PVC raincoats 𝘁𝗼 𝗔𝘁𝘁𝗿𝗮𝗰𝘁 𝟭𝟴 percentage 𝗚𝗦𝗧 – West Bengal 𝗔𝗔𝗥 𝗥𝘂𝗹𝗶𝗻𝗴 This West Bengal Authority for Advance Ruling highlights the importance of correctly classifying products under Goods and Services Tax. It reinforces that plastic-based products like PVC raincoats fall under Harmonised System of Nomenclature (HSN) 3926, attracting 18% goods and services tax instead of …
GSTN Introduce 2-Factor Authentication w.e.f. 1 Dec 2023 As per the GSTN issue an advisory Advisory No. 618 dated December 01, 2023, Goods and Services Tax Network will introduce 2- factor authentication (2FA) for taxpayers. GST Dept start the implementation process of 2-Factor Authentication to login security enhance or Security Enhancement security of the GST …
Major Changes in GST by Finance act 2022 It’s harder to avail Input Tax Credit: A new clause (ba) has been inserted in section 16(2) stating that ITC in respect with an Invoice can only be availed if such ITC has not been restricted in detail communicate to buyers in form of auto generated …
Cases where Provisional Attachment of Property U/s 83 of CGST Act can be Initiated Commissioner can freeze your bank account and attach your property if the Taxpayer and Any Person who commits any offence and the Commissioner wants to protect the government’s revenue, he has the power to attach the taxpayer’s property and bank account …
GST Registration under GST? GST Registration Cancellation & Revocation under GST-How & Why Its Need? The GST Dept has made big changes to its operational activities and innovative ways of reviewing corporation. To make you realise all these modifications, we are here with the GSTR 3B Factual information series, which discusses these all improvements. In …
Professional Update for the Day: Direct Tax:- The Income Tax department clarified that businesses and traders receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services are required to report it to the authorities under Rule 114E of Income Tax Rules, 1962. Supreme Court of India held that where …
Professional Update For the Day: Direct Tax:- CBDT has decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17. However, the existing …
Professional Update for the Day: DIRECT TAX: Reopening u/s 147 of the assessment is not valid if the reasons recorded are incoherent and do not indicate what the basis for reopening is – Delhi High Court in Sabharwal Properties Ind Pvt. Ltd vs. ITO. Continuous payments made to transporters would be aggregated to consider TDS …
Professional Update For the Day: Direct Tax:- Section 50C does not apply to transfer of land and building, being leasehold property the issue before the tribunal was whether section 50C of the act would be applicable to transfer of leasehold rights in land and buildings. CIT vs. Greenfield Hotels & Estates Pvt. Ltd (Bombay High Court). …
Professional Update For the Day: Direct Tax:- TPO has to give reasons why one particular TP method is chosen over others Honda Motorcycle & Scooters India (P.) Ltd. v.Assistant Commissioner of Income-tax, Circle-2, Gurgaon [2016] 76 taxmann.com 75 (Punjab & Haryana) License fee to use a software not liable to TDS as it wasn’t taxable as royalty …