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Extension of Date for Claiming Tax Credit: HC Asks Commissioner to Refer Issue to GST Council

The Chhattisgarh High Court has asked the local GST Commissioner to refer the matter of granting more time to file claim for transitional credit to those assessees who could not do it in time due to technical glitches to the GST Council. Transitional credit, or CENVAT credit, refers to the use of tax credit accumulated

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Land Given on Lease for 99 Years for Residential Development by Statutory Body is Leviable to GST Under RCM: RJ AAR

IN RE :RAJ-AAR-05-20-21 Dated 30.06.2020 Where applicant receives a parcel of land on lease for a period of 99 years for residential development from RLDA, a statutory body, it can be regarded as availing rental or leasing services classifiable under Heading No.9972 and, thus, applicant is liable to pay GST under Reverse Charge Mechanism.  

Land Given on Lease for 99 Years for Residential Development by Statutory Body is Leviable to GST Under RCM: RJ AAR Read More »

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Circular on Transaction in Corporate Bonds/Commercial Papers through RFQ platform and enhancing transparency pertaining to debt schemes

To enhance the transparency, additional guidelines have been provided which includes Mutual funds shall take at least 10 percent of their total secondary market trades by value monthly in the corporate bonds through RFQ platform by placing quotes and seeking one to one mode; All the transactions relating to corporate bonds and commercial papers where the

Circular on Transaction in Corporate Bonds/Commercial Papers through RFQ platform and enhancing transparency pertaining to debt schemes Read More »

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Memorandum of Understanding(MoU) between CBDT and MoMSME signed today

The MoU will facilitate the seamless sharing of certain Income-tax Return (ITR) related information by the Income Tax Department to MoMSME. This data will enable MoMSME to check and classify enterprises in Micro, Small and Medium categories as per the criteria notified on 26/06/2020 of MoMSME. The MoU comes into force from the date it

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Govt Dumps New GST Return System; to Continue With Modified Version of Existing One

The GST Network, the IT support of the GST regime, is working on modifying and improving the current returns and will soon announce an advanced version of the existing system The government plans to improve existing GST return filing system instead of rolling out a new model. The new system was supposed to be launched

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GST E-invoicing for Businesses With Rs 500-Cr. Turnover From Oct 1

The e-invoice was aimed at curbing GST evasion through issue of fake invoices. Besides, it would make the returns filing process simpler for businesses as invoice data would already be captured by a centralized portal. The GST administration is working on a proposal to make a system available to businesses about how much input tax

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GST, Income Tax Data May be Matched to Check Tax Evasion; Direct, Indirect Tax Departments Join Hands

With the MoU signed between the CBDT and the CBIC, the government bodies can exchange information on request and a spontaneous basis, in addition to the regular exchange of data. In order to facilitate smooth transfer and exchange of data including GST, excise, and customs, along with the personal income tax and corporation tax, the

GST, Income Tax Data May be Matched to Check Tax Evasion; Direct, Indirect Tax Departments Join Hands Read More »

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PAN Card पर लिखे नंबर और अल्फाबेट में छिपी होती हैं कई जानकारियां, यहां जानें उनका मतलब

PAN Card का 10वां डिजिट भी अंग्रेजी का एक अक्षर होता है। इनकम टैक्स डिपार्टमेंट के मुताबिक यह एक अल्फाबेट चेक डिजिट हो सकता है। यह A से Z के बीच का कोई भी अक्षर हो सकता है। नई दिल्ली, बिजनेस डेस्क। आज के इस समय में पैन कार्ड का इस्तेमाल वित्तीय लेनदेन के काम में

PAN Card पर लिखे नंबर और अल्फाबेट में छिपी होती हैं कई जानकारियां, यहां जानें उनका मतलब Read More »

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