COVID-19

CBIC Launches Drive To Clear All Pending GST Refund Claims

CBIC Launches Drive To Clear All Pending GST Refund Claims

The destination-based Goods and Services Tax (GST) was launched in the year 2017 to make India a unified market. Since its launch, there has been a surge in the collection of indirect taxes in the country to clear all pending GST refund claims. However, it also had its own challenges in the journey down the … Read more

Income Tax Department issues Income tax refunds of Rs 24,792 cr

Income Tax Department issues Income tax refunds of Rs 24,792 cr

Due to the Covid-19, the Income Tax department on Wednesday said it has issued over Rs 24,792 crore refunds to more than 15 lakh taxpayers so far this fiscal. Of this personal income tax refunds worth Rs 7,458 crore has been issued in over 14.98 lakh cases. Corporate tax refunds of Rs 17,334 crore have … Read more

Date of GSTR-2B (Details of ITC) for April 2021 extended

Due to the Covid-19 pandemic, the Goods and service Tax Network (GSTN) department announced that the GSTR-2B for April 2021 will be generated after the Due dates. In this article we will discuss on Date of GSTR-2B (Details of ITC) for April 2021 extended. What is IFF and GSTR-1? The Invoice providing Facility (IFF) is … Read more

GST on Sale and Leaseback transaction

Nowadays, the Business houses are entering into sale and lease back transaction of capital assets to meet the working capital provision of the transaction. The Sale and lease back transaction requires to be carefully analysed to deduce the correct tax implications.A humble attempt to list down the GST implication on sale and lease back transaction. … Read more

Covid-19 Vaccine chargeable to GST tax or not ?

Since last year or so, the whole country is going through tumultuous patches for society as a whole. Present second wave of COVID-19 has put the resources of country at greater strain wherein the entire humanity is struggling to keep their hope float leave alone the prospects of future. The problem is increased manifolds in … Read more

Timeline for Revocation of GST Registration Cancellation extended

Timeline for Revocation of GST

Due to the Covid-19 pandemic, the central government has provided some relaxation to the taxpayers for the timeline of filing the ‘Application for Revocation of Cancellation’ has been extended to 180 days from 90 days which will be valid up to 15th June 2021. In this article we will discuss on Timeline for Revocation of … Read more

ESIC extends date for filing of ESI contribution for the month of April, 2021

As due to the second wave of COVID-19 Pandemic. Many establishments are temporarily closed and workers are unable to work. In line with the assistance measures being extended by Government to business entities and workers, Employees’ State Insurance Corporation (ESIC). In this article, we will discuss on ESIC extends date for filing. ESIC extends date … Read more

No GST on Import of COVID relief products

No GST on Import of COVID relief products

In view of the Covid-19 pandemic, the Central Government has exempted IGST or integrated GST on import of such goods received free of cost for free distribution of Covid relief. In this article, we will discuss No GST on the Import of COVID relief products. No GST on Import of COVID relief products In view … Read more

No income tax penalty on Hospitals accepting cash from patients

Due to the Covid-19 pandemic, the Ministry of Finance issued notification in this regard on Friday announcing relaxation for the Covid Care hospitals in Section 269ST of the Income Tax Act. In this article we will discuss on No income tax penalty on hospitals. No income tax penalty The central government has facilated Income Tax … Read more

Penalty / Interest Waive off on GST Late Return filing

CBIC extends GST Return Due Dates Waives Late fee for GSTR3B

While the country is grieving from the COVID-19 pandemic, the Government has provided great relief to the taxpayers by extending the deadlines to file various GST returns. The Government also waived off the late fee payable for the delayed filing of GSTR-3B. In this article, we will discuss on Penalty / Interest Waive off on … Read more