PROFESSIONAL TAX: MEANING, RATE & COMPLIANCE The nomenclature ‘Professional tax’ could be one of those terms which do not completely convey the real meaning of the term. Unlike the name suggests, it is just not the tax levied only on professionals. Professional tax is a tax on all kinds of professions, trades, and employment and […]
Recent Amendments of GTA As per Notification No. 11/2017-Central Tax (Rate) dated 28th June, 2017, “goods transport agency” or GTA means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called. This means, while others might also hire out vehicles for goods transportation, only
CBIC Reduces Limit for E-invoice from Rs. 20 Crore to Rs. 10 Crore w.e.f 1ST OCT 2022 What is E-invoice? E-Invoicing/E-Invoice is a form of electronic billing which is increasingly mandated by Governments across the World due to tax evasion. A. E-invoicing shall not be applicable to the following categories of registered persons irrespective of
RECENT AMENDMENT IN EQUALISATION LEVY Equalisation Levy was introduced in India in 2016, with the intention of taxation the digital transactions i.e. the income accruing to foreign e-commerce companies from India. It is aimed at taxing business to business transactions. Over the past few years, Information Technology has gone through an exponential expansion phase in
GSTR-3B: CHANGES IN REPORTING AND FILING CBIC has notified a series of changes in filing of its existing return in Form GSTR-3B. Form GSTR-3B is the return through which the Government collects tax from its taxpayers. 1) CBIC has introduced a new table 3.1.1 in which taxpayers will be required to provide details about supplies
Latest GST Notification issued by CBIC which we discuss in this article Latest GST Notification A bunch of notifications has been issued on 05.07.2022 by the CBIC to give effect to some of the recommendations of the 47th GST Council Meeting held in Chandigarh on 29th & 30th June, 2022. Summary of the same is
E-Invoice under GST is mandatory for businesses with a turnover of more than Rs. 500 crore.Under the e-invoicing system, businesses are required to generate invoices in a specific format and then submit them to the GST Network (GSTN) for validation. Once the invoice is validated, a unique invoice reference number (IRN) is generated and sent
GST Council Meeting The 47th GST Council Meeting under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman was held on 28th & 29th June 2022. The council deliberated upon various burning issues under GST and made various recommendations. The council also accepted the recommendations of the Group of Ministers (GoMs)
DUE DILIGENCE- MEANING AND PROCESS The process of due diligence is a continuous procedure to be carried out which is initiated right since the inception of the proposal of acquisition and goes on till the finalization of proposal into actual buyout. The need for carrying out the due diligence has its roots from the legal
GST Refunds guidelines need to follow To claim GST refunds NEW GUIDELINES FOR GST REFUNDS What is GST refund? Usually when the GST paid is more than the GST liability a situation of claiming GST refund arises. Under GST the process of claiming a refund is standardized to avoid confusion. The process is online and
GSTN advises Taxpayers not to avail ITC on Same Invoice appearing twice in GSTR-2B New clause “(aa)” to Section 16(2) has been inserted vide Section 109 of the Finance Act, 2021 which was made applicable w.e.f. 01.01.2022 vide Notification No. 39/2021- Central Tax dated 21.12.2021 Further, consequent changes have been made in Rule 36(4) of
ITC on Insurance expense refers to the ability to claim credit for the GST paid on insurance premiums for goods and services used in the course of a business.It is important to note that ITC on insurance services is not available for personal insurance policies such as health insurance or personal accident insurance. INPUT TAX
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