If you have not read the latest and hotly discussed RBI guidelines on appointment of Statutory Central Auditors (SCAS)/Statutory Auditors of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) dated April 27, 2021, let me reproduce the same below for ready reference from RBI website. Let us discuss the above guidelines in the light of […]
Introduction Good health and good sense are two of life’s greatest blessings. The Indian Healthcare Industry is the largest producer for generics and now among of the major sectors with respect to revenue and to employment. The Pharma and Healthcare Industry has grown significantly and enjoys an important position in the global pharmaceuticals and medical […]
With reference to the Advance Ruling In re Aristo Bullion Pvt Ltd (GST AAR Gujarat), as ruled by the Gujarat Authority for Advance Ruling, the applicant cannot use the input tax credit balance available in the Electronic Credit ledger, from the purchase of inputs used for the outward supply of bullions, against the outward supply […]
This is an attempt to briefly discuss the provisions with regards to issuance of credit note in case of exempt supply and simultaneous reclaiming/reavailing of input tax credit under GST regime. Question: Taxpayer has entered into an arrangement for rendering of exempt supply of service to a government entity which has been notified as exempt […]
There has been chaos whether GST can be levied on vaccination for covid-19 by hospitals. To address this, let us try to analyze the below mentioned provisions in detail. Before we proceed, please note this article is not going to converse on applicability of GST on manufacturing of vaccine but we try to unfold whether […]
Arjuna (Fictional Character): Krishna, the CBDT has issued a circular on 20.5.2021 for extension of due dates for various returns and compliances under the Income Tax Act. Krishna, (Fictional Character): Arjuna, the time limits of various compliances have been extended to provide relief to taxpayers given the severe pandemic. Arjuna: Krishna, which due dates have […]
1. Tomorrow is not promised : None of us know how long we are going to live for? Discussing death can feel scary. But if you are to die or were otherwise incapacitated, would your loved ones be able to quickly locate your important information or know how to handle your affairs. We get so […]
The Income Tax Department’s E-Filing Web Portal Will Not Be Working from June 1 to 6, Finish Your Tax-Related Work in Advance The Income Tax Department is preparing to launch a new e-filing web portal for taxpayers in June second week. Therefore, the existing income tax department’s e-filling web portal will be closed from June […]
The budget 2021 brings major changes in taxability of provident fund. Earlier income from provident fund i.e. contribution from employee contribution from employer and interest part is fully exempt from tax. Now government brings some changes to the earlier provision. In broad view there are two types of provident fund the first one is public […]
After 1 month on 01/07/2021 ” GST Act , 2017″ will celebrate its 4th anniversary, but after being most complicated and confused taxation system still dependent on plethora of department rulings due to lack of technical and theoretical intricacies. Among all of the complication, the Input Tax Credit on supply of goods & services to […]
