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Archive: 02 February 2021

Posts in 02 February 2021

Clause wise Analysis of GST Changes- Budget 2021

February 2, 2021 4980 Views 0 comment Print

Article explains Amendment Proposed vide Union Budget 2021 in CGST Act, 2017 and IGST Act, 2017 which included Abolition of GST Audit Levy of GST on Net Interest etc. I. AMENDMENTS IN THE CGST ACT, 2017: 1. A new clause (aa) in sub-section (1) of Section 7 of the CGST Act is being inserted, retrospectively […]

Goods & Services Tax Budget Proposals 2021-22

February 2, 2021 2691 Views 0 comment Print

Introduction to Budget 2021 – 22 The Goods and Services Tax (GST) has completed around 3 years of its implementation. GST has been recently known for increasing compliance burden on taxpayers in view of simplifying tax systems and making it online. Further, GST was introduced with a motive to remove cascading effect by introducing a […]

Budget 2021 – An eye on restructuring

February 2, 2021 6732 Views 0 comment Print

No one would like to go back in time to a period that had economic challenges. The positive actions of the Government of India amidst the pandemic, such as the launch of three AtmaNirbhar Bharat packages, COVID-19 vaccination drives, amongst others, have rejuvenated the Indian economy. This has given many new hope for a better […]

Budget 2021- Key Direct Tax amendments and Analysis

February 2, 2021 25887 Views 2 comments Print

Aatma-Nirbhar Bharat ka Aatmanirbhar Budget The Union budget 2021 comes on the backdrop of an unprecedented pandemic, which has changed the economic landscape materially due to COVID-19. It is expected to come with announcements which are in line with the Indian government’s focus for a self-reliant economy. As we all aware that FM announced various […]

Key Highlights of Changes under GST – Union Budget 2021

February 2, 2021 32100 Views 0 comment Print

This document summarises the changes made/ proposed under the GST Law – Section wise in comparative manner for easy digest. GST Amendments carried out in the Finance Bill, 2021 will come into effect from the date when the same will be notified, as far as possible, concurrently with the corresponding amendments to the similar Acts […]

Key Highlights of Union Budget 2021 – Income Tax Changes

February 2, 2021 22425 Views 0 comment Print

This document summarises the key highlights of the changes vide Union Budget 2021 related to Income Tax for easy digest.

Key Changes Under Customs & Excise- Union Budget 2021

February 2, 2021 18414 Views 0 comment Print

Union Budget 2021 – Changes Under The Customs And Excise- This document summarises the Key changes made/ proposed under the Customs and Excise – Section wise in comparative manner for easy digest. CUSTOMS Unless otherwise stated, all changes in rate of Customs duty take effect from the midnight of 1st February/ 2nd February 2021. A […]

15 FAQs on Rule 86B – Mandatory 1% cash payment on output GST

February 2, 2021 282429 Views 5 comments Print

Rule 86B has undergone severe criticism from various stakeholders ever since the same has been notified by the Government. It puts a restriction on the amount which can be used from the electronic credit ledger while making the payment of output taxes. Through this article, the author purports to analyze the provisions and its practical […]

BUDGET-2021 from GST perspective

February 2, 2021 13095 Views 0 comment Print

Finance Bill 2021 has proposed some amendments in CGST & IGST Act,2017. In this article, I would like to discuss these proposed amendments and it’s impact on day to day business/ procedure.

Blocking of ITC under GST: Safeguard

February 2, 2021 6912 Views 0 comment Print

Rule 86A has been inserted in CGST Rules, 2017 through a notification dated 26-12-2019. Without doing the academic exercise that whether a rule through notification is sustainable without amendment made in the main statute, this paper is a humble attempt to examine the scope of the aforesaid rules for the purpose of blocking of the input tax credit availed bonafidely and legitimately .

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