Section to be discussed with relevant Rules: Section 44AB Audit of Accounts With Section 44AD Presumptive Income from Business With Section 44ADA Presumptive Income from Profession Rule- 6G Audit Report Section 271B Penalty Section 44AB. Every person- (a) Carrying on business and his total sales, turnover or gross receipts, as the case may be, in business […]
Section to be discussed with relevant Rules under Chapter VI Input Tax Credit of CGST Act, 2017 17 Apportionment of credit and blocked credits 38,42 & 43 Section 17(1) the registered person used goods or services or both “partly for the purpose of business and partly for other purposes”, the amount of input tax credit […]
Introduction: GST is a comprehensive value added tax system that allows uninterrupted flow of credit among different sectors. Tax is levied at each stage of value addition. The tax charged at previous stage is passed on to next stage in form of Input tax credit. A registered person can take the credit of input tax […]
What is Input Service Distributor under GST Law? A supplier of goods /services may have various offices such as head office (registered office), regional office, branch office, sales depot etc., Such units having large share of common expenditure (input services) but get invoiced on centralized location may obtain registration as an Input Service Distributor for availment […]
The Hon’ble Finance Minister presented the Union Budget 2021 on 01 February 2021 wherein announced “No depreciation to be allowable on Goodwill from 01 April 2021” (assessment year 2021-22 onwards). The tax authorities always argued that the depreciation on goodwill in business restructuring like Merger and Acquisition should be disallowed. The rationale beside that no […]
Hon’ble Supreme Court Order on Extension of Limitation period: In view of the Covid-19 pandemic the Hon’ble Supreme Court took suo motu cognizance of the situation arising from difficulties that might be faced by the litigants across the country in filing petitions/applications/suits/appeals/all other proceedings within the period of limitation and in furtherance of its Order […]
Some notifications issued by the Department to providing relief in current Pandemic Situation (Covid-19) in the country to the taxpayers on 1st May, 2021 Notification No. 08/2021- Central Tax- Relaxation in Interest for the month of March -2021 & April -2021: Notification No. 09/2021- Central Tax-Waiver of Late Fees for specified taxpayers and specified tax […]
What is Corporate Social Responsibility? CSR is a responsibility of a Company’s towards the community and environment in which it operates. CSR is a way of conducting business, by which corporates contribute to the social good. Companies contribute for the betterment of our society out of the profit as a mandatory provision under section 135 […]
E- Invoicing: ‘E-Invoicing’ is a system in which B2B (Business to Business) invoices are authenticated electronically on the GST portal. Under the electronic invoicing system, a unique identification number will be issued against each and every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN). Invoice Registration Portal (IRP) is launched […]