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Only on billing, no business process will be completed. Businesses will have to provide details of their sale/purchase to the prospective government and if they come under the radar of taxation, they will also have to file a tax return. The Goods and Services Tax (GST) was introduced on July 1, 2017, it replaced all […]
Prior to the changes in the CGST reform act 2018, there is no idea of the suspension of the GST registration beneath GST law. This act introduced the suspension of the enrollment through inserting the proviso to section 29 (2) of the CGST Act, 2017 effective from 01.02.2019. The proviso directed that: Moreover, it further […]
The Central Board of Indirect Taxes and Customs (CBIC) said that the customs automated system notified Rs 1000 as the fees in managing the mismatch amid shipping bill and GST returns. The board said to impose the fees (Customs Documents) Amendment Regulations, 2021 which seeks to further amend the Levy of Fees (Customs Documents) Regulations, […]
The budget 2021, which was announced by the Finance Minister on Feb 1, 2021, proposed many changes in a range of finance sectors. The sectors which were affected the most by the recent Indian budget are taxation, personal finance, pensioners, etc. A number of proposals for amendment in certain GST rules were also proposed by […]
There is confusion in every GST enrolled individual and professional furnishing of GST returns in the current times to which the policy is to be taken, QRMP policy, or the monthly 3B system such as in Income Tax, the incorporation of the new income tax slab regime Have a look at the difference between old […]
The Karnataka Authority of Advance Ruling (AAR) held that GST might be imposed on the notional interest upon the security deposit. The petitioner is the owner of Midcon Polymers Pvt. Ltd. who has the intention to involve in the business of renting commercial property on the monthly rents and allied business. They have an idea […]
The Income Tax Appellate Tribunal (ITAT), Pune Bench has permitted the deduction beneath Section 35(1)(ii) of the Income Tax Act with respect to the donation. The taxpayer owner of MRC transolutions Pvt ltd furnished a donation of Rs 1.25 cr to the organization known as the school of human Human Genetics and Population Health (hereinafter […]
The FM Nirmala Sitaraman during the Budget 2021-22 urges the provisional attachment of the assets of the individual who has hands behind the bogus GST invoices exceeding Rs 2 cr. FM said that “A new provision is being inserted in the Customs Act (section 114AC) to prescribe penalty in specific cases where any person claims […]
To the government, the Indian staffing Federation questioned to lessen the goods and services tax on staffing firms with respect to 18% to 5% as well as seeking separate industry status for the sector to assist them alleging specific privileges. “Staffing companies generate employment and in a majority of the cases, these are low-level jobs […]
