The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 sections for streamlined taxation.
Form the point of view of revenue collections by the government, monthly return in form GSTR-3B has been major source of tax collections under the GST regime. However, it has been observed that the due dates for filing this return in form GSTR-3B has not provided in GST Acts, these have not even provided in […]
The spread of Novel Corona Virus (COVID-19) across many countries of the world, including India, has caused immense loss to the lives of people and resultantly impacted the trade and industry. In view of the emergent situation and challenges faced by taxpayers in meeting the compliance requirements under various provisions of the Central Goods and […]
Schemes of Composition Levy Under GST Under the GST regime, a class of registered persons has the option to pay the taxes either under the normal rates or he may opt to pay tax at special lower rates under composition scheme as specified in the CGST Act, 2017 and rules made there under. Apart from […]
CBIC on 13th December 2019 made some changes in the procedure of issuing invoices by some registered person. To make these changes CBIC issued five Central Tax notifications on 13.12.2019. Gist of these notifications is as follows:
SECTION WISE ANALYSIS OF THE CENTRAL GOODS AND SERVICES TAX (AMENDMENT) ACT, 2018 AS NOTIFIED ON 30-08-2018 [44] Short title and commencement. (1) This Act may be called the Central Goods and Services Tax (Amendment) Act, 2018. (2) Save as otherwise provided, the provisions of this Act shall come into force on such date as […]
Ministry of Finance, Government of India on 23rd February 2018 issued a circular no. 05/2018-Customs providing alternative mechanism with Officer Interface in case of Refund of IGST on Export stuck due to Invoice mis-match (Code SB005).
Ministry of Finance, Government of India on 23rd February 2018 issued a circular no. 33/07/2018-GST providing Directions under Section 168 of the CGST Act regarding non-transition of CENVAT credit under section 140 of CGST Act or non-utilization thereof in certain cases
1.01 Overview of Refunds under GST Refunds under indirect tax laws may arise due to many reasons, be it excess tax deposited by mistake, export of goods or services, refund under any decree of court, some wrong calculations done by the dealer or otherwise. Under the GST regime, some of the reasons which may result […]
As declared in 24th meeting of the GST council held through video conferencing on 16-12-2017, the nationwide e-way Bill system was scheduled to be rolled out on a trial basis latest by 16th January, 2018. So, the traders and transporters were expected to start using this system on a voluntary basis from 16th January, 2018. While the System for both inter-State and intra-State e-way Bill generation will be ready by 16th January, 2018, the States may choose their own timings for implementation of e-way Bill for intra-State movement of goods on any date before 1st June, 2018. Since this nationwide e-way bill system has already been rolled out by the government and four states viz. Karnataka, Kerala, Uttrakhand and Rajasthan have already started using this system, so the other states are also expected to follow the same.
