Dear Friends, now approximately 4 years completing implementation of GST Act, 2017 gradually Compliance period is over for Three Cycles after initial Implementation of GST Act in India that was started from 1st July 2017 and ended on 31st March 2020 (covering after effect/corrections/claims up to 28th February, 2021) by filing Annual Returns, Reconciliation Statements, GST Audit etc on or before 28th February, 2021.
The Minister further gave the tax-wise target for Central taxes to be collected from 1st April, 2020 to 31st March, 2021, tax-wise is as under:-
A total of 1,28,733 Declarations have been filed in Form 1 till 1st March, 2021 by taxpayers. These include 1,393 declarations by Central PSUs and 833 declarations by State PSUs/ boards. Declarations have been filed by taxpayers for resolution of Tax disputes amounting to Rs. 98,328 crore till 1st March 2021. Payment of Rs. 53,346 crore have been made by taxpayers under the scheme till 1st March 2021.
Recently the ministry of corporate affairs has notified a separate form for small companies and one person companies (OPC) under section 92 read with sub rule (1) rule 11 of the companies management and administration rules. This move is aimed at reducing the compliance burden on the small companies and OPC’s and rectify some practical […]
As per section 6(1) of the Income Tax Act, 1961, a person is considered as a resident in India for a particular financial year if his/her stay in India in that financial year is 182 days or more, or if his/her stay in that financial year is 60 days or more and 365 days or more in immediately preceding four financial years.
The Hon’ble Finance Minister Mrs. Nirmala Sitharaman had presented the Union Budget 2021 on 1st February, 2021. The Hon’ble Finance Minister Mrs. Nirmala Sitharaman had proposed to revise the definition of small companies by enhancing the paid-up capital base from the existing limit of Rs 50 lakh to Rs. 2 crores. The move is likely to […]
National Alumini Vs Dy. Commissioner (Orissa High Court) It is seen under Section 43 (2) of the OVAT Act the levy of penalty in the event of turnover escaping assessment, or under assessement, is not automatic. The AO has to be satisfied that escapement or under assessment of tax “is without reasonable cause”. Further upon […]
Taxability of Interest on Employee Contribution to PF over Rs 2.5 Lacs in a Financial Year (New Provision Proposed in Union Budget to be effective from 1st April 2021) Background of Provident Fund Employee Provident Fund is the fund the purpose of which is to provide the employee social security for him and his family with the […]
Morde Foods Pvt. Ltd. & another Vs Union of India & Others (Bombay High Court) The question is that if the declarant had filed an appeal before the appellate forum and such appeal was finally heard on or before 30th day of June, 2019; whether the declarant would be eligible to make a declaration under […]
Keeping in view the increase in ESI coverage over the recent years, it has been decided that in areas where ESIC infrastructure is not available within a radius of 10 kms, the beneficiary will be allowed to avail medical consultation for OPD services directly from a hospital empanelled with ESIC or with Ayushman Bharat scheme without the need for referral from an ESI dispensary or hospital.
