Over the past six months, the taxpayers witnessed the gradual implementation of various e-invoicing provisions based on the turnover of the taxpayers. Various notifications have been issued, prescribing the taxpayers, to comply with e-invoicing requirements. The CBIC lowered the threshold for mandatory issuance of e-invoice
SAMAY ALLOYS INDIA PVT. LTD. VERSUS STATE OF GUJARAT [2022 (2) TMI 843 – GUJARAT HIGH COURT] Whether Credit Ledger under Rule 86A can be blocked beyond the amount available balance in Credit Ledger resulting in Negative balance in Credit Ledger Hon’ble Court and Judicial
Since the implementation of GST, the claim of the input tax credit has witnessed multiple amendments with Government’s intention to allow ITC on invoices/debit notes which are uploaded by the suppliers in GSTR-1. At the inception of GST, the availment of ITC was envisaged as
In the recent budget in Income Tax, it is proposed to impose a TDS on business promotion expenditure expended by an organisation. It has far-reaching implications, even in the hands of the recipients of the business promotion Expenditure. Here we have discussed not only the
The newly proposed Section 194R of the Income Tax Act in its present form would be a big compliance challenge for businesses as there are multiple types of perquisites & benefits that are extended to their dealers/ distributors/agents/ channel partners etc with the objective of
Introduction The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2022-23 of India on the 1st of February, 2022 with an aim to boost growth amid continued disruption from Covid-19 and rising inflation. The Hon’ble Finance Minister mentioned that the country is
Tax Rates Related Amendments The Budget backed no major changes in the tax rates for taxpayers, except for a few minor changes for specific classes of incomes and specific classes of taxpayers. Taxation of Co-operative Societies Surcharge applicable on Co-operative societies As per provisions of
GENERAL GST collection for the month of Jan 2022 at 1.40 Lakh crores, which is the highest since inception. In the background of robust economic recovery and buoyant tax collection, Finance Minister Nirmala Sitharaman presented a futuristic and development-oriented Budget for the fiscal year 2022-23.
The Hon’ble Finance Minister Smt. Nirmala Sitharaman on 01st February 2022 presented the Union Budget 2022. The budget is a vision document and has given ample scope for the youth to turn into entrepreneurs and in turn, become employment generators. Recently, there has been a
Goods and services tax Key changes The matching concept by way of a two-way communication process has been done away with. Further restrictions on availing of ITC by way of amending section 16 read with section 38. Limitation period wherever linked with date of filing
