Dhanraj Sharma

Dhanraj Sharma is CEO of Tax Concept. He is on a Mission to Educate and Empower 10,000+ Professionals across the Country.

Vacancy for filling up of 3 posts of Judicial Member and 2 posts of Technical Member in the National Company Law Appellate Tribunal (NCLAT)

An Analysis: Impact of Slowdown in Economy on Employment

Besides these initiatives, flagship programmes of the Government such as Make in India, Digital India, Swachh Bharat Mission, Smart City Mission, Atal Mission for Rejuvenation and Urban Transformation, Housing for All, Infrastructure development and Industrial corridors have the potential to generate productive employment opportunities.

B2C QR code extended by 3 months

GST Update: GSTN is Organising Webinar on E-Invoicing under GST

The Government had earlier mandated e-invoicing for the taxpayers with aggregate turnover exceeding Rs. 500 Cr. from 1st Oct., 2020 and for taxpayers with aggregate turnover exceeding Rs. 100 Cr. from 1st Jan., 2021. From 1st April, 2021, Government has mandated e-invoicing for taxpayers with aggregate turnover exceeding Rs. 50 Cr. (in any preceding financial …

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GST FRAUD

GST Department Finally Caught the Fraudster Who was Hiding Himself from the Department

It is apparent from the investigation conducted till date, that Shri Ravinder Kumar created multiple proprietorship, partnership firms and private limited companies based in Haryana, New Delhi and Jharkhand merely on paper. Shri Ravinder kept eluding the investigation and did not appear before the investigating authorities even after issuance of Summons on multiple occasions.

Latest GST Weekly News, Information, Judicial, Notifications & Announcements [Period 20/09/21 to 26/09/21]

New Functionalities on GST Portal You Must Know

Various new functionalities are implemented on the GST Portal for the benefit stakeholders. These functionalities are related to to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Month/ Quarter wise functionalities deployed on GST Portal are as under. Functionalities deployed in February, 2021 Click Here to Download PDF Functionalities …

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Women’s Day Special: CA Heer Gajjar Launches Silver Jubliee Edition of Weekly Taxation News Letter with CS Lalit Rajput

On this special day, Ms. CA Heer Gajjar launches Silver Jubliee edition of weekly taxation news letter with Mr. CS Lalit Rajput who are actively involved in empowering the professional community. This is a remarkable moment for Tax Concept platform too.

GSTN Enables the Facility for Core Business Selection on GST Portal

Immediately after logging in to GST portal, a pop-up for core business selection is showing as per attached image. The pop-up is asking for identifying the core business i.e. trader/ manufacturer/ service provider etc. This is mandatory in nature. If you want to change the selection in future, you may navigate to- My Profile >> Core Business Activity Status.

Upcoming Changes in GSTR-1 You Must Know

Upcoming Changes in GSTR-1 You Must Know

GSTN has recently twitted about some upcoming changes in GSTR-1 which are as under:

1. Column “Total Value” to be removed from Table-12 (HSN wise summary of outward supplies) of Form GSTR-1.

2. A new entry “Rate of Tax” to be inserted in place of Column “Total Value”. Thus, HSN code to be reported Rate Wise.

3. Changes in reporting of number of digit of HSN code as per Notification No. 78/2020- Central Tax and 79/2020- Central Tax Dated 15/10/2020.

CBDT Issues Clarification in Respect of Residential Status under Income Tax Act, 1961

CBDT Issues Clarification in Respect of Residential Status under Income Tax Act, 1961

The Central Board of Direct taxes (CBDT) has received various representations requesting for relaxation in determination of residential status for previous year 2020-21 from individuals who had come on a visit to India during the previous year 2019-20 and intended to leave India but could not do so due to suspension of international flights. The matter has since been examined by CBDT.

Insurance Ombudsman Rules Amended for Better Resolution of Policyholders’ Complaints Regarding Insurance Service Deficiencies

The Government on 2nd March 2021 notified comprehensive amendments to the Insurance Ombudsman Rules, 2017, with a view to improve the working of the Insurance Ombudsman mechanism to facilitate resolution of complaints regarding deficiencies in insurance services in a timely, cost-effective and impartial manner.

PM Addresses Webinar on Effective Implementation of Budget Provisions Regarding Education Sector

Addressing the webinar, the Prime Minister pointed out that to build a self-reliant India, confidence of the youth of the country is equally important. Confidence comes only when the youth has complete faith in their education and knowledge. Confidence comes only when they realize that their studies are giving them the opportunity to do their work and also the necessary skills. He said that the new National Education Policy has been made with this thinking. He stressed the need to implement all the provisions of the National Education Policy from pre-nursery to PhD quickly and said that the Budget will be of immense help in this regard.

Income Tax Department Conducts Searches in Hyderabad

Income Tax Department Conducts Searches in Hyderabad

Income Tax Department Conducts Searches in Hyderabad The Income Tax Department carried out search & seizure operations on 24.02.2021 on a major Pharmaceutical group based out of Hyderabad.  This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations.  Majority of the total manufactured products are exported to …

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GST Revenue for February 2021 Crosses Rs 1 Lakh Crore

GST Revenue for February 2021 Crosses Rs 1 Lakh Crore

GST Revenue for February 2021 Crosses Rs 1 Lakh Crore The gross GST revenue collected in the month of February 2021 is ₹ 1,13,143 crore of which CGST is ₹ 21,092 crore, SGST is ₹ 27,273 crore, IGST is ₹ 55,253 crore (including ₹ 24,382 crore collected on import of goods) and Cess is ₹ …

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GST Officials Arrested One for Causing Loss to Revenue

GST Officials Arrested One for Causing Loss to Revenue

GST Officials Arrested One for Causing Loss to Revenue The Gurugram Zonal Unit of Directorate General of GST Intelligence has arrested a person, namely Mr. Pradeep Jain, resident of Muzaffarnagar, UP who is Director of M/s PSR Metals Pvt Ltd, Muzaffarnagar. An investigation was conducted against M/s PSR Metals Pvt Ltd located at Khasra No …

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Most Important Update for Account Holders of These Banks Which will be Applicable From 1st March 2021

Accounts of Dena Bank, Vijaya Bank, Allahabad Bank, Corporation Bank, Oriental Bank, Syndicate Bank and United Bank will be closed from 1st March, 2021. So the Cheques of these banks will be out-dated & will not be taken from 1st March, 2021 and pay-out will not be done. So please get new cheque books in these banks at the earliest. Request also to get the details of other bank mapped in Demat and trading accounts before 1st March, 2021.

Tax Concept's CA Heer Gajjar and CS Lalit Rajput Launches 23rd Edition of Weekly Taxation Newsletter. Readers Says This is Best Ever Edition

Tax Concept’s CA Heer Gajjar and CS Lalit Rajput Launches 23rd Edition of Weekly Taxation Newsletter. Readers Says This is Best Ever Edition

Tax Concept’s CA Heer Gajjar and CS Lalit Rajput Launches 23rd Edition of Weekly Taxation Newsletter. Readers Says This is Best Ever Edition On 15th February, 2021, CA Heer Gajjar and CS Lalit Rajput launches 23rd edition of Weekly Taxation Newsletter for ease of understanding of professionals. This newsletter contains relevant taxation due dates, tax …

Tax Concept’s CA Heer Gajjar and CS Lalit Rajput Launches 23rd Edition of Weekly Taxation Newsletter. Readers Says This is Best Ever Edition Read More »

Attention: Proposed Amendments in the CGST Act, 2017 in the Budget 2021-22 for which Strong Representation is Required Immediately

(1.) Insertion of Sub-section (12) in Section 75: As per the proposed amendment in section 75, if any registered person uploaded invoices in GSTR-1 and forget to amend/ remove them/ upload credit note issued against that invoice till the specified date but paid tax as per net output, then this will be deemed as self-assessment tax and recovery provisions will enforced on that registered person without any show cause notice.

Information and Broadcasting Minister Prakash Javadekar launches state wide awareness campaign on COVID19 vaccination and Aatmanirbhar Bharat in Pune

Information and Broadcasting Minister Prakash Javadekar launches state wide awareness campaign on COVID19 vaccination and Aatmanirbhar Bharat in Pune

Information and Broadcasting Minister Prakash Javadekar launches state wide awareness campaign on COVID19 vaccination and Aatmanirbhar Bharat in Pune Union Minister for Information and Broadcasting Shri Prakash Javadekar today flagged off a mobile exhibition awareness campaign on covid vaccination and Aatmnirbhar Bharat in Pune. Under this campaign 16 specially fabricated vans will travel across 36 …

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Four More States Complete Ease of Doing Business Reforms, Get Additional Borrowing Permission of Rs. 5,034 Crore

Four More States Complete Ease of Doing Business Reforms, Get Additional Borrowing Permission of Rs. 5,034 Crore

Four More States Complete Ease of Doing Business Reforms, Get Additional Borrowing Permission of Rs. 5,034 Crore Four more States namely, Assam, Haryana, Himachal Pradesh and Punjab have undertaken “Ease of Doing Business” reforms stipulated by the Department of Expenditure, Ministry of Finance. Thus, these State have become eligible to mobilise additional financial resources and …

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Budget 2021: Alarming Situation for Taxpayers Registered under GST

With the insertion of Clause(aa) in Section 16(2) of the CGST Act by the Finance Act, 2021, now it is clear that Input Tax Credit (ITC) claimed on the basis of invoices which are not uploaded by the supplier in his GSTR-1, is required to be reversed and tax/interest/penalty has to be paid under section 73(5) of the CGST Act.

No Relief to GST Sector: Key Highlights of Union Budget 2021

No Major Relief to GST Sector: Key Highlights of Union Budget 2021

(1.) ITR filing exemption to citizens aged 75 years and above (only if income from pension and interest).

(2.) New period for re-opening of assessment for transparent tax system : Reopening of assessment period reduced from 6 years to 3 years except in the cases where tax evasion is 50 lakh or more (re-opening of assessment period is 10 years in these cases).

(3.) Constitution of Dispute Resolution Committee (for taxpayers having taxable income of 50 lakh and above and disputed income is 10 lakh).