This question has been raised on various occasions whether GST would be applicable on the sale of land during the development of township or not and what will be the impact and value of the services performed by the developer promoter. In the recent judgment of the Hon’ble AAR Haryana in M/s. Informage Reality Private
Frequently Asked Questions on Quarterly Return Monthly Payment (QRMP) Scheme .Q 1: What is the QRMP scheme? What are its benefits? A: Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme to simplify compliance for small taxpayers. Under this scheme, taxpayers having an aggregate turnover at PAN level up to Rs. 5 crores
WHETHER ITC AVAILABLE ON CANTEEN SERVICES AND BUSINESS PROMOTION EXPENSES INCURRED BY THE COMPANY In the recent judgment of the Hon’ble AAR Haryana in M/s. Musashi Auto Parts Pvt. Ltd. [Advance Ruling No. HAR/HAAR/R/2019-20/18 dated February 4, 2020] has held that ITC is not available with respect to canteen services provided by the employer to
Key Highlights of Budget 2021: Impact on Direct and Indirect Tax DIRECT TAX CHANGES No change in tax rates The time limit for assessment reduced to 9 months from 12 months from the end of the relevant Assessment Year. Time limits for issuing intimation us 143(1) reduced to 9 months going forward from
TDS Rate Chart for the Financial Year 2021-22 (Assessment Year 2022-23) Section Nature of Payment Threshold Limit TDS Rate 192 Payment of Salary Taxable Income liable to tax according to slab as per old or new regime Slab rate as per old or new regime 192A Payment of the accumulated balance in employees provident fund
CBIC has issued the Standard Operating Procedure (SOP) for implementation of the provisions of suspension of registrations under sub-rule 2A of rule 21A of CGST Rules, 2017:- CBEC-20/06/01/2021-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing **** New Delhi, dated the 11th February 2021
Registration under GST can either be cancelled by the GST officer or by the registered person or by the legal heirs in case of death of a registered person. GST act also provides for the provision of revocation of cancellation of GST registration in case registration is cancelled by GST officer. In this article, we
Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 02/2021 – Central Tax New Delhi, the12th January, 2021 G.S.R.(E). -In exercise of the powers conferred under section 3 read with section 5 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and section
The Central Board of Direct Taxes (CBDT) vide its Notification No 03/2021 dated 12th January 2021 issues the direction for giving effect to Faceless Penalty Scheme 2021 made under sub-section (2A) of section 274 of the Income Tax Act 1961. The full text of the notification is as follows:- MINISTRY OF FINANCE (Department of Revenue)
