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Corporate Law : Discover key insights on the transition from the Indian Penal Code (IPC) to the Bharatiya Nyaya Sanhita (BNS), including historica...
Income Tax : Get answers to common ITR issues and FAQs for filing your tax return for AY 2024-25. Resolve filing errors and understand tax regi...
Income Tax : Learn about the consequences of filing your ITR incorrectly and claiming a full refund. Understand Section 133(6) of the Income Ta...
Income Tax : Get answers to FAQs on the new vs. old tax regime for AY 2024-25. Learn about the differences, benefits, and how to choose the bes...
Income Tax : Discover comprehensive FAQs on filing ITR-4 (Sugam) for AY 2024-25. Learn eligibility criteria, tax regime options, documents need...
Income Tax : Learn who can file ITR-1, who cannot, necessary documents, and precautions. Understand the process of filing ITR-1 (Sahaj) online ...
Income Tax : Learn who can file ITR-7, how to file it, required information, and mandatory schedules. Detailed guide for assessees under variou...
Finance : Get clear insights on registering a finance company or unit under the IFSCA (Finance Company) Regulations, 2021. Comprehensive FAQ...
Finance : Gain clarity on compliance with the International Financial Services Centres Authority (IFSCA) Anti Money Laundering (AML), Counte...
SEBI : Learn about NSEs guidelines for filing Business Responsibility and Sustainability Reports (BRSR). FAQs, observations, and guidelin...
SEBI : Find answers to FAQs on Trading Window closure under SEBI (Prohibition of Insider Trading) Regulations, 2015, in the National Stoc...
Fema / RBI : Explore the recent RBI action against Paytm Payments Bank under Section 35A of the Banking Regulation Act, its impact on accounts,...
Corporate Law : Explore the updated FAQs on the implementation of the EPFO judgment dated 04.11.2022. Understand proof requirements, pension compu...
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The Reserve Bank of India has introduced an Ombudsman Scheme for Digital Transactions, 2019 (the Scheme). It is an expeditious and cost-free apex level mechanism for resolution of complaints regarding digital transactions undertaken by customers of the System Participants as defined in the Scheme. The Scheme is being introduced under Section 18 Payment and Settlement […]
FAQ On Specified Companies (Furnishing Of Information About Payment To Micro And Small Enterprise Suppliers) Order, 2019 1. Applicability of This Order Or Specified Companies? All companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty five days from the date […]
A registered person, other than a person opting to pay tax under composition scheme, shall be entitled to take credit in his electronic credit ledger the amount of CENVAT (or VAT credit) credit carried forward in the return of the last period before the appointed day, subject to the conditions stated therein. (Section 140(1) of the CGST/SGST Act)
Goods and Services Tax Network (GSTN) is a not-for-profit, non-government company under Section-8 of the Companies Act-2013, promoted jointly by the Central and State Governments, to provide shared IT infrastructure and services, t o both central and state governments including tax payers and other stakeholders.
What is the need for the Place of Supply of Goods and Services under GST? The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. So place of supply provision determines the place i.e. taxable jurisdiction where the tax should reach.
What is IGST? Ans: Integrated Goods and Services Tax (IGST) means tax levied under the IGST Act on the supply of any goods and/ or services in the course of inter-State trade or commerce.
Q.1 What are the prescribed offences under CGST/SGST Act? Ans: The CGST/SGST Actcodifies the offences and penalties in Chapter XVI. The Act lists 21 offences in section 122, apart from the penalty prescribed under section 1 0 for availing compounding by a taxable person who is not eligible for it.
‘Inspection’ is a new provision under the CGST/SGST Act. It is a softer provision than search to enable officers to access any place of business of a taxable person and also any place of business of a person engaged in transporting goods or who is an owner or an operator of a warehouse or godown.
What is the time limit within which appeals should be filed against any order under GST? For an Appeal by the aggrieved person – Appeal to the prescribed Appellate Authority has to be made within three months from the date on which the said decision or order is communicated to such person.
Which are the applicable sections for the purpose of recovery of GST short paid or not paid or amount erroneously refunded or input tax credit wrongly availed or utilized? Section 73 deals with the cases where there is no invocation of fraud/suppression/mis-statement etc. Section 74 deals with cases where the provisions related to fraud/suppression/mis-statement etc. are invoked.
