Much awaited FORM GST PMT -09 has been enabled on GST portal, Now Taxpayer can transfer balance available in one head of cash ledger to another Taxpayers deposit money using challan and the paid amount gets credited in the particular head in the Electronic Cash…
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…
What is an ‘Anti-profiteering’ activity? Any reduction in rate of GST tax on any supply of goods or services or the benefit of input tax credit should have been passed on to the recipient by way of commensurate reduction in prices. The wilful action…
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…
Finance Minister Nirmala Sitharaman on Friday said India will soon announce fresh relief measures and economic stimulus to help the poor and industry fight the impact of the COVID-19 pandemic. Participating in the 101st meeting of the Development Committee Plenary of the World Bank…