2 Budget 2021

Budget 2021 - Page 10

Expansion of Scope of Supply under GST vide Budget 2021

The first ever digital budget was presented on 1st February 2021 by the Finance Minister of India, Smt. Nirmala Sitharaman. The budget 2021 came up with the expansion of the scope of supply covered under section 7 of the Central Goods and Services Tax Act, 2017. The present article briefly explains the same. Basics of […]...

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GST- Budget 2021: Interest leviable only on Net Tax Liability?

This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 103 of the Finance Bill, 2021 to provide certainty as to leviability of interest only on Net Tax Liability....

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What’s the new snag of TDS on purchase of goods?

New provision says that; if turnover of the buyer is greater than Rs. 10 Cr. in P.Y., and purchase value is Rs. 50 lakhs or more from a single party, then the buyer needs to deduct TDS at 0.1% of such sum exceeding Rs. 50 Lakhs. Let us discuss about it in detail....

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ITR filing exemption to senior citizen above age of 75 – A fiasco?

in the Union Budget 2021-22, senior citizen above 75 age are exempted from filing return of income subject to certain conditions. The banks on the other side, is required to deduct the requisite tax from the bank account of such senior citizen. It must be noted such assesses are not exempted from paying tax, they are only exempted from IT...

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CBIC exempts import of Gold & Silver & their dore under Export promotion schemes from AIDC

Notification No. 18/2021-Customs [G.S.R. 117(E)] 17/02/2021

CBIC amends notification No. 11/2021-Customs dated 01.02.2021 so to exempt Gold & Silver (and their dore) imported under export promotion schemes from Agriculture Infrastructure and Development Cess (AIDC) vide Notification No. 18/2021 – Customs Dated: 17th February, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOA...

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Procedure of TCS in GST Rule & its Standard Compliance: A Glance of Union Budget 2021

This article give the standard procedure to comply the TCS under GST rule  by the dealer, supplier & operators (read with e commerce operators). The Union Budget 2021  has given a simple & easy route how to Comply the TCS under GST Rule. Introduction: Tax Collection at Source (TCS) has similarities with TDS, as well […]...

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Rumor about attachment of Property of CA/Advocate for lower GST Tax payment by client

This article aims to discuss various media reports/news & rumors regarding attachment of property of Tax Professionals (CA/advocate/Other Tax Consultants) for lower GST Tax payment by client....

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GST on Activity or Transaction between BOI/AOP & Vice Versa

GST on Activity or Transaction between Body of Individual (BOI)/Association of Person (AOP) and its Member and Vice Versa proposed vide finance bill 2021 Original Section 7 of CGST Act 2017 effective from 01.07.2017 was as under: Section-7 Scope of supply. (1) For the purposes of this Act, the expression “supply” includes–– (a) al...

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Budget 2021: GST Audit by professionals scrapped?

This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 101, 102 and 112 of the Finance Bill, 2021 with respect to scrapping GST Audit by professionals and moving to self-certification....

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Budget 2021: A new condition introduced to avail Input Tax Credit

GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 100 of the Finance Bill, 2021 with respect to the addition of a new condition for availment of Input Tax Credit...

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