Why B2C is Taxable but B2B is Exempted? – A Clever Step by Govt on GST levy? The pre-packaged and labelled food items (up to 25kg packing) were included in the scope of the GST, making some food items taxable when sold to B2C customers but remaining exempt when sold to B2B customers. ultimately increasing …
Option provided to GTA to opt either for 5% (without ITC) or 12% (with ITC) under Forward charge Previously, the Central Board of Excise and Customs vide Notification No. 13/2017- dated June 28, 2017 (“Services Reverse Charge Mechanism Notification”), to notify the kind of categories of services on which tax will be payable under the Reverse Charge …
Income tax return (ITR) filing via ITR-U What Does Income Tax Return Filing via ITR‑U Mean? (Updated for 2026) The concept of filing an updated income tax return was introduced through the Finance Act, 2022, to give taxpayers an extended opportunity to correct or declare additional income. Under this provision, taxpayers who missed filing their …
Why belated ITR is different from a regular income tax return? The best option way to file an income tax return is always before 31st July, we clarify further what comes after missing the deadline for filing an Income tax return. The due date for filing an income tax return is 31st July 2022 …
New GST Rates are effective from 18th July- Let’s take a view of Updated Rates: While the GST council recommend to remove some tax exemptions and adjust some rate structures, many other exemptions were eliminated. Beginning from Monday, Customers will pay extra for variety of commodities, including furniture, lodging and banking services as new GST …
Tribunal allowed a refund of the Countervailing Duty, Cess & Special additional Duty: In case, we have to pay Basic Customs Duty (BCD), Cess Special Additional Duty (SAD), and Countervailing Duty (CVD) on our imports made before the implementation of GST in order to regularise a bona fide default under an advance authorization. After implementation of GST, GST Law restrictions …
How to file an Tax Return for a deceased person as the deadline draws near According to Section 159 of the Income Tax Act of 1961, a person’s legal executor is responsible for paying any debts that the deceased would have been required to pay if they had lived, in the same way and to …
Overview on NBFC – XBRL Filling in India The E-xtensible business reporting language (XBRL) is transforming company reporting all over the world by allowing for the electronic exchange of financial & business data. From financial year 2019–20, the Reserve Bank of India required all NBFCs to submit their NBFC returns in XBRL format. Moreover, we’ll …
New GST Number Registration in Delhi Flexibility in the systems via online regime makes the GST registration very easy by following the certain easy steps altogether in one go. GST registration is mandatory for the holder whose turnover is more than 20 lakh. After making the application online, the business applicant will get the unique GSTIN number …
GST Registration For One Person Company in India A single person is the owner and operator of One Person Company. OPC Company’s director is distinct from the company. Many One Person Company Companies moved to or registered for One Person Company GST Registration when the GST was implemented on July 1, 2017. Online GST registration …