The Internet and Mobile Association of India (IAMAI) urged the GST Council to keep the GST on online gaming at 18 percent, saying that any increase would harm the industry’s overall health. Various stakeholders are currently discussing raising the GST rate for the online gaming industry to 28 percent. Given that casual games are a […]
Read moreHow to report 6% in GSTR-1? GST rate on bricks increased from 5% to 12%. The government on March 31 notified the GST rates that would be applicable from April 1. Notification No. 01/2022 – Central Tax (Rate) dated 31st March 2022 issued which increased GST rate on following goods from 5% to 12% with effect from […]
Read moreThe institute of cost accountants of India (ICMAI) has requested the government to consider allowing cost and management accountants to conduct financial audit of MSMEs and private limited companies. ICMAI set up under an Act of Parliament, has around 90,000 members and about 5 lakh students. Seeking to ensure competition as well as parity among […]
Read moreA total of 3,147 newly-registered taxpayers under the Tamil Nadu GST Act, 2017, were found to be non-existent at the declared business premises by Commercial Taxes Department officials. Of these, 1,972 registrations have been cancelled and further action is being taken for the remaining cases. This exercise is carried out every month, according to a policy note tabled […]
Read moreCAs & CS : As per the Hindustantimes reports dated 20th april, 2022, the government has initiated action against at least 100 chartered accountants and company secretaries for professional misconduct and unlawful activities. Due to the reason that mostly their association with Chinese companies and directed the Registrar of Companies (ROC) to submit an action […]
Read moreGST Scrutiny: The Central Board of Indirect Taxes and Customs (CBIC) has started inspecting the first batch of approximately 50,000 taxpayers for alleged lapses in the 2018 financial year. Field formations have been authorised to open scrutiny of GST identification numbers (GSTINs) based on Artificial Intelligence inputs and risk assessment parameters finalised by the department, […]
Read morePAN becomes inoperative : The Income Tax Department has said that PAN and Aadhaar not linked till March 31 will remain functional for one more year till March 2023, for filing ITR, claiming refunds and other I-T procedures. However, the non-linking of PAN with Aadhaar would attract a penalty. 10 big consequences when your PAN […]
Read moreThe Indian income tax department has issued new ITR forms for the financial year 2022-23, which ask taxpayers for information on income from overseas retirement benefit accounts too. In a recent circular, the Central Board of Direct Taxes (CBDT) announced the new ITR forms from 1 to 6. The CBDT has left the ITR forms […]
Read moreGST collections: The gross GST revenue collected in the month of March 2022 is Rs 1,42,095 crore of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods). The gross GST collections in […]
Read moreEvery new financial year brings new changes. This year too changes are coming in tax on PF, crypto, home, e-invoice, covid-expenses, investment in mutual fund, post office rules, etc. One must know the new changes from April 1, 2022 in different areas. Top 10 new changes from April 1, you should know : 1. Taxation […]
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