Mismatch in context of GST refers to the amount of disparity disclosed in GSTR – 3B with the details given in GSTR – 2B along with GSTR – 2A. GSTR – 3B is the consolidated form of monthly returns that contains details of total inward supply, outward supply, input tax availed, tax paid, and tax […]
Goods and Service Tax is an indirect tax levied in India on the supply of goods and services. This tax came into effect from 1st of July, 2017 through 101st amendment in India. The GST had replaced multiple existing taxes levied by central and state government. There are 4 types of GST in India are […]
What is Inverted Duty Structure Refund and who can avail it Under GST? Inverted Duty structure is the condition where tax rate payable on inputs is higher than tax rate charged on output of sales. When the input credit has been accumulated on account of inverted tax structure, but supplies of labor and products or […]
CONCEPT OF ITC UNDER GST According to Section 2(62) of CGST Act, Input tax credit means “Central Tax (CGST), State tax, Integrated Tax (IGST), union tax (UTGST) charged on supply of goods or services or both and includes (i) IGST charged on import of goods (ii) Tax payable on Section 9(3) and 9(4) under CGST […]
The finance ministry scheme vide notification number 19/ 2021 have passed GST amnesty scheme on 1 st June, 2021 under which taxpayers have to pay a reduced filing in case of delayed filing by a period of 3 months i.e. till 30 th November. The objective of this order was to give relief to those […]
A cryptocurrency is digital, decentralized currencies that are issued by a private enterprise to work as a consideration of transaction between two individuals or businesses without any direct interference from the government. There are around 4000 different cryptocurrencies in the world and around 15 million people have invested $1.36 Billion in cryptocurrencies in India. Some […]
According to Section 2(40) of the companies act, 2013, startup means (i) A private company registered under companies act, 2013 or any previous act (ii) Recognized as a startup in accordance with the Department of Industrial Policy and promotions (DIPP). In order to accelerate the spreading of the startup movement in India, the Government had […]
According to Section 10 (1) of the Income Tax Act, any income arising from the agricultural lands, buildings, or any other agricultural or commercial product which is less than Rs. 5000 will not be counted in an individual’s total income. SOURCES OF AGRICULTURAL INCOME Any income arising through (i) Rent or lease of Land in […]
The foreign account compliance tax account (FATCA) is the tax mechanism that compels U.S. citizens at home or abroad to disclose all their foreign account holdings while filing their annual reports. This act was enforced in 2010 in the U.S.A as a part of the Hiring Incentives to Restore Employment ACT. (HIRE). FATCA was enforced […]
With the effect of 1. 07.2021 Finance Act, 2021 had inserted section 194Q in Income Tax Act, 1961 to provide a deduction of tax on certain purchases. Section 194Q of the Income-tax Act states that any person who buys goods of an amount exceeding 50 lakhs rupees from a resident seller in any previous year […]
