GST Applicability on Religious place(NGO) like Dharamshalas
GST Applicability on Religious place(NGO) like Dharamshalas The GST Law 2017 does provide certain exemptions for services related to religious places. These Following provisions help ensure that religious places meant for public use maintain their exemption status, but they also clarify the applicability of GST when additional commercial services are offered. Here’s a breakdown based …
Non-Disclosure of foreign asset in ITR need to avoid Penalty
Undisclosed Foreign Asset must accurately report in ITRs to avoid Penalties The issue of whether a bona fide mistake in the non-disclosure of foreign assets in an Income Tax Return (ITR) would result in a penalty under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) has …
Overview on Benami Transactions (Prohibition) Act, 1988
Overview on Benami Transactions (Prohibition) Act, 1988 The Indian government has taken several measures to combat black money, such as the Black Money Act, Income Disclosure Scheme, and demonetization. Among these measures, the term Benami—meaning “no name” or “without name” in Hindi—has gained significant attention. Legislative Background of Benami Transactions (Prohibition) Act, 1988 : The …
GSTN issued advisory on “RCM Liability/ITC Statement”
GSTN advisory on Introduction of RCM Liability/ITC Statement The recent advisory by Goods and Services Tax Network introduces a new “RCM Liability/Input Tax Credit Statement” on the Goods and Services Tax portal, which is designed to help taxpayers accurately report transactions under the Reverse Charge Mechanism. This advisory provides a structured approach to ensure compliance with …
GSTR Return under Goods & Services Tax regime in India
Kind of GSTR Return under Goods and Services Tax regime in India The Goods and Services Tax regime in India, there are various returns that need to be filed, depending on the type of taxpayer and the nature of their business. Under GST, there are thirteen returns. GSTR-1, GSTR-4, GSTR-3B, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, …
RP Responsibility to ensure CIRP in MSME sector status of CD
Amendment to Reg 36 of CIRP Reg- for CIRP effectiveness in MSME The discussion paper from the Insolvency and Bankruptcy Board of India on August 23, 2024, proposes a significant amendment to Regulation 36 of the CIRP Regulations. The proposal aims to address the current gap in the disclosure requirements for corporate debtors under the …
IFSC AML framework for entities operating within GIFT City
IFSC AML framework for entities operating within GIFT City. In the context of the International Financial Services Centres Authority AML framework, particularly for entities operating within GIFT City, it is critical to safeguard against Money Laundering, Terrorist Financing, and Proliferation Financing. When performing a Customer Risk Assessment, an International Financial Services Centres Authority entity must …
Overview Udyam Registration Process for MSME
Overview Udyam Registration Process for Micro, Small, and Medium Enterprises Udyam Registration process is a streamlined, mandatory online registration introduced by the Ministry of MSME in India. This process, which replaced the Udyog Aadhar Memorandum, began on May 13, 2020, and became mandatory from July 1, 2020, for all MSMEs. The process simplifies the registration …
CBIC: identify & cancel fake/bogus GST registration
Second Special All-India Campaign to identify & cancel fake or bogus GST registrations The CBIC along with state tax authorities, has launched the Second Special All-India Campaign to identify and cancel fake or bogus Goods and Services Tax registrations. This initiative aims to ensure a fair and compliant trade environment, reducing tax evasion and promoting …