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In a country where income from agriculture is tax-free, more than half of the country is dependent on agriculture and mechanised agriculture has recently arrived, the Central Board of Indirect Taxes and Customs (CBIC) has put a clarification that laterals/parts that are to be used uniquely or principally with sprinklers or drip irrigation system shall […]
In a country where the Right to Education is in force, The cost of education in India is skyrocketing since the last few years and it is an item of main expenditure in the checklist of the parents. In an attempt to ease the burden of heavy fees on the parents, the government has waived […]
Recently, the Nagpur Branch of Western India Regional Council of the Institute of Chartered Accountants of India (ICAI) organised a study circle titled ‘Knowlege Ki Pathshala’ that covered 10 latest amendments/Judgments/Advance Rulings and other important issues under GST, Income Tax, and Corporate law. The basic objective for organizing this series was to update CA members […]
The Group of Ministers (GOM) led by Meghalaya chief minister Conrad Sangma submitted to the council on Monday the recommendation that No change in the 5% GST rate for Covid vaccines Reduce GST to 5% on both commercial imports and domestic supply of most other Covid medicines and materials. Furthering the recommendations, the GOM also […]
The Central Board of Indirect Taxes and Customs, as per guidelines and instructions of the Government of India, has notified that the Land Owner Promoters can obtain GST paid to Developers on Sale of Land. Earlier, on May 28, 2021, a 43rd GST council meeting Smt @nsitharaman will chair the 43rd GST Council meeting via […]
The Central Board of Indirect Taxes and Customs (CBIC) has finally notified easing of Interest Rates levied on businessmen for the delay in the filing of GSTR 3B Return. The aforesaid decision was taken on May 28 in the 43rd meeting of the GST Council Smt @nsitharaman will chair the 43rd GST Council meeting via […]
The GST council, in a recent meeting, has put a clarification on the grey area that annuity paid for ‘service provided in the form of access to a road or a bridge shall be exempted from GST. In India and most of the developing economies across the globe, Road construction projects are operated by the […]
This phenomenon is a sensitive and burning issue in the GST since its inception and implementation in the year 2017 “Whether the recipient are required to reverse their Input Tax Credit (ITC) due to mismatch of 2A or due to non-submission of GSTR 1 or GSTR 3B by supplier” As per Section 16 (2)(c) of […]
The Government of India, on Monday, declared that the deadline for filing monthly GST sales returns for the month of May has been extended by 15 days to June 26. In the 43rd meeting of GST council Smt @nsitharaman will chair the 43rd GST Council meeting via video conferencing at 11 AM in New Delhi […]
