W.e.f. 1st January, 2021, following two options are available to the Taxpayers who are under Quarterly Returns and Monthly Payment of Tax (QRMP) Scheme for tax payment for first 02 months of a quarter:
CGST Commissionerate, Meerut have unearthed yet another case of fake GST invoicing of ₹ 200 crore (approx) by carrying out simultaneous searches at 11 locations in Meerut & Ghaziabad.
Fisheries has been recognized as a ‘Sunrise Sector’ and has demonstrated an outstanding double-digit average annual growth of 10.87%since 2014-15. The sector has reached record fish production of 142 lakh tons in FY 2019-20 and has immense potential for growth.
CA firm of M/s Starcrest Services Pvt. Ltd. M/s Rampal and Company had collected GST from M/s Starcrest Services Pvt. Ltd. for onward deposit to government exchequer towards GST liability of the company but they did not deposit the amount approximating of Rs. 12.67 crore in the government exchequer and in turn mis-appropriated the same.
This Budget mark a clear directional change for the Indian economy and that directional change is not what the government has offered as a sudden response, but it was something that was preoccupying the Indian minds for over 30 years,
Ministry of Finance, Department of Expenditure has released 14th weekly instalment of Rs. 6,000 crore to States today to meet the GST compensation shortfall.
Reduction of import duty on copper scrap from 5% to 2.5% announced in Union Budget 2021-22 to boost recycling of copper in the country. This will have social, environmental and economic benefits and also has employment generation potential.
Income Tax Department carried out search and survey action on 29.01.2021 in the cases of three leading businesses of Assam. The groups are engaged in construction, contracting and business of tea garden. The search and survey actions were carried out at 20 locations in Guwahati, Delhi, Gurugram, Kolkata, Siliguri Alipurduar, Tezpur and Nalbari (Assam).
MCA decided to initiate the process of decriminalization of compoundable offences under the limited liability partnership (LLP) Act, 2008, for greater ease of doing business for law abiding LLPs.
Bhartiya Villa Salahkar Samiti (BVSS) has suggested Government to not to delete the provisions of GST Audit by audit professionals. Text of their Press Release is as follows:- Reg: suggestion not to delete the provisions of ‘GST Audit by audit professionals’ (CA/ CMA) BVSS applauds the efforts of the Hon’ble FM Mrs. Nimiala Sithamman & […]
