Looking at the difficulties faced by Individuals borrowers in servicing their EMIs due to reduced earning capacity of salaried as well as self employed, the RBI vide its circular dated 6th August 2020 has advised all the lenders to prepare a resolution policy for the borrowers impacted by the Covid 19 pandemic. Let us discuss […]
Recovery of Transportation charges by employer from employees not taxable, ITC to extent of transportation cost borne eligible The Hon’ble AAR, Maharashtra in Re: Tata Motors Limited [GST-ARA-23/2019-20/B-46 dated August 25, 2020] held that w.e.f. February 1, 2019 input tax credit (ITC) shall be available to employer (Tata Motors) on GST charged by service provider […]
Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 6 ♥ Till now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-6. ♥ The taxpayers have now been provided with a facility on the GST Portal to: […]
Shri Gangwar launched virtual hearing facility in quasi-judicial cases under EPF & MP Act, 1952 through Video conferencing. Amendment approved in Employees’ Deposit Linked Insurance Scheme, to enhance maximum assurance benefit to Rs. 7 lakh from the present benefit of Rs. 6 lakh
Resale Price Method (RPM) is a GP margin based method. It is a traditional transaction method. It primarily compares controlled and uncontrolled transactions. Under RPM we can tolerate slight differences in the products distributed by the two types of distributors as long as the broad category of products distributed is the same.
College, as we all know, is an exciting and challenging undertaking for most students. Moving away from your parents, living on your own (or with a roommate), making decisions for yourself and having to manage your own finances are just a few of the roadblocks you will be facing. H
Complete list of GST Refund related Circular/Notification at one place from 01st July’2017 to till date i.e. 10th September’2020 Easy to Understand Easy to Learn Easy to Apply GST -REFUND (CIRCULAR) KI POTLY Sr No. CIRCULAR DATE SUBJECT 1 Circular No. 2/2/2017-GST 04-07-2017 Issues related to furnishing of Bond/ Letter of Undertaking for Exports – […]
It could be truly acknowledged that the year 2020 is a year of reformations and “Ease of Business” for the Indian masses. Starting from decriminalisation of various offences under Companies Act 2013 in Feb 2020 to new GST portal changes and the “Transparent Taxation and immunity from Prosecution” in August 2020. Similarly, most of the Government Departments are looking for […]
Prohibition of Benami Property Transactions Amendment Act, 2016 will not be applicable retrospectively in both set of litigation i.e. pending cases (whether before trial court or appellate court) and fresh cases pertaining to past transactions
The interest liability for any belated remittance is an economic consequence. The tax laws are no exception to this rule. GST law provides for interest @18% on the delayed remittance of the tax after due date. A question was raised as to whether the interest has to be paid on Gross Tax liability (i.e. the […]
