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Prior to the 37th GST Council Meeting to be held on (20th September 2019), the fitment panel ruled out the idea for GST reduction in automobile and biscuits sectors. Committee believes that the step will lead to adverse tax revenue collection both Center and State levels and is not the correct initiative looking at the […]
It seems that the Insolvency and Bankruptcy Code (IBC) and GST are having some troubles with the norms as well as software working procedure for the resolutions. Therefore, it seems that they may visit the court for the further resolution of the matter. The major issues that conflict is that the GST software does not […]
Ministry of Finance has started digging and estimating the revenue loss that may happen due to the GST rate cut which will be broached up in the upcoming 37th GST council meet, scheduled to be held on 20th September. The GST rate on various products like automobile will be lowered down to bring up the […]
A company is referred to as a Section 8 Company when registered as a Non-Profit Organization (NPO) i.e. when it has the motive of promoting arts, commerce, education, charity, protection of the environment, sports, science, research, social welfare, religion and intends to use its profits (if any) or other income for promoting these objectives. The […]
Tax Deducted at Source or TDS refers to an advance tax which is deducted from the income or earnings of an individual or an organization before actually crediting the income into the account of an individual or entity, as per the Taxation Code of India. As the name suggests, Tax deducted at source, it is […]
Only 20% of Visakhapatnam Traders have filed central goods and services tax (CGST) returns till the date and 80% of them need to urgently file the returns before the due date of 31st August 2019. The due dates for filing GST returns have been extended many times due to the complexities and cumbersome process involved […]
GST has been prone to many tax evasion techniques since its commencement in India in 2017, as a well-developed system that can completely barricade the areas open to profiteering via bogus invoices for availing extra credit and truncate the tax liability is still absent. In the recent few weeks, the Income-tax department has issued notices […]
Implementation of GST in July 2017 was a major and transformation step towards reformation in the indirect taxation system in India with a vision of “One Nation, One Tax”, after revolutions such as Make-in-India and Digital India by the BJP-led government to bring in comprehensive growth and economic evolution throughout the nation. Under GST – […]
At the point of origin of income, the taxpayers in India have to pay TDS (Tax Deducted at Source) as per the Income Tax Act, of 1961. An amount from the total earnings received by a deductee or receiver is generally withheld by the deductor (person, institution, or organization). This deducted amount is equal to […]
