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The Goods and Services Tax system that was implemented to ease the taxation system, has also become a tool for tax evasion by fraudsters. The rampant fraud in the name of GST invoices can be a trouble for smaller businesspersons…
GOVT. OF NCT OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN, IP ESTATE, NEW DELHI-110002 (POLICY BRANCH) ADVISORY It has come to the notice of the Department that several banquet halls, farm houses, marriage gardens, and hotels registered under…
Since we are already in the last month of the Accounting year i.e. March 2023, which mandates a few important points to be taken care in the current month so that there is smooth functioning in the next year without…
We are fast approaching the end of the financial year 2022-23. It mandates for some activities to be carried out under GST laws for smooth transition to Financial Year 2023-24. We have listed down certain important activities for the smooth…
The state Cabinet, under the chairmanship of Chief Minister Sukhvinder Singh Sukhu, on March 01, 2023 approved the Himachal Pradesh Sadhbhawana Legacy Cases Resolution Scheme 2023 to dispose of around 50,000 pending tax cases pertaining to the pre-Goods and Services…
Income tax portal has published a income tax calculator to show tax saving in new regime. https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx
Net ITC is to be reported in Table 4(A) and ITC reversal, if any, is to be reported in Table 4(B) of GSTR-3B.
Regular taxpayers can opt for Composition Scheme for Financial Year 2023-24 by navigating as ‘Services-> Registration-> Application to Opt for composition Levy’ and filing Form CMP-02. This facility is available on GST Portal till 31st March, 2023. Source: GSTIN
Almost 6 years after the GST has been introduced the GST Tribunal has not been set up yet, so there are lot of pending litigations in GST. In order to clear up these litigations it is very much possible that an Amnesty Scheme in Budget 2023 may be introduced.