141 ViewsSource : Press Release 28.08.2021 The Taxation Laws (Amendment) Act, 2021 (2021 Act), which received the assent of the President on the 13th August, 2021, has, inter-alia, amended the Income-tax Act, 1961 (Income-tax Act ) so as to provide that no tax demand shall be raised in future on the basis of the amendment to […]
Advisory on HSN and GSTR-1 Filing
159 ViewsSource : GSTN/ News and Updates 26/08/2021 Extract of the update is as under : 1.In accordance with Notification No. 78/2020 – Central Tax, dated October 15, 2020, taxpayers need to declare Harmonised System of Nomenclature (HSN) Code of Goods and Services supplied by them on raising of tax invoices, with effect from 1st […]
Rule-59(6) will be implemented on GST Portal from 1st September, 2021. On implementation of the said Rule, the system will restrict filing of GSTR-1/IFF till filing of relevant GSTR-3B
202 ViewsSource GSTN / News and Updates Read more Extract of the update is as under : Implementation of Rule-59(6) on GST PortalDate : 26th August 2021 1. Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases : a) a […]
Finance Ministry meeting with Infosys on glitches in e-filing portal of Income Tax Department
184 ViewsSource : Press Release dated 23.08.2021 Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today afternoon to convey the deep disappointment and concerns of the Government and the taxpayers about the continuing glitches in the e-filing portal of the Income […]
DPIIT provided separate window in G2B portal to facilitate the applicants to update/revalidate data in respect of their IEM w.e.f 15th July 2021
134 ViewsPress Release dated 19.08.2021 An exercise of cleansing and updation of IEM data has been taken up by Department of Promotion of Industry and Internal Trade (DPIIT) with the objective of elimination of obsolete data and providing authentic industrial data to various industry/business communities and other users. The process envisages updation//revalidation of data by […]
Module wise new functionalities deployed on the GST Portal for taxpayers
200 ViewsGSTN/ News and Updates / 16.08.2021. Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well informational videos prepared on these functionalities and […]
INTEREST CAN BE LEVIED IF ITC WRONGLY AVAILED BUT NOT UTILIZED?
227 ViewsAuthor : By Mr. Ashish Miglani Section 50:- Interest on delayed payment of tax.— (1) Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made there under, but fails to pay the tax or any part thereof to the Government within the period prescribed, […]
New Central Sector Scheme for industrial development of Jammu and Kashmir
222 ViewsSource : PIB. Press release dated 04.08.2021. Click here The Department for Promotion of Industry and Internal Trade has notified “New Central Sector Scheme for industrial development of Jammu and Kashmir” with financial outlay of Rs. 28,400 crore on 19/02/2021 and is effective from 01.04.2021 to 31.03.2037. The scheme is applicable for any eligible […]
E-Way Bill (EWB) generation facility resume after 15th August, 2021
131 ViewsSource : GSTN / News and Updates 04.08.2021 1. As you might be aware that the facility of blocking E way bill generation had been temporarily suspended due to pandemic, in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is […]
GST Annual Return : a detailed note on major change made by CBIC vide Notification no. 29, 30 & 31 -CT dated 30.07.2021
166 ViewsCBIC has published Notification No. 29, 30 & 31 – Central Tax on 30.07.2021. All these three notifications are related to GST Annual Return. Amendment vide Notification No. 29/2021 Section 110 & 111 of the Finance Act, 2021 (13 of 2021) dated 28.03.2021 omits sub-section (5) of section 35 of the Central Goods and […]