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On the capital gains, the NRIs who are selling the house property located in India need to pay tax. It just relied on the short-term or the long-term capital gains on which tax is to be paid. The tax on the long-term capital gain is when the house property is sold post to the duration […]
The Central Board of Indirect Taxes and Customs (CBIC) decided to conduct the meetings through the officials of state tax administrations in the country to surge GST collections mentioned in an official discussion. A similar meet has formerly been conducted in Karnataka towards the revenue boost plan along with that to find out the areas […]
The latest guidelines are been circulated towards the GST assessees by the Finance ministry. As per the report, the assessee whose annual aggregate turnover (AATO) held with Rs 5 cr is not needed to furnish the reconciliation statement in Form GSTR-9C towards the FY 2020-21. GSTR-9C form is an annual GST reconciliation statement inside it […]
The government, through the approval of GST officials, made a group of ministers beneath the leadership of the Karnataka chief minister so as to build the recommendations upon the GST rate rationalization. The motive behind this is to make a balance between GST revenue collection with respect to industrial competition effectiveness. The effective GST design […]
GST requires a change in its rate structure, the government is urged to take the harder political decision soon or in the times to come. This is seen after the effective GST collections improvement from the previous fiscal year. The requirement to change the GST structure emerges from the concern that the revenue-neutral rates which […]
The Madras High Court ordered the GST Authority to permit for furnishing the amended Form TRAN-1 by beginning the GST portal as an advantage of Input Tax Credit (ITC) would not be disappointed on the basis of technicalities. The respondent, M/s.Bharat Electronics Limited had filed a claim for Input Tax / CENVAT Credit via filing […]
India can perform the essential improvisation of GST structure as it is turning five in the subsequent year of July, the compensation to states arrives at an end. The revamping of the tax slab and diminishing the exemptions can be acknowledged towards the single tax which was released on 1st July 2017. The latest regime […]
The 46th GST Council meeting has been chaired by FM Nirmala Sitharaman in New Delhi with the presence of all states’ finance ministers and other members. The council members have opposed the new 12% GST rate on textile products so they have deferred the hike tax rate and will discuss it in the next meeting. […]
The Kerala high court recently found that the answers given by the centre and GST council were unable to give satisfying justification. A reason cited by the GST council was that the pandemic has created hurdles in bringing the fossil fuels under GST but was not justified at a ground level. In view of the […]
