Present article highlights the basic provisions of the late fee as contained under section 47 of the Central Goods and Service Tax Act, 2017 and the current position thereon.
Current article would help to figure out the different types of forms for return filing under GST, the purpose of return, the person who is liable to file the specific return and its due dates. Further current article also provided a list of due dates extended, affecting different GST returns.
Sahaj and Sugam returns are already popular amongst the income tax assessee. Goods and Service Tax council has also come up with the similar returns in order to simplify the return filing process under GST.
As reported by us that Income Tax Department needs to further strengthen the security of Income Tax e-filing accounts, in our post titled “Income Tax e-filing website hacking : Need of the Hour department has introduced a new option to Change Password for online e-filing account. Under this option Assessee can change the password in case he forgets the same by taking the following steps
Whether the Right to own the Property is a Capital Asset? What is a capital asset is defined in section 2(14) of the I.T. Act, 1961. Under that provision, a capital asset means property of any kind held by an assessee, whether or not connected with his business or profession. The other sub-clauses which deal with what property is not included in the definition of capital asset are not relevant. Under section 2(47), a transfer in relation to a capital asset is defined as including the sale, exchange or relinquishment of the asset or the astonishment of any right therein or the compulsory acquisition thereof under any law.
Goods and Service Tax (GST) in simple terms can be said to be an indirect tax, levied in India, on the supply of goods or services or both. Goods and Service Tax has been made applicable in India from 1st July, 2017 and the same has replaced various cascading taxes levied by the Central and State Government in India.
Goods and service tax has been made effective from 1st July 2017. On applying for registration under Goods and Service Tax, a registered taxpayer will be allotted 15 digits unique code which is known as GSTIN. Full form of GSTIN is Goods and Service Tax Identification Number. The present article highlights the structural format / parts of GSTIN.
Indirect taxation has seen its biggest reform with the introduction of Goods and Service Tax Act. India is heading towards digitization and introduction of Goods and Service Tax is the biggest example of the same. Various procedure like registration, return filing, preparation of payment challan, refund etc. has been made online under Goods and Service Tax.
Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. However while computing tax on non-agricultural income agricultural income is also taken into consideration.
Provisions for revocation of cancellation of GST registration are contained under rule 23 of the Central Goods and Service Tax Rules, 2017. Circumstances Under Which Revocation Of Cancellation Of GST Registration Is Possible Revocation of cancellation of GST registration is possible only when registration is cancelled by the proper officer on his own motion. It […]
