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The businesses are required to set up for answering the questions raised by the goods and service tax council, this is because they started examining the returns for the first time since the new indirect tax council was started in 2017. The Central Board of Indirect Taxes & Customs (CBIC) has initiated the computer-assisted automated […]
The Central Board of Indirect Taxes and Customs (CBIC) provides the guidelines of the scrutiny for GST, towards the first two years of the new indirect tax regime, it is a plan to eliminate the chance of leakages and increase the collections. CBIC provides the expressive list of parameters, which recommends that there was another […]
Every individual who comes under the income chargeable to tax is needed to furnish the ITR to declare their income along with the tax liabilities. However, the income tax laws in India issue the collection or deduction of the tax at source (TDS/TCS) itself. The same gives the assurity about the regular flow of the […]
The provident fund is a major fund collection scheme by the government of India to support and assist the working class in their future needs. The government also provides higher interest rates in return for maintaining the funds in the government treasury and giving individuals a higher sense of security. Here in this post, we […]
The essential electronic invoicing of business to business B2B transactions towards the firms that have a turnover exceeding Rs 20 cr would raise the GST enrollment by 75%. The latest system which will be applicable from 1st April would add 180,000 GST identification numbers (GTINs) increasing from the current 240000 to nearly 420000. Beneath GST […]
As India has entered into the year 2022 after a disastrous year and a quarter because of a pandemic and the tax structure is the basic part of the regeneration plan. When it comes to GST ( Goods and Services) which has been already going ahead while establishing its position and has been asked time […]
A coaching institute shall not deposit the GST on the specific items on the grounds of the supply of the notebooks, t-shirts, bags, sweatshirts, and others to students as well as the coaching service mentioned by the Central Board of indirect taxes and custom (CBIC). “These types of bundled services fall under the category of […]
Despite when the firms move their business from one state to the other would now face tax issues because this will be acknowledged as a supply and encounter the GST. A recent ruling via Authority for Advance Ruling (AAR) upon the transfer of the business from one state to another through a similar firm would […]
Central and state governments would execute the proposed structural update of the GST in phases as the impact tax rate revised and would be on the consumptions. The proposed amendments would consist of pruning tax exemptions, eliminating the anomalies from taxing raw materials and the intermediates higher with respect to the finished products, and eliminating […]
