Advisory for Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Gujarat and Puducherry Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be identified on the common portal, based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking photograph […]
Supreme Court Issues Notice in Writ Petition Seeking Option for Revised GST Returns The Supreme Court has recently issued a notice in a Writ Petition seeking the availability of an option for revised returns on the GSTIN Portal. The petition was filed by Pradeep Kanthed, who argued that the unavailability of such an option is […]
Freelancers in India are considered self-employed individuals and are required to pay taxes on their income. The tax system in India is governed by the Income Tax Act, 1961, which defines the rules and regulations for tax payments by individuals, including freelancers. As a freelancer, you are required to file your tax returns annually. Your […]
Crypto Taxability in India : To tax Crypto, a new section 115BBH was introduced in the 2022 budget. This section imposes a 30% tax (plus applicable surcharge and 4% cess) on profits made from Crypto trading (starting from April 1, 2022). This rate is the same as India’s highest income tax bracket (excluding surcharge and […]
New Taxability rule of Employee Provident Fund (EPF) in 2023 he Employee Provident Fund (EPF) is a retirement savings scheme for employees in India. It is a statutory requirement for all establishments with more than 20 employees to provide EPF coverage to their workers. The main objective of the EPF is to provide financial security […]
Goods and Service Tax introduced in July’17 with a slogan of One-Tax-One-Nation. Although, in various aspects GST centralized the system and remove the hardship and complexity of previous laws, but if we will analyses some sectors like banks & NBFC. It Gone through with rigorous changes and hardship due to introduction of GST. Banking sector […]
The 38th GST meeting was held as on 18th Dec, 2019. The GST council recommendations are as follows: Due Date for filing of return GSTR-9 & GSTR-9C for FY 2017-18 is extended till 31st Jan 2020 from earlier date 31st Dec, 2019. Regarding GSTR-1 Late fees for filing GSTR-1 for the period July 2017 to […]
As we know, that for taking the benefit of GST and for charging GST, it is compulsory to take registration under GST. GST was introduced and implemented from 01st July’17, since than there have been several changes in the threshold limit under GST. Due to continuous amendments in the law, a lot of confusion has […]
Do we require to get registered under GST? This is the question which came into the mind whenever you start or run any business or profession. So, the basic criteria for registration under GST are threshold limit. A business whose aggregate turnover exceeds Rs. 40 Lacs has to mandatorily register under GST. This limit is […]
Many of the businesses use same services and goods commonly for business and personal purpose, simultaneously same inputs are commonly used for providing taxable as well as non-taxable goods. But ITC is only available on those inputs which are used for business purpose and for taxable supply. Let’s understand with the help of following example: […]