Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!
Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!
Goods and service tax, being a tax on the value addition made by suppliers, is paid by netting off the tax receivable from customers (Output GST) with the tax payable to suppliers (Input GST). Pursuant to 37th GST council meeting, CBIC has released a new notification1 inserting sub-rule 36 (4) to the CGST Rules, 2017, (‘Rules’) which curtails the maximum amount that a taxpayer can avail as Input tax credit (‘ITC’).
Under the new system of faceless e-Assessment, tax payer will receive notice on his/her registered email and/or registered account on the web portal www.incometaxindiaefiling.gov.in with real time alert by way of SMS on his/her registered mobile number. The reply to the notice can be prepared at ease by the tax payer at own residence or office and be sent to the National e-Assessment Centre by uploading the same on the designated web portal.
IT Grievance Redressal mechanism inter alia envisages that taxpayers shall make an application to the field officers or the nodal officers where there was a demonstrable glitch on the Common Portal in relation to an identified issue, due to which the due process as envisaged in law could not be completed on the Common Portal. […]
A number of companies applied for a Goods & Services Tax (GST) refund since the introduction of the tax regime. As on 02.12.2019, a total of 1,86,158 entities have filed 36,42,272 refund applications, out of which 34,46,010 refund applications have been finalised.
Whenever any violation of Corporate Social Responsibility (CSR) provisions is reported, action against such non-compliant Companies are initiated as per provisions of Companies Act, 2013 after due examination of records. So far, sanction for prosecution has been accorded in 366 cases. All CSR related offences are compoundable. So far 118 applications for compounding have been made and 37 cases have been compounded.
Director General of Foreign Trade (DGFT) has recently issued a Public Notice (PN) No. 47/2015-2020 dated 07 December 2019 in relation to change in MEIS rate. It has been notified that, except products listed in Annexure to this Public Notice, Additional 2% MEIS (as provided in PN No. 44 dated 05 Dec 2017, PN No. […]
Only eligible ITC shall be considered for calculating the 20% restricted credit. Therefore, ineligible credits say under section 17(5) shall not be considered for calculating this 20% amount. The above eligible credit shall be in respect of invoices or debit notes the details of which have been uploaded by the suppliers under section 37(1) of the CGST Act, 2017 and is available in recipient’s GSTR-2A as on the due date of filing of the returns in FORM GSTR 1 of the suppliers for the said tax period.
If you will create a list of toughest professional courses in our country Chartered Accountancy (CA) will be on the list definitely. Most of the students who belong to the commerce field, once in their life, have dreams of becoming a Chartered Accountant. And why not? Chartered Accountancy is one of the most rewarding professions. […]
Pursuant to Companies (Prospectus and allotment of Securities) Rules, 2014, every unlisted public company is required to secure International Security Identification Number (ISIN) for each type of security and facilitate dematerialisation of all its existing securities. To obtain a fresh ISIN, a company has to approach a SEBI registered Registrar to an Issue and Share […]
Ministry of Corporate affairs (MCA) has inserted a whole new compliance for Unlisted Public companies dated 10th September, 2018. The new compliance has been inserted under Rule 9A- ‘Issue of securities in dematerialised form by unlisted public companies’, after the existing rule 9 of The Companies (Prospectus and Allotment of Securities) Rules, 2014, which we […]
