112 ViewsThe timeline to update the Unique Document Identification Numbers – UDINs is extended till September 30, 2022 in order to give more time to Chartered Accountants CAs to correctly verify and upload UDINs.
Migration of e-BRC Portal / Website to new IT platform-reg.
252 ViewsThe DGFT has published a Trade Notice No. 13/2022-23 dated June 30, 2022 to whereby it is stated that the electronic Bank Realisation Certificate (“e-BRC”) Module will be upgraded and migrated from the old NIC-DGFT platform to new IT platform this migration will be done by July 2022 and AD banks need to upgrade to the […]
GSTN enabled a new feature to show return filing frequency on GST Portal
257 ViewsGSTN has enabled a new feature to show return filling frequency i.e. quarterly or monthly in Search taxpayer at GST Portal. Now one can check the return filling frequency of any GST registered person. This feature will enable to identify the Quarterly Returns Monthly Payment and Non QRMP dealers. You can check the frequency […]
One Nation One Tax – Goods and Services Tax
237 ViewsIntroduction Before the 1st July, 2017, Indian indirect tax regime was highly fragmented. Centre and States were separately taxing Goods and services. There were many taxes like excise duty, service tax, VAT, CST, purchase tax, entertainment tax, octroi.• In addition, there was multiplicity of rates. Law and procedures. This caused heavy compliance burden. • […]
Clause 44 reporting of FY2022-23 in Tax Audit Report.
616 ViewsCA Nitin Bhuta, Mumbai has compiled and presented Clause 44 applicability in Tax audit report for A.Y. 2022-23 in the slider format/PDF in the link given below.
List of products that will now attract GST
326 ViewsA range of items will now come under the purview of the Goods and Service Tax as the GST panel headed by Union finance minister Nirmala Sitharaman accepted the recommendation of the Group of ministers from states on withdrawing exemptions with a view to rationalizing the levy. Here are the products that will now […]
GST Council meet concludes, no decision taken on extending Compensation to states: Sources
139 ViewsAs per the recent tweet by CNBC-TV18, sources say the GST Council meet concludes, no decision was taken on extending Compensation to states. It approved a proposal to impose a 12 percent tax on hotel rooms costing below Rs 1,000 per day. So far, only hotels above the threshold were charged 12 percent GST. The Council […]
Recommendations of 47th GST Council Meeting held on 28 & 29.06.2022
332 ViewsThe 47th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here in Chandigarh today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Choudhary besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & […]
Claiming the refund of amount paid as ‘IGST’ on ocean freight ( In CIF Shipments) !
263 ViewsIt started when The Division Bench of Hon’ble Gujarat High Court vide its judgment in the case of MOHIT MINERALS PVT LTD Versus UNION OF INDIA & 1 OTHER – 2020 (1) TMI 974 – GUJARAT HIGH COURT] declared Entry No.10 of Notification No.10/2017-IGST (Rate) dated 28.6.2017 as ultra vires the Act. Given its […]
Compliance steps won’t hurt genuine businesses: Vivek Johri
176 ViewsUpcoming measures to improve GST compliance will be balanced, and will not cause any hardship to genuine businesses, Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Johri said. The assurance comes at a time businesses are concerned about further tightening of rules to boost revenue collection, as central and state governments face […]