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45th GST Council Meeting the GST council held its 45th GST Council meeting On the 17th of September, 2021, which resulted in revisions to the GST rate on goods and services, clarifications in various areas, and procedural improvements. All of the Recommendations and Changes are detailed here. Life-saving drugs Zolgensma and Viltepso used in the …
Self-certification in GSTR-9C vs. CA certification What exactly is GSTR-9? GST annual return GSTR 9C simplification GSTR-9 is an annual return that must be filed by registered taxpayers with a preceding financial year turnover of more than Rs. 2 crores. Outward supplies, tax liabilities, input tax credit claimed, refund claimed, and tax paid within the …
GST Department Notice – How to Deal with GST ASMT-10 Introduction Many taxpayers are receiving GST discrepancy notices in the form of GST ASMT-10 these days. The Goods and Services Tax (GST) has been in effect for four years. As a result of the department’s increased scrutiny of GST returns filed in the last four …
E-PERSONAL HEARING IN GST BRIEF INTRODUCTION The Bangalore Zonal Unit of Directorate of Systems and Data management was vested with the main task for development of Dispute settlement and resolution (DSR), Investigation, Audit, Mobility and E-way Bill modules. Among these, Adjudication is among the main modules in respect of compendious Dispute Settlement and Resolution (DSR) module, which is …
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 …