The much awaited 45th meeting of the GST Council was held on 17th September, 2021 in physical mode at Lucknow, an important state capital going to polls in near future. Though the agenda was crucial, no decision was taken for inclusion of petroleum products in GST fold. The tenure of National Anti-profiteering Authority got extended […]
Coaching services, as an aid or facilitator to main stream education system in India, are popular so much so that these are now considered as a necessary input for students pursuing education at secondary and above level in schools or at higher level who are also preparing for competitive examinations. Coaching services are popular in […]
On a brighter note, it is a official statement that Indians economy has grown fastest in Q 1 of current fiscal due to strong comeback of manufacturing and construction sectors. GDP has grown @ 20.1% in Q1 of 2021-22 benefiting from 24.4% decline in Q1 of previous year. The manufacturing sector expanded by 49.6% and […]
In re Symmetric Infrastructure Private Limited (GST AAR Rajasthan) Q.1 Applicant supplies services of coaching to students which also includes along with coaching, supply of goods/printed material/test papers, uniform, bags and other goods to students. Such supplies are not charged separately but a consolidated amount is charged, the major component of which is imparting of […]
The Finance Act, 2021, has inserted Section 194Q, in Income Tax Act, 1961 with effect from 01.07.2021, to provide for the deduction of tax (TDS) on certain purchases. The TDS has to be deducted if the value or aggregate purchase value exceeds Rs. 50 lakhs during the previous year. As per Finance Act, 2021, Section […]
Till now, every assessee was required to file annual return in Form GSTR-9 along with duly audited reconciliation statement of sales, purchases and ITC in Form GSTR 9C by a practising chartered accountant or a cost accountant. However, w.e.f. 1.8.2021, the provisions for annual return and GST audit & reconciliation have been amended so much […]
The economy has started showing signs of recovery after second wave of Covid-19 which is receding fast. While nothing is predictable on the third wave yet, the economy is slowly returning to normal with most of the curbs been lifted in all parts of the country. While capital expenditure has grown in Q1 this year, […]
Post Covid-19 second wave, it has become imperative to reassess growth estimates for the current fiscal. Second wave was less destructive as production and logistics faced less destruction. This was supplemented by enhanced vaccination efforts leading to increase in pace of economic activities. Besides, various initiatives such as privatization of enterprises, asset monetization, production linked […]
In one of the Advance Rulings for exemption in taxability of renting of immovable services, there was a difference of opinion between members. However, as per section 101 of CGST Act, 2017, the Appellate Authority modified the ruling. In this case, the applicant (NDDB) was a statutory body formed under the NDDB Act. Besides providing […]
GST in India is today exactly four years old. It was launched in a glittering ceremony in the Parliament on the midnight of 30th June – 1st July in 2017. While GST was a much pampered and hyped about tax law, as one of the biggest tax reforms in the history of independent India, all […]
