Finance Minister Nirmala Sitharam has commended the taxmen for the measures of implementation while dealing with GST fraud. On Thursday, she stated that enhancing the GST revenue collections should now be considered the ‘new normal’. On the occasion of the fourth anniversary of the tax reform GST, she sent a message to tax officers saying […]
IT Department’s Move to Charge Higher TDS for Non-Filers
According to the Budget 2021, the non-filers of income tax for the last two fiscal year will be subject to a higher TDS (Tax Deducted at Source), and TCS (Tax Collected at Source) rate. It is in case if the tax deduction was 50,000 INR or more in each of those two fiscal years. The […]
HSN Code Made Mandatory On GST Invoices From 1st April 2021
As per the notification issued by the GST authorities in October 2020, the HSN codes are now mandatory on all invoices. According to this new regulation, GST authorities mandated the HSN code on all tax invoices from 1st April 2021. The official statement made by the Ministry of Finance clearly states that “With effect from […]
43rd GST Council Meeting: Relief for Taxpayers and More
The GST council met after six months for the 43rd council meeting on 28th May 2021. Finance Minister Smt Nirmala Sitharaman chaired it. The Union Minister of State for Finance and Corporate Affairs – Shri Anurag Thakur, the Finance Ministers of the states and UTs and other senior officers of the Ministry of Finance and […]
GST shortfall may force government to borrow $22 billion
Due to the Goods and Service Tax (GST) shortfall, the government of India may need to borrow more for the second year straight. This government will use this amount in compensating the states for their revenue loss during the shortfall. The requirement in the amount to be borrowed is estimated to be Rs. 1.58 lakh […]
‘Accounting for E-Commerce entities’: ICAI issues guidance note
Clearing the air, the Institute of Chartered Accountants of India (ICAI) has issued a guidance note for e-commerce businesses named ‘Accounting for E-Commerce entities’ over recognising the expenses and revenues in the financial statements. E-commerce is simply buying and selling goods and services over the internet. The industry is taking over; stats suggest that in […]
E-invoice mandatory for businesses with turnover over 50 Cr
The central board of Indirect taxes and custom (CBIC) issued a notification and made it mandatory for businesses with turnover over 50 Cr in any fiscal year from FY 2017-18 onwards to issue e-invoice for all B2B transactions from April 1, 2021. It came in as the third level of implementation. Earlier, the GST e-invoicing […]
Finance Minister to hold GST Council meeting on May 28
Finance Minister Nirmala Sitharaman announced that the next Goods and Service Tax Council meeting will be held on May 28, via Video Conferencing due to the current pandemic situation. The announcement was made by the finance minister in a Twitter post on Saturday. “Smt Nirmala Sitharaman will chair the 43rd GST council meeting via video […]
Covid-19 Crisis Makes Govt Extend GST Timelines
The government has extended the timelines for Income Tax and GST compliance amid the covid-19 crisis to ease the burden of coping with the tight deadlines during its second wave. As mentioned in the previous news article, the finance ministry had been receiving numerous requests from all industries to ease the deadlines and extend them, […]
Confusion Related To Filing GST And Taxes
The industry has requested the government for more handholding to clear tax-related confusions and GST filing. Tax compliance deadline extension has also been requested. WHAT ARE THE REQUESTS? The finance ministry has been approached by the industries to provide clarity, speed up the processes, and also provide more handholding on the numerous tax issues. With […]
