Understand the revised formula for claiming ITC refund in case of Inverted Duty Structure under GST. Learn about recent amendments for a simplified approach.
Explore the essential checklist for finalizing financial statements under the revised Schedule III of the Companies Act for the fiscal year 2021-22. Understand key changes and stay compliant.
Understanding Section 69 & Section 132 of CGST Act 2017: Can CA/Tax practitioners be arrested or prosecuted? Find out all the details here.
Understanding the cash transactions limit under GST & Income Tax. Learn about the provisions and restrictions when receiving amounts of Rs 2 lacs or more.
Understand the impact of GST on Charitable and Religious Trusts. Learn how GST regulations affect these organizations and their revenue.
New updated return introduced in Budget 2022-Let us discuss it in simplified manner- 1. Any person , Whether or not he has not furnished an original return, belated return or revised return, may furnish an updated return of his income till 24 months from the end of the assessment year. but when he cannot […]
Taxation of virtual digital assets- Union Budget 2022 Hello readers, Today I will discuss taxation of virtual digital asset in simplified manner- As we know new scheme of taxation has been introduced for virtual digital asset in the Finance Bill. What is virtual Digital Asset? ‘’Virtual Digital Asset’’ means any information or code or number […]
Firstly, Recipient can avail input tax credit with respect to supply only if such credit has not been restricted in GSTR-2B. What it means – Ineligible credit not allowed to be taken. Secondly, Time limit for availment of input tax credit by a registered person in respect of any invoice or debit notes pertaining to a financial year upto 31st November of the following financial year. In simple words, 40 days additional time to avail itc as earlier we can claim upto 20th October of following financial year.
As we know new functionality of Interest Calculator is being released in GSTR-3B. How it will help taxpayers let us discuss: This new functionality will assist taxpayers in calculating the interest applicable for delay filling of returns. Interest computation- Now, there will be two cases- Interest liability for supplies made during the present tax period. […]
As we know certain services are added in list of notified services w.e.f 01.01.2022 so let us discuss Section 9(5) of CGST Act, 2017 in simplified manner- Section 9(5) deals with taxability of supply of services –output tax of which shall be paid by e-commerce operator even though e-commerce operator is not the actual supplier. […]
