GST Council has recommended on including Food Aggregators operating through Food Delivery Apps such as Zomato, Swiggy, cloud kitchens within the ambit of Restaurants services and make them liable to pay GST. This Article focusses on yet another changes brought in by the GST Council in their recent 45th Council meeting held on 17th September,2021 […]
Q.1 What is Inverted Duty Structure in GST? Ans: The term ‘Inverted Tax Structure‘ refers to a situation where the rate of tax on inputs purchased is more than the rate of tax on outward supplies. That means Inverted Duty Structure arises when tax paid on Inward Supplies is higher than tax payable on outward supplies. For Example […]
This write uptakes note of changes proposed with regard to some of the TDS /TCS provisions applicable from 1st July, 2021. In the Union Budget 2021 there has been made a proposal to charge higher TDS and TCS on non-filers of income tax return (ITR). This is done to put off the practice of not filing […]
List of recent changes in Direct Tax To increase liquidity in the hands of an Individual and Corporates and battle Corona Virus and reduce financial distress, the Government announced various relief measures in last one year from an Income tax perspective. Following are measures which would benefit Indian taxpayers. 1. Introduction of Section 115BAA (reduction […]
Deductions allowed under the income tax act help you reduce your taxable income. You can avail the deductions only if you have made tax-saving investments or incurred eligible expenses. There are a number of deductions available under various sections that will bring down your taxable income. The most popular one is section 80C of Chapter […]
Goods are Services Tax [GST] has been imposed on ‘supply of goods or services’ It is immaterial as to under what mode of communication the supply contract is negotiated. Tax remains the same even when contract is negotiated orally, in writing or through e-communication. Thus, on a fundamental level, GST on e-commerce operator remains similar […]
Recently there has been changes brought up in Section 194N of Income Tax Act,1961 which is for TDS applicability on cash withdrawal. Section 194N for TDS on cash withdrawals exceeding the threshold limit was introduced in the Finance Budget 2019 to discourage cash transactions and promote digital payments. Upto 30.06.2020, banks (private or public sector), […]
Rajasthan bench of Advance Authority Ruling held in the case of Clay Crafts India Pvt. Ltd. that GST shall be applicable on payments made to Director of a Company in any form of Salary, Professional or technical services or by whatever name called. However this ruling is contradictory to the Karnataka bench where the authority […]
Budget 2020 proposed by Finance Minister Ms. Nirmala Sitharaman can make your dream to study overseas or enjoy an exotic holiday abroad more costlier. Reason being new provisions to collect TCS (Tax Collected at Source) introduced for from Year 2020-21 and onwards. This Articles deals with the various issues emerging out of the said proposal. […]
The Finance Minister has proposed reduced tax rates in respect of an individual and HUF who opts to not to claim any exemption or deduction by introducing a new Section 115BAC. As per the proposal, the tax rate applicable, shall be as under, if an individual and HUF exercises an option to not to claim […]
