The Punjab government on Tuesday sought from the Centre an interim compensation of Rs 3,000 crore for the month of April in view of “alarming resource gap” and also demanded permission for sale of liquor to mobilise excise revenue. Pointing to the alarming resource gap between…
The central government on April 9 granted exemption from basic customs duty (BCD) and health cess on the import of goods like face and surgical masks, ventilators, testing kits and personal protective equipments (PPE) BCD and health cess with immediate effect to tackle the COVID-19…
“It’s at full speed, even in this remote working situation. And we’re making every attempt to make sure all of those discussions that we were part of, we are executing upon. As of now, we have everything fully mobilised,” Parekh said. NEW DELHI: Infosys is “extremely mobilised”…
GST and Taxation for MSMEs: In order to simplify the compliance procedure further for GST-registered businesses, the 31st GST Council meeting proposed a new return system. GST and Taxation for MSMEs: The Goods and Services Tax (GST), was introduced as a single, straightforward tax…
The government is unlikely to exempt on medical items such as ventilators, PPEs, masks, test kits and sanitisers from goods and services tax as it would lead to blocked input tax credit, increasing the cost of manufacturing and increase the price for consumers. There…
The government is likely to provide income tax and GST refunds to large companies. The government is likely to provide income tax and GST refunds to large companies, to ensure additional liquidity during the Covid-19 crisis induced lockdown. Government officials said the amount is expected to be much higher than…
Interest Liability for Form GSTR-3B for different class of taxpayers Taxpayers whose Turnover upto 1.5 Crore in preceding FY Taxpayers whose Turnover more than 1.5 Crore and upto 5 Crore Taxpayers whose Turnover more than 5 Crore in Preceding FY Group 1 and…
The transition of Goods and Services Tax Network (GSTN) to a government-owned entity could face a delay as some states remain lukewarm to purchasing shares owing to the additional expenditure on account of Covid-19. The GST Council had approved the change in ownership in its…