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GST on incentive paid by MeitY

GST on incentive paid by MeitY

Circular 190/02/2023-GST, issued by the Central Board of Indirect Taxes and Customs (CBIC) on January 13, 2022, provides guidance on whether or not GST applies to a variety of services. This also includes clarification on applicability of GST on Incentive paid by MeitY(Ministry of Electronics and Information Technology) to acquire banks under Incentive scheme for … Read more

GST on accommodation services supplied by Air Force

GST on accommodation services supplied by Air Force

The Central Board of Indirect Taxes and Customs (CBIC) has published clarifications on the applicability of GST on specific services in its circular numbered 190/02/2023-GST, which was published on January 13, 2022. This also includes clarification regarding Applicability of GST on accommodation services supplied by Air Force Mess to its personnel. Let’s understand this update … Read more

US FDA Certification of Sun Pharma pulled up

US FDA Certification of Sun Pharma pulled up

Sun Pharma, a major pharmaceutical company, has been investigated by the health authority in the United States (US FDA Certification) for manufacturing rule violations that occurred at its plant in Gujarat. These transgressions include failing to follow appropriate written procedures designed to prevent the microbiological contamination of drug products. Sun Pharma gets Warning Letter from … Read more

Tax Audit Report for AY 2022-23 due date extended

Tax Audit Report for AY 2022-23 due date extended

The Income Tax Department, at the last possible minute, extended the submission period for the Tax Audit Report for Assessment Year 2022/23. As a result, many companies, stakeholders and professionals hailed the decision of Tax Audit Report for AY 2022-23 due date extended. Let us understand the latest updates on the Tax Audit Report Due … Read more

Due date for DIN-KYC for FY 2021-22 extended

Due date for DIN-KYC for FY 2021-22 extended

The ROC requires each Director or their chosen partners to file a Know Your Customer (KYC) form each year. In other words any individual who has been issued a DIN Number before to 31st March 2022 are needed to provide KYC documents/Updated Email and Mobile to the ROC. You need to update your DIN-KYC Annually … Read more

GST Portal to Open from 1st October for filing of Transitional Credit: GSTN

GST Portal to Open from 1st October for filing of Transitional Credit GSTN

As of October 1, 2022, taxpayers will be able to report late transitional credits, according to an announcement from the Goods and Services Tax Network (GSTN). This news arrives a month after the Hon’ble Supreme Court ordered the GST system to reopen on September 1, 2022, to facilitate the submission of transitional credits from the … Read more

Rail ticket cancellation for AC, 1st Class coaches to attract 5% GST

Rail ticket cancellation for AC, 1st Class coaches to attract 5% GST

As per the latest notification, you have to pay more for canceling the confirmed rail tickets for AC and first class. Following a circular from the Ministry of Finance on August 3, cancellation fees for confirmed railway tickets would also be subject to GST. Let us understand the concept of Rail ticket cancellation for AC, … Read more

MCA notifies Procedure for Physical Verification of Registered Office of a Company

MCA notifies procedure for physical verification of registered office of a Company

The Corporate Affairs Ministry (MCA) has instituted guidelines to strengthen the verification process post-incorporation as part of its ongoing effort to eliminate shell corporations and dormant firms.  This article will inform you all about the latest notification from MCA in order to eliminate shell companies. MCA notification on Third Amendment Rules, 2022 Physical Verification of … Read more

GST E-Invoice mandate on business cross ₹10 crore turnover

GST E-invoice mandate on business cross ₹10 crore turnover

An important update for businesses registered under GST. The government has recently announced the updates amending the E-Invoice rules. This initiative will be an important update under the GST regime and it will cover more businesses under E-Invoicing.  Let us understand the latest update of GST E-Invoice mandate on business cross ₹10 crore turnover. What … Read more

Behind the fuss about GST on essential items: Two sides of the same coin

Behind the fuss about GST on essential items Two sides of the same coin

The 47th GST council meeting has approved a goods and service tax at a rate of 5% on several basic and necessary goods, such as pulses, rice, cereals, etc. when they are delivered as “pre-packaged and labeled” goods. From July 18, 2022, these modifications are in effect. The imposition of GST on necessities like pulses, … Read more