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The decision of the panel has caused fear for various industries as this will further block the cash flow of businesses amid their existing struggle with finances in times of economic slowdown in India. The proposed clause goes on like if taxpayer has paid Rs. 1,000 as taxes to the supplier in lieu of the […]
GST Council 38th Meeting concludes on 18th December 2019 under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman. The meeting was also attended by Anurag Thakur (Union Minister of State for Finance & Corporate Affairs) and Finance Ministers of States & UTs and some senior officers of the Ministry of […]
The government is looking upon reforming the set of provisions regarding tax that is allotted to the intermediary service providers (ITs) making it tax-exempt. Included in the list are services from BPO, export services, IT/IT-enabled services and various back-office assistance extended to foreign organizations. The issue will be a subject of discussion in the next […]
The 38th GST council meeting has been concluded with several major and minor changes in the GST rates as well as in the annual return filing due dates, penalty and ITC related provisions. Let us check out the complete amendments done under the finance minister Nirmala Sitharaman in the 38th GST council meeting. All Updates […]
Urging on the need to call for a GST council meeting, Bengal Finance Amit Mitra said that there should be a meeting to discuss the unsteady GST collections, various GST rates Grab the information of revised GST slab rates on consumer products in India, Although GST council finalized the slab rates like 5%, 12%, 18% […]
The 37th GST council took the decision to not to levy GST on the intermediary deals applicable on the various international transactions. However, the decision has not come through the notification. As per the decisions, it is cleared that the intermediaries giving services to the person receiving supply and the recipient of the goods are […]
As per the information by Right to Information Act by city lawyer Aires Rodrigues taken from the Commissioner of State Tax, there was an expenditure of a staggering Rs 3.26 crore on the 37th GST council meeting. The Union Finance Minister Nirmala Sitharaman was also the part of the meeting and the complete delegates and […]
Seeing the increasing corporate tax concerns in the country, the finance minister, Nirmala Sitaraman has announced some amendments to the Income Tax Act, 1961 and the Finance (No.2) Act 2019 on 20 September 2019 via The Taxation Laws (Amendment) Ordinance, 2019. The changes have been made to ease out the liquidity concerns of corporate and […]
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 […]
