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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 […]
Many people may not know that there is a constitutional office of the ‘Directorate General of the Goods and Services Tax Intelligence’. The Gujarat High court has in a recent decree held that DGGI officers are completely empowered to issue the summons to the taxpayers as per the Central Goods and Services Tax Act, 2017 […]
Nirmala Sitharaman finance minister has been chaired the 45th GST Council meeting at Lucknow city. The council members have discussed several issues such as states compensation and revision of GST rates on Covid essentials, petrol diesel GST applicability or not, and food delivery app applicability. The major discussion points for the council meeting are the […]
The various groups and stakeholders of The Micro Small and Medium-scale Enterprises (MSMEs) have requested the State Government to further request the Union Government to extend the deadline of payment of 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 second wave of Corona-19 has ruined and devastated the life of crores of people on our planet. To date, nearly 185,390,254 people have slipped in this death trap; however, the major proportion of people have survived and the others have lost their lives. Still, there are hundreds of people who are still struggling for […]
The journey of implementing Goods and Services Tax that started on July 1, 2017 has impacted the lives of the population of India across the length and breadth of Industry. One of the Modi-Governments’s biggest focuses in its agenda is the Goods and Services Tax 2017. Today on the fourth anniversary of GST, there is […]
Ahead of the fourth GST Anniversary on July 1, the Industry regulatory body ‘PHD Chamber of Commerce’ has voiced an opinion that the buyer should be permitted to claim credit for taxes even if the supplier has been the defaulter in payment of GST. The PHD Chamber of commerce also said that during a meeting […]
“GST department has held back the export benefit of many companies that have tripartite agreements or three-way contracts.” As per the prevailing law, the export of goods or services does not attract goods and services tax. It is a bitter truth for the government exchequer that many fintech companies having tripartite agreements, “(mostly captive units […]
