Changes in Compensation Cess Rate Notification w.r.t. supply of certain goods from January 01, 2022 to align it with HS 2022 Background: Earlier, the CBIC issued Notification No. 1/2017-Compensation Cess (Rate) dated June 28, 2017 (Compensation Cess Rate Notification) in order to notify the rate of GST compensation cess to be levied on the intra-State […]
Certain changes in the Concessional Rate Notification on specified handicraft items from January 01, 2022 to align it with HS 2022 Background: Earlier, the CBIC issued Notification No. 21/2018- Central Tax (Rate) dated July 26, 2018 (Concessional Rate Notification) in order to prescribe concessional GST rate on specified handicraft items. Further, the new (seventh) edition […]
Certain changes in Goods Rate Notification from January 01, 2022 to align it with HS 2022 Background: Earlier, the CBIC issued Notification No. 1/2017 Central Tax (Rate) dated June 28, 2017 (Goods Rate Notification) in order to notify the rates of GST on supply of goods. Further, the new (seventh) edition of the Harmonized System […]
Various expenditure is claimed and treated as ‘Business expenses’. However, at present, the information category ‘Business expenses’ as covered under ‘Annual Information Statement’ takes into consideration information from the following sources-
1. Futures and options (F&O) are the most common types of asset derivatives traded on a stock exchange. The income/loss arising from trading in F&O transactions would be treated as a Business Income / Loss for the purpose of taxation and the normal provisions of the Income Tax Act will apply in this case The rules as applicable […]
Notification No. 40/2021-Central Tax has been issued to notify the Central Goods and Services Tax (Tenth Amendment) Rules, 2021. The key changes to come into effect are as follows: 1. Rule 36(4) has been substituted to provide that ITC shall not be available to the registered person unless such invoices/debit notes have been reflected in […]
As per Sources GST Council is expected to meet physically on 31st December 2021 at 11 AM and it may discuss deferment of hike in GST rates on Textiles & footwear below Rs. 1000 – GST Council in its 45th Meeting meeting held in Lucknow on 17th September 2021 has increased GST Rate on Textiles […]
In re Amis Engineers (GST AAR Telangana) The applicant has averred that they have 2 different registration under CGST/SGST Acts for the same business person. That this state of things came into being at the time of migration from the earlier tax regime to GST regime. That they have stopped business in one GSTIN and […]
AAR held that no IGST is payable on supply of imported goods on High Sea Sales basis to Indian customers and proportionate reversal of input tax credit (ITC) is not required.
One Person Company (OPC), a new concept which is popular now, introduced by the Companies Act, 2013. Before the enforcement of the Companies Act, 2013, a single person could not establish a Company, if an individual want to establish any business, he/she could only opt for Sole Proprietorship as at that time there had to […]
