On the basis of GST returns filed by the taxpayers, nowadays the department is sending notices for the verification of Merchant export transactions. Some time manufacturers may have failed to meet any of the stipulated conditions and therefore face the demand for differential tax (Tax leviable on the sale of goods as per standard rate-actual tax levied […]
CBDT issues Circular No. 10/2023 dated 30/06/2023 containing Frequently Asked Questions (FAQs) for removal of difficulty on issues pertaining to TCS on LRS and purchase of overseas tour program package. F. No. 370142/23/2023-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi Circular No. 10 of […]
Extension of due date for filing of return in FORM GSTR3B for the month of May 2023 for the persons registered in the districts of Kutch, Jamnagar, Morbi, Patan and Banaskantha in the state of Gujarat upto 30th June 2023. Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, New Delhi, […]
Ministry of Finance announces robust growth in direct tax collections for FY 2023-24, with a 12.73% increase in gross collections and a remarkable 30.13% surge in refunds.
Read the advisory regarding the update on e-Invoicing enablement status for taxpayers. The notification highlights the lowered threshold for e-Invoicing and provides guidelines for compliance. Check your enablement status on the e-Invoice portal and utilize the sandbox testing facility for a seamless transition.
Calcutta High Court reaffirms Input Tax Credit (ITC) rights of a genuine buyer, even if supplier’s registration gets retroactively cancelled.
Explore the applicability of Goods and Services Tax (GST) under the Reverse Charge Mechanism (RCM) in the case of fees paid to the Registrar of Companies (ROC). Understand the criteria, legal standing, and GST implications for services provided by the ROC. Clarify doubts and stay informed about the taxation of ROC fees under GST law.
User Guide for Submitting Response to Notices and Letters Received under e-Verification Scheme, 2021 provide a comprehensive understanding on how to submit responses to notices and letters received under e-Verification Scheme, 2021.
When a financial transaction reported by a Source/Reporting Entity is not considered/included by the taxpayers in their Return of Income (ITR), a computerized process of identification of such mismatch is undertaken.
