advantages in the long run. As Per the Indian Accounting Standards State-based Registration and Consequent Accounting […]
This is high time for The Central Board of Indirect Taxes and Customs (CBIC) and taxpayers amidst the orders of the honourable Supreme Court. The CBIC has released a statement saying that the issue of the summons, search, enquiry, or investigation and even the arrest that has been mentioned in the provisions of GST Get […]
Private Coaching centres have not been spared from paying taxes. This ruling has been given by the Appellate Authority on Advance Ruling (AAAR), Kerala. Private Coaching Centres shall have to pay GST Check out due dates of payment under GST for general and composition taxpayers in India. We have included penalty charges on late payment […]
The government tendering decision is settled to follow the GST post to the statement of the tax ruling has stated it constitutes the supply of services. In the past ruling, the GST must be applied upon the processing fees which is 18% and it is applicable whether doing it online or offline said Maharashtra Authority […]
The Authority for Advance Ruling, Karnataka has recently held that the difference between the buying price and the selling price of second-hand jewellery shall be the base value for levying the Goods and Services Tax (GST). Experts believe that the aforesaid ruling shall bring a lot of clarity on various aspects of taxation and shall […]
