Historical Background The Indirect Taxation Enquiry Committee constituted in 1976 by Sri L.K.Jha, recommended inter alia, converting specific rates into ad-valorem rates, rate consolidation and input tax credit i.e. Mechanism of Value Added Tax at manufacturing level (MANVAT). In principle, duty was payable on value addition. Advent of GST Before advent of GST, the most […]
Income Tax – Income Tax Slab, Income Tax Calculator, Income Tax Returns, Due Dates, E-filing process F.Y. 2020-2021 The present article enables the common man to understand the basics of Income Tax; Income Tax Return; Due dates for filing ITR for Financial Year 2020-2021; E-filing process and some of the relevant important FAQs. What is […]
What is E-way bill? ‘E-way bill’ is an abbreviation of ‘Electronic Way Bill’. From April 2018, any person dealing with the goods will somewhat be familiar with the term e-way bill. The basic intention behind the introduction of the e-way bill under GST is controlling tax evasion; tracking the movement of goods and ensuring adequate […]
Changes in GST RATES on services and Old vs New GST rates w.e.f 01.10.2021- The CBIC vide Notification No. 06/2021 Central Tax (Rate) dated September 30, 2021 has further amended Notification No. 11/2017-Central Tax (Rate) dated June 28, 2017 (“Services rate notification”), as under- 1. Wherever Section 12AA of Income Tax Act, 1961 is mentioned, […]
Section 50C of income tax act 1961 introduced vide Finance Act. 2002 w.e.f. 01.04.2003, which prescribes similar provisions in the case of transfer of land or building or both held in the nature of ‘Capital Assets’. (from assessment year 2003-2004).
In the GST regime, there is uniform penalty and prosecution provision for similar type of offence that may be committed by a registered person, depending upon its severity. The word penalty is not defined in the GST Law, but as an English word it means punishment (in this case monetary as well as prosecution) given […]
INDUSTRY WISE ANALYSIS OF GST RATE NOTIFICATIONS APPLICABLE FROM 1ST OCTOBER 2021 Notification No. 06/2021 – Central Tax (Rate) 1. Works Contract Service for Charitable Organizations – GST @12% would be charged on Works Contract by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of a building owned by an […]
To give effect to Recommendation of 45th GST Council meeting CBIC has issued 22 GST Rate Notifications on 30.09.2021. Notifications amends GST Rate on Services and Goods, Exempts certain services and Goods from GST, notified RCM applicability on supply of mentha oil by unregistered person to registered person and imposed Compensation Cess on Carbonated Beverages […]
Under GST law, there is a provision of deemed approval of fresh registration and amendment of registration in case the departmental officer fails to take any action on the taxpayer’s application within the prescribed period. This provision is being there in the law since the inception of GST but it was not in practical application […]
Several notifications have been issued to notify the changes in the applicable rate of GST (including exemptions) pursuant to the decisions taken at the 45th GST Council Meeting. The given changes are applicable from 01.10.2021. Rates have been increased with a special focus on the industries mainly operating under the inverted rate structure. We have […]
