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.
Posted inTC
President Appoints Shri Mohammed Ghouse Shukure Kamal as Additional Judge of the Karnataka High Court
Shri Mohammed Ghouse Shukure Kamal, has practiced for more than 23 years in Karnataka High Court and subordinate courts at Bengaluru. He -practices in Civil, Criminal, Constitutional, Labour, Arbitration, Revenue and Waqf. Matters.
Posted inGST
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 […]
Posted inGST
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]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2021/03/New-Functionalities-on-GST-Portal-You-Must-Know.jpg?resize=660%2C440&ssl=1)
Posted inBUSINESS & ECONOMY, GST
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 […]
Posted inBUSINESS & ECONOMY, GST
E-Invoice Mandatory for Registered Persons Having Aggregate Turnover of More Than Rs. 50 Crore
Vide Notification No. 05/2021- Central Tax Dated 08.03.2021, the CBIC has reduced turnover eligibility for E-invoice from Rs. 100 Crore to Rs. 50 Crore. The new provisions will be in force from 1st April, 2021.
Posted inBUSINESS & ECONOMY, GST, INCOME TAX, INTERNATIONAL TAXATION
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.
Posted inBUSINESS & ECONOMY, GST
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.
Posted inBUSINESS & ECONOMY, GST
CGST Delhi Arrests Two Persons For Causing Loss to Revenue Worth more than Rs 392 Crore
The total fake Input Tax Credit passed on by such fictitious intermediatory companies is quantified to be Rs. 92.18 crore whereas, the total fake Input Tax Credit passed on by other fictitious and non-existent firms
Posted inBUSINESS & ECONOMY
OREO Biscuit has been Copied. Intercontinental Great Brands Filed Case Against Parle
Indian food company Parle started using the same design as Oreo biscuit for its product “Fabio”. Though the names of both the biscuits are entirely different, Parle has allegedly copied the design of the packaging and its design of the biscuit itself.
Posted inBUSINESS & ECONOMY, GST
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.
Posted inBUSINESS & ECONOMY, INCOME TAX
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.
Posted inBUSINESS & ECONOMY
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.
Posted inBUSINESS & ECONOMY
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.
Posted inBUSINESS & ECONOMY, INCOME TAX
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 […]
Posted inBUSINESS & ECONOMY, GST
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 ₹ […]
Posted inBUSINESS & ECONOMY, GST
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 […]
Posted inBUSINESS & ECONOMY
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.
Posted inBUSINESS & ECONOMY, COMPANY LAW, GST, INCOME 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
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 […]
Posted inBUSINESS & ECONOMY, GST
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.
Posted inBUSINESS & ECONOMY
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 […]
Posted inBUSINESS & ECONOMY, GST
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 […]
Posted inBUSINESS & ECONOMY, GST
Generating Challan for First and Second Month of Quarter in QRMP Scheme
There are two methods for generating and paying challan under QRMP Scheme. First is Self Assessment Method (SAM) and Second is Fixed Sum Method (FSM); FSM is also called as 35% Challan Method.
Posted inBUSINESS & ECONOMY, GST
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.
Posted inBUSINESS & ECONOMY, COMPANY LAW, GST, INCOME TAX
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).
Posted inBUSINESS & ECONOMY
Tax Associations Come Together against Wrong Implementation of Tax Laws in India
Tax Associations Come Together against Wrong Implementation of Tax Laws in India As we all know that tax implementation in our country is very poor. When portals are not working, government extend due dates but when taxpayers are not able to do compliance due to any reason/ pandemic, government is not extending due dates and […]
Posted inBUSINESS & ECONOMY, GST
Reconciliation Between Books and GST Portal and Adjustments in GSTR-9 Annual Return
As we know that Reconciliation is most important part of GST. Without Reconciliation between Books and Portal, we can not determine how much tax is required to be paid/ how much ITC is required to be claimed in next year’s returns. Reconciliation also enable us to make proper adjustments in relevant tables of GSTR-9. To ease our Reconciliation process, I have prepared two examples which will guide us about how to reconcile books with GST Portal and also how to make relevant adjustments in GSTR-9.
Posted inBUSINESS & ECONOMY, GST
Gujarat High Court Issues Notice to CBIC for Rule 86B of the CGST Rules
Rule 86B of the CGST Rules has been challenged in Gujarat High Court in the case of AAP and Co. v/s Union of India. This has been challenged by Advocate Mr. Avinash Poddar and notice has been issued to CBIC (respondent) returnable on 24th February, 2021.
Posted inGST
GSTN Enabled Facility for “Communication between Taxpayers” on GSTN Portal
GSTN Enabled Facility for “Communication between Taxpayers” on GSTN Portal Now, taxpayers registered on GSTN portal can send and receive notifications related to invoices/ debit notes/ credit notes for (A) file missing document, (B) rejected- amendment required, (C) rejected- wrongly send to me, (D) re-upload document, (E) payment made and (F) others. This will made […]