"01 July 2021" Archive

IEC modification/updation date extended up to 31.07.2021

Notification No. 11/2015-2020 01/07/2021

In continuation to the DGFT notification No. 58, dated 12.02.2021, it is to inform that last date for modification/ updation of IEC has been extended up to 31.07.2021. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi -110 011 New Delhi Notification ...

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Major Initiatives taken in GST for facilitation of taxpayers in last 1 year

GSTR-3B Return related measures Quarterly return monthly payment (QRMP) scheme > To reduce compliance burden of the smaller taxpayers having aggregate turnover upto Rs. 5 Crore, Quarterly Return and Monthly Payment (QRMP) Scheme has been introduced w.e.f. 01.01.2021, wherein the taxpayers can file their return in FORM GSTR-3B as well a...

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Posted Under: DGFT |

All India Common Representation on GST Amensty & Revocation Issue

ALL INDIA COMMON REPRESENTATION SUBJECT – To Increase Government GST Revenue and giving True Benefit of recent Amnesty Scheme SYNOPSIS OF ISSUE  – Recently in 43rd GST Council, Government has announced GST Amnesty Scheme for filing Tax Return from July 2017 to April 2021 with reduced late fees of Rs 500 / Rs 1000. However [&h...

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Posted Under: DGFT |

COVID Relief Measures in GST Compliance

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under GST law due to the outbreak of the second wave of COVID-19, the Government has issued notifications, dated 1st May, 2021, and 1st June, 2021 providing various relief measures for taxpayers. These measures are as follows: Reduction in rat...

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Posted Under: DGFT |

4 years of GST – Rate Changes Post Introduction

Overall, GST rates have been reduced on 400 goods and 80 services. Given that, in the pre-GST regime, the combined Centre and States rates were more than 31% on most of the items; this reduction marks a significant relief for the taxpayer. OTHER CONCESSIONS Threshold increased to Rs 40 lakh in goods. Composition increased (Rs […]...

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Posted Under: DGFT |

Shri Piyush Goyal calls upon CAs of country to think big & scale up

Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution Shri Piyush Goyal today called upon the Chartered accountants of the country to think big and scale up to the global levels....

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Posted Under: DGFT |

GST on Supply of Electricity – Insights

Electricity or Electrical Energy is one of the major source of revenue for the state governments as it comes under the state list of the Constitution wherein they are collecting electricity charges from the customers....

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Posted Under: DGFT |

Presumptive Taxation Scheme For Professionals-Section 44ADA – Analysis

Presumptive Taxation Scheme For Professionals-Section 44ADA of The Income Tax Act,1961 As you know income tax in India is on higher side as comparable to other countries , but when you consider and analyse your tax liabilities after considering and applying all rebates, deductions and allowances available in the four corners of Income Tax...

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Posted Under: DGFT |

Interest rates for National (Small) Savings Schemes w.e.f. 01.07.2021

SB Order No 17/2021 01/07/2021

Rate of interest on various National (Small) Savings Schemes for the second quarter of financial year 2021-22 starting from 1st July, 2021 and ending on  30th  September,  2021  shall  remain  unchanged  from  the  current  interest rates applicable for the first quarter (1st April, 2021 to 30th June, 2021)....

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CBDT Guideline on Section 194Q – 12 key takeaways

CBDT issues clarification on section 194Q and interplay of Section 194Q, 206C(1H) AND 194O vide Circular No. 13 of 2021-Income Tax | Dated: 30/06/2021 Thought the clarifications are welcome but are issued at 11th hour. Just to recall, when the TCS provisions u/s 206C(1H) were made applicable from 01st October 2020, similar clarifications ...

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Posted Under: DGFT |

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