It is a surprising fact that taxpayers are finding GST Compliances complicated, and they are facing many difficulties in timely GST Return filing. As a result, the taxpayers have to face heavy penalties. This fact was revealed when CA Ram Bajaj from Rajasthan filed an RTI to CBIC (Central Board of Indirect Taxes and Customs). … Read more
In what may bring further huge relief to businesses affected by Coronavirus, the GST Council is likely to announce an amnesty scheme. The GST council is meeting after the lockdown has been ordered about the amnesty scheme. This lockdown has influenced state authority GST interests with various reposting dramatic falls in 80 to 90 % … Read more
Composite and Mixed Supply under GST is a new concept that is used to make a smooth tax process. However, Composite Supply is more or less similar to the bundle’s service enclosed in the Service Tax law. But, mixed supply is completely a new concept and there is a small margin of difference between composite … Read more
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
In the Covid-19 pandemic,a hike in post-GST rates to 18% from the current 15%, both the security sector and banking sector are poised to get more expensive after July 1. Impact of GST on insurance and banking will improve the premiums especially for families that pay for health, life and a car insurance. In this … Read more
With the rise of the second wave of Coronavirus, the Government of India took several steps to bring the situation to a normal condition, and still, the battle is going on. Recently, it has been observed that demand for Covid materials such as vaccines, Remdesivir medicine, and oxygen has significantly increased and most of the … Read more
The goods and services tax is the biggest milestone in the history of taxation. Earlier, various forms of taxes were put on the citizens and the distribution of taxes between the state and center was complicated. So, the concept of tax on common goods and services was introduced in the entire country to simplify the … Read more
This post deals with a subject directly related to the Covid-19 crisis. We would urge readers to read it until the end to keep themselves updated on the latest developments. GST on Imported Oxygen Concentrators Slashed On May 1, 2021, most Indians woke up hearing a piece of good news, ‘GST on Imported Oxygen Concentrators … Read more
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
Due to the Covid-19 pandemic, the CBDT has issued the notification for For filing of belated tax returns and revised return for the assessment year 2020-21, which was required to be filed on or before 31 March 2021, the extra time has now been given till 31 May 2021. In this article, we will discuss … Read more