GST IMPLICATIONS ON DISCONTINUATION OF BUSINESS BRIEF INTRODUCTION Many businesses change their structure for various reasons and purposes like for betterment of business from declining phase or to extend the worth of their business or to possess potency in market competition. In recent times after the COVID 19 crisis, more businesses are restructured thanks to continuous losses or thanks to difficulties in continuation of business. A …
GST Has a Positive Impact on the Real Estate Industry. One of the most important pillars of the Indian economy is the real estate industry. The real estate industry contributes between 6 and 8% of India’s GDP and ranks second only to the IT industry in terms of job creation. With multiple taxes previously applicable, …
How to obtain Multiple GST No in a single State or UT? In India, any business entity with an annual turnover of more than Rs 20 lakh is required to register under the GST legislation. Registration under GST entails obtaining a 15-digit unique identification number GSTIN, which is encrypted with the applicant’s PAN (Permanent Account …
GST PROVISIONS ON OIDAR (ONLINE INFORMATION DATA BASE ACCESS AND RETRIEVAL) With the rapid technological developments, businesses are nowhere restricted by geographical borders. Internet is the most easy and affordable means for providing services abroad. Such services are facilitated through several mechanisms, which are put in conjunction with business activities, to deliver services outside India. …
A guide to understanding your income and income tax returns A 9 to 5 job does not attract to everyone. Some people prefer a little flexibility that they can explore other interests, spend more time with family, or simply avoid a repetitive routine. That is why people freelance from the convenience of their own home, …
Compulsory display Dynamic QR Code Under GST – Introduction: B2C transactions mean all the transactions made to unregistered persons or consumers. In this type of transaction, all unregistered persons or consumers to whom the transaction is made are not allowed for the input tax credit. B2C transactions dynamic QR code is generated by the taxpayers …
GST AUDIT INTRODUCTION The audit is all about the examination of records, returns, and other documents maintained by a registered individual under Goods and Services Tax. The main aim is to verify the correctness of the declared turnover, taxes paid, reimbursed, and input tax credit used, and other such compliances which are thereby evaluated by …
Today Update : DIRECT TAX:- Bombay High court held that an unintentional error on the part of the assessee while filing an appeal, more so when the department also acted ignoring the error, would not result in rejecting the assessee’s appeal being time-barred. Therefore, in the present case, the mistake of the assessee to file …
Today Update : DIRECT TAX:- Reference to the Transfer Pricing Officer (TPO) can be made only after passing a speaking order disposing of the objections raised by the assessee. M/s Alpha Nipon Innovative Ltd. Vs CIT. The validity of reopening of assessment – notice to a dead person – even if Section 159 is attracted, …