Reading Time: < 1 minute GST collection during the month of November 2023 crossed 1.67 lakh crore The gross GST revenue collection for the month of November, 2023 is ₹1,67,929 crore out of which CGST is ₹30,420 crore, SGST is ₹38,226 crore, IGST is ₹87,009 crore (including ₹39,198 crore collected on import of goods) and cess is ₹12,274 crore (including
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Reading Time: 3 minutes GSTN has provided the system to facilitate the taxpayers, such amount of ITC required to be reversed on account of Rule 37A of CGST Rules for the financial year 2022-23 has been computed from system and has been communicated to the concerned recipient. The email communication to this effect has been sent on the registered
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Reading Time: 2 minutes Advisory for Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Gujarat and Puducherry: a new biometric-based Aadhaar authentication and document verification process for GST registration applicants is introduced by The Goods and Services Tax Network (GSTN) in Gujarat and Puducherry states. This system is launched to streamline the registration
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Reading Time: 6 minutes GST Appeal Amnesty Scheme, CBIC has notified the amnesty scheme allowing filling appeal under GST till January 31, 2024 , In the 52nd GST Council meeting, the council has announced Amnesty for GST Appeals and the related notification No.53/2023– Central Tax dated 2nd November 2023 has been issued. Eligibility Criteria: The Appeal may be filed
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Reading Time: 3 minutes Registered office of company, as per the section 12 of Companies Act 2013:- (1) A company shall, on and from the fifteenth day of its incorporation and at all times thereafter, have a registered office capable of receiving and acknowledging all communications and notices as may be addressed to it. (2) The company shall furnish
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Reading Time: 14 minutes Exemptions from Capital Gains tax, The Income-tax Act allows exemption from capital gains tax if the amount of capital gains or sale consideration, as the case may be, is further invested in specified new assets. These exemptions are provided as per the following sections: Exemption under Section 54 The exemption under section 54 is allowed
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Reading Time: 8 minutes Liability to pay in certain cases, the provisions for fixing the responsibility of payment of tax tax, interest or penalty in case of transfer of business, mergers and amalgamation, liquidation of companies, dissolution of firms, retirement of partners etc. In these situations, it was found that determination of the person responsible for payment of tax
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Reading Time: 2 minutes GST on advance received, the time of supply determines when the taxpayer is required to discharge tax on particular supply. Time of supply provisions are governed by Section 12 to 14 of the CGST Act, 2017. As per the said provisions, the time of supply is determined with reference to the time when the supplier
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Reading Time: 4 minutes Pension Income is the fixed sum of money that a retired person receives at regular intervals after the retirement. Since it is essentially a source of income, therefor it is subject to tax as salaried income as per the Income Tax Act, 1961.altough, the taxability of pension may vary as per the type of pension
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Reading Time: 3 minutes Online Money Gaming services, The Goods and Services Tax Network (“GSTN”) has issued an Advisory No. 609 dated October 17, 2023 on the Person supplying of Online Money Gaming services or Online Information Database Access and Retrieval (OIDAR) or Both– Form GST REG-10 and Form GSTR-5A. General: In terms of the recent amendments made in the
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