Karnataka AAR: GST would be charged on the difference between the purchase and selling price of used gold jewellery
The difference between the buying price and the selling price of second-hand jewellery will constitute the amount for levying Goods and Services Tax, according to Karnataka’s Authority for Advance Ruling (AAR) (GST). This judgement, according to experts, will provide a great deal of clarity on taxation and will also benefit buyers. Aadhya Gold Private Limited, […]
Read moreKerala AAR: Houseboat services are subject to an 18% GST duty, but there is an ITC available
Kerala’s tourism industry is defined by houseboats gliding through the backwaters. The GST-Authority for Advance Rulings (AAR), Kerala court, has ruled that the 18 percent Goods and Services Tax (GST) will apply to cruises, whether day trips or overnight journeys. EVM Motors and Vehicles, a car dealership that had expanded into the hospitality industry, requested […]
Read moreCBDT: On the new platform, over 24,000 answers have been filed under e-proceedings, and 40,000 ITRs have been filed daily
The Central Board of Direct Taxes (CBDT) has received 24,781 answers on the e-proceedings functionality, and over 40,000 ITRs are filed daily on the new I-T portal, according to the CBDT, which is addressing the technical issues with the new site on a war footing. Users are reporting issues related to non-availability of Income Tax […]
Read moreI-T department :The processing of income tax refunds is being delayed due to website issues
The Income Tax Department said it has issued refunds totaling Rs 37,050 crore to nearly 17.92 lakh taxpayers this fiscal year, but technological issues with the newly built website are delaying the processing of returns that have been filed. Personal income tax refunds totaled Rs 10,408 crore, while corporate refunds totaled Rs 26,642 crore. “CBDT […]
Read moreTo detect tax evasion and fraud, GST officers use radio frequency data
GST officials are now comparing details provided at the time of producing e-way bills for goods movement with the actual movement of vehicles captured at toll plazas to identify vehicles that pose a danger of revenue leakage. GST officials are now comparing details provided at the time of producing e-way bills for goods movement with […]
Read moreGST Revenue collection for June 2021
₹ 92,849 crore gross GST revenue collected in June’ 2021 The gross GST revenue collected in the month of June’ 2021 is₹92,849 crore of which CGST is ₹16,424 crore, SGST is ₹20,397, IGST is ₹49,079 crore (including ₹25,762 crore collected on import of goods) and Cess is ₹6,949 crore (including ₹809 crore collected on import of goods).The above figure includes GST collection from domestic transactions between 5thJune […]
Read moreIncome Tax Return: TDS Rules Have Changed This Month,Everything You Should Know
The finance ministry announced a new rule in the Union Budget 2021 to deduct Tax Deducted At Source (TDS) at higher rates for non-filers. “In Budget 2021, a new Section 206AB was introduced to deduct TDS at a higher rate on cases with certain nature of income,” said by one expert. If you fall into a […]
Read moreGovernment announces inclusion of Retail and Wholesale trades as MSMEs
Minister of MSME and Road Transport and Highways Shri Nitin Gadkari announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades as MSMEs. In a Tweet he said under the leadership of PM Shri Narendra Modi Ji, we are committed to strengthening of MSME and make them engines for economic growth. Shri Gadkari […]
Read moreICAI: Important Announcement regarding Opt out option for CA Exams
IMPORTANT ANNOUNCEMENT CHARTERED ACCOUNTANT EXAMINATIONS – JULY 2021 In continuation of the ICAI Announcement dated 21st June 2021 regarding Opt Out option for the examinees for Chartered Accountant Examinations, July 2021, it is hereby informed that the same stands modified to the extent that: An Examinee shall be entitled to exercise the option of opting […]
Read moreCA Exam July 2021: Highlights of SC final verdict on opt out scheme
The Supreme Court of India heard a petition on the opt-out option for Chartered Accountants, CA Exams 2021. It has issued an order directing the Institute of Chartered Accountants of India, ICAI, to establish a comprehensive plan for the July exams opt-out option. The arguments were heard by a bench of Justices AM Khanwilkar, Dinesh […]
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