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The center is proposed by the Rajasthan government to prolong the duration of authorization of goods and services tax (GST) exemption to states for 5 years from 2022 to June 2027, concerning the weak fiscal situation of the states in the lockdown. The states urged a rise in the centers’ share about the sponsored policy […]
The Gujarat AAR held that GST payable on the common maintenance fund or deposit negotiated through the members. The petitioner is the owner of The capital commercial co-op (service) society ltd which is enrolled under Commercial Co-Operative service society which gives maintenance service to their members. Inside the monthly maintenance fees, Recurring basis, and Common […]
What is a Standard Deduction? In India, the standard deduction was first used in 1974. And then ultimately abandoned. It was reinstated in the Union Budget of 2018. Both pensioners and those on salaries can presently make use of it. since it lowers their taxable income it helps individuals to reduce their tax burden and […]
All over the country, the Directorate General of Goods and Services Tax Intelligence (DGGSTI) in the previous month has arrested 100 persons and recorded 3479 entities inside 1161 cases in the concern of illegally claiming the input tax credit(ITC) through the bogus GST invoices and causes the government tragedy. Despite lower revenue collection. Latest Update […]
Due to coronavirus, the shortage is imposed in Punjab by 43%. The union government is ignoring to provide the goods and services (GST) compensation. The state is still starving over Rs 9,044 cr i.e 43% so to engage the yearly target of Rs 15,868 cr GST collection. However, the union government has given Rs 1385.96 […]
From January rather than 12 at now, the businesses whose turnover exceeds Rs 5 cr turnover will have to furnish only GST sales return or GSTR-3B. There shall be 94 lakh assessees to which the policy of Quarterly filing of Return with Monthly Payment (QRMP) Know the everything about QRMP (Quarterly Return Filing & Monthly […]
With the rise in the strictness done by the government, the 25,000 businesses who had not furnished the GST return in November will urge to quickly file the same as the council is sending text messages as well as emails required them to follow with the needs. Beyond this, nearly 5.43 lakh businesses have not […]
Various newer concepts have been initiated in the law and alteration has come across to run the companies in India in 2014 within the companies act 2013. One of them is the One person company in India (OPC). The One Person Company section is that where there is only one person/member, this can be understood […]
The bridge between the collection of GST cess along with the revenue shortfall seen by the states to implement the goods and service tax can lie between anywhere from Rs 5 lakh crore to Rs 7 lakh crore as by June 2022 as from Rs 2.35 lakh crore expected for this year, the 15th finance […]
