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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

Foreign tourists may soon get GST refund for local shopping

Foreign tourists may soon get GST refund for local shopping

Good news for foreign tourists. As part of a drive to execute a provision that is in the legislation, the government will shortly launch a pilot scheme to refund goods and services tax (GST) paid by foreign visitors to India. Thus, Foriegn tourists may soon get a GST Refund for local shopping in India through … Read more

New ROC filing forms launching on MCA21 V3 soon

New ROC filing forms launching on MCA21 V3 soon

An important for companies and LLPs as MCA is launching a new version of its portal soon. It is expected that the new MCA Portal will be launched soon. Now, the MCA has also updated New ROC Filing forms launching on MCA21 V3 soon. This article will give you important information about MCA21 V3 and … Read more

Now pay 18% GST on residential rental property in india

Now pay 18% GST on residential rental property in india

An important update for all of us as the government has now implemented changes to the residential rental property taxation. Starting from 18th July 2022 the dynamics of renting residential property has undergone a major change. The decision to change the taxation system on residential rental property in India was taken in the 47th GST … Read more

TDS & Income Tax on Crypto & Virtual Assets

TDS & Income Tax on Crypto & Virtual Assets

Cryptocurrencies as a digital asset are becoming popular every day in India. Till now, the government has not made cryptocurrencies legal. However, various tax rules and regulations have been made. This article will guide you all the latest updates about TDS and Income Tax on Crypto and Virtual Assets. What is Cryptocurrency? Cryptocurrency is the … Read more

GST Exemptions Withdrawn on various consumable items and services

GST Exemptions Withdrawn on various consumable items and services

The GST Council has suggested numerous significant modifications and reforms to GST rates for the supply of goods and services in addition to GST laws and procedures. The guidelines on GST rates will take effect from July 18, 2022 as well as those that relate to GST procedure and law will be in effect from … Read more