Quarterly GST Return-2019 ♣ In the 27th GST Council meeting, the Government announced a simpler GST return filing regime for small taxpayer. ♣ Under the new regime, person having GST registration and a turnover of less than Rs.5 Crore would be provided with option to file quarterly return instead of monthly return. ♣ From the […]
The objective of zero rating of exports and supplies to SEZ is sought to be achieved through the provision contained in Section 16(3) of the IGST Act, 2017, which mandates that a registered person making a zero rated supply is eligible to claim refund in accordance with the provisions of section 54 of the CGST Act, 2017, under either of the following options, namely: –
There are various provision inserted via Finances Act to put a limit on Cash Transaction for a check on Black Money and Tax Theft, below are the following provision applicable to Assesses (Liable for Audit u/s 44 AB of the Act) SECTION 269ST PROVISION OF SECTION 269ST: No person shall receive an amount of two lakh rupees or more— […]
Initially a penalty of Rs. 200 per day was levied if the GSTR 4 was not filed which has been reduced to Rs. 50 per day of default via notification no 73/2017 Central Tax. Additionally the late fees for NIL return in GSTR 4 is Rs. 20 per day of delay. It is to be noted that maximum penalty to be imposed is Rs. 5000/-(Rs10000/- ). One has to keep in mind that if the GSTR 4 is not filed for a given quarter, then the taxpayer cannot file the next quarter’s return either.
Tax Audit Applicability under section 44AB Tax audit is applicable to certain classes of individuals which are mentioned under section 44AB of the I-T Act. Thus, as per the regulations of section 44AB of the Income Tax Act, 1961, following is the one of the list point which outlines the classes of people who have […]
Section 14A of the Act provides that for the purposes of computing the total income under Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act. Hence, what section 14A provides is that if there […]
