Clipped from: https://economictimes.indiatimes.com/news/economy/policy/taxman-challenges-hc-order-quashing-reassessment-notices/articleshow/88981683.cmsSynopsis In the 2021 budget, the government had amended a provision governing reassessment proceedings under Section 148 of the Income-Tax Act, 1961. The amendment
Category: GST
How can MSMEs maximise input tax credit and better manage cash flows – The Financial Express
Clipped from: https://www.financialexpress.com/industry/sme/cafe-sme/msme-eodb-how-can-msmes-maximise-input-tax-credit-and-better-manage-cash-flows/2407899/ Ease of Doing Business for MSMEs: Manual reconciliations are laborious. Offline tracking and coordination across teams such as the tax team, accounts payable
AAAR ruling on salary to impact head office-branch GST dynamics – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/company/corporate-trends/aaar-ruling-on-salary-to-impact-head-office-branch-gst-dynamics/articleshow/88938019.cmsSynopsis Cummins India had approached the AAAR with questions including whether allocation of the cost of employees’ salary by the head /corporate office to
Budget could consider levying TDS/TCS on crypto trading, make it reportable in SFT – The Financial Express
Clipped from: https://www.financialexpress.com/money/budget-could-consider-levying-tds-tcs-on-crypto-trading-make-it-reportable-in-sft/2407789/ Nangia Andersen LLP Tax Leader Aravind Srivatsan said currently, India has the highest number of crypto owners globally, at 10.07 crore and as
Compliance conundrum – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/compliance-conundrum/article64899272.ece The GST invoice matching mechanism remains a work in progress after four and a half years At the core of the input tax
Search for tax evasion | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/search-for-tax-evasion-122011601077_1.html India needs to expand its tax base Government finances this year have benefitted from a higher than expected revenue collection. While the third wave of
Govt must consider extension of expiry dates under provisions | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/govt-must-consider-extension-of-expiry-dates-under-provisions-122011601099_1.html During the first and second waves of the pandemic, the government extended many deadlines for filing various applications and even the expiry dates
Bogus ITC Case- HC grants bail to CA on furnishing bail bond of Rs. 50 Lakh-TAXGURU.IN
Clipped from: https://taxguru.in/goods-and-service-tax/bogus-itc-case-hc-grants-bail-ca-furnishing-bail-bond-rs-50-lakh.html?utm_source=feedburner&utm_medium=email Amit Kumar Agarwal @ Amit Agarwal Vs State of Odisha (Orrisa High Court) As far as the allegation is concerned, the petitioner being
Gujarat HC clarifies blocked Electronic Credit Ledger for GST assessee automatically gets unblocked after 1 year – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/guj-hc-clarifies-blocked-electronic-credit-ledger-for-gst-assessee-automatically-gets-unblocked-after-1-year/article64836774.ece Ruling to help in more effective implementation of CBIC’s November circular Gujarat High Court has made it clear that electronic credit ledger of
GST officers arrest individual for issuing fake invoices worth Rs 4,521 cr – The Financial Express
Clipped from: https://www.financialexpress.com/economy/gst-officers-arrest-individual-for-issuing-fake-invoices-worth-rs-4521-cr/2406870/ During the course of the investigation, GST amounting to Rs 4.52 crore has been deposited by the reversal of ITC available in the
Extending GST compensation as a reform catalyst – The Hindu
Clipped from: https://www.thehindu.com/opinion/lead/extending-gst-compensation-as-a-reform-catalyst/article38243062.ece The transition to GST is still in progress and an extension will provide comfort to States to help roll out crucial changes It
Health care services offered on flat fee exempt from GST: AAR | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/health-care-services-offered-on-flat-fee-exempt-from-gst-aar-122011300037_1.html The applicant devised a plan for providing health care services for the next 20 years for which a lump-sum amount, say, Rs 10
HC rules undervaluation of goods by itself no ground to confiscate them | Business Standard News
Clipped from: https://www.business-standard.com/article/current-affairs/cannot-confiscate-just-for-undervaluing-goods-gujarat-high-court-122011300034_1.html Alteration of route from that declared in e-way bill by itself is also no ground to confiscate goods. Gujarat High Court The Gujarat high
Gujarat HC rules goods in transit cannot be confiscated because of wrong route or under-valuation – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/gst-gujarat-hc-rules-goods-in-transit-cannot-be-confiscated-because-of-wrong-route-or-under-valuation/article38254124.ece Court allowed release of vehicles Gujarat High Court has held that goods in transit cannot be confiscated under Central Goods & Services Tax
Fuelling GST reforms – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/fuelling-gst-reforms/article38239013.ece Bringing petro products under GST’s ambit Considering the sheer volume of business transactions, matching of outward supplies by a supplier and the Input
How real is the GST boost? | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/how-real-is-the-gst-boost-122011101645_1.html The share of GST collections in GDP has stagnated, even as IGST revenues from imports have gone up sharply The Modi government is
Is recovery proceeding justified for differences in outward supply in GSTR-1 vs. GSTR 3B – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/gst-is-recovery-proceeding-justified-for-differences-in-outward-supply-in-gstr-1-vs-gstr-3b/articleshow/88825736.cmsSynopsis From January 2022 the difference between outward supply shown in GSTR-1 vs. GSTR-3B of the relevant period would be considered as self-assessment tax
1% GST for sweets, namkeens sold over the counter, rules Karnataka AAR – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/1-gst-for-sweets-namkeens-sold-over-the-counter-rules-karnataka-aar/article38224348.ece?homepage=true Rate to apply if there is no in-shop eating facility A sweet shop manufacturing and selling sweets and namkeen over the counter only
Now, AAAR rules ready-to-eat fryums papad to draw 18% GST | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/now-aaar-rules-ready-to-eat-fryums-papad-to-draw-18-gst-122011100035_1.html GST rate is based on classification of products based on the harmonised system of nomenclature (HSN) codes Deciding the goods and services tax
I-T detects Rs 800-cr hidden cash transactions after raids on Andhra, Telangana realty groups – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/india/i-t-detects-rs-800-cr-hidden-cash-transactions-after-raids-on-andhra-telangana-realty-groups/articleshow/88814439.cmsSynopsis Incriminating documents like handwritten books, agreements and digital data have been seized from a specialised software application as well as from other electronic
