The Goods and Services tax (GST) has been specified as one of most important tax reforms post-independence. It is a tax trigger, which will lead to business transformation for all important industries. In this article, we will discuss on Impact of GST on Accounting & Financial Statements. Impact of GST on Accounting There will be … Read more
With the rise of the second wave of Coronavirus, the Government of India took several steps to bring the situation to a normal condition, and still, the battle is going on. Recently, it has been observed that demand for Covid materials such as vaccines, Remdesivir medicine, and oxygen has significantly increased and most of the … Read more
The goods and services tax is the biggest milestone in the history of taxation. Earlier, various forms of taxes were put on the citizens and the distribution of taxes between the state and center was complicated. So, the concept of tax on common goods and services was introduced in the entire country to simplify the … Read more
In view of the Covid-19 pandemic, the Central Government has exempted IGST or integrated GST on import of such goods received free of cost for free distribution of Covid relief. In this article, we will discuss No GST on the Import of COVID relief products. No GST on Import of COVID relief products In view … Read more
This post deals with a subject directly related to the Covid-19 crisis. We would urge readers to read it until the end to keep themselves updated on the latest developments. GST on Imported Oxygen Concentrators Slashed On May 1, 2021, most Indians woke up hearing a piece of good news, ‘GST on Imported Oxygen Concentrators … Read more
Due to the Covid-19 pandemic, the Ministry of Finance issued notification in this regard on Friday announcing relaxation for the Covid Care hospitals in Section 269ST of the Income Tax Act. In this article we will discuss on No income tax penalty on hospitals. No income tax penalty The central government has facilated Income Tax … Read more
While the country is grieving from the COVID-19 pandemic, the Government has provided great relief to the taxpayers by extending the deadlines to file various GST returns. The Government also waived off the late fee payable for the delayed filing of GSTR-3B. In this article, we will discuss on Penalty / Interest Waive off on … Read more
Due to the Covid -19 pandemic, the Ministry of Corporate Affairs has issued 3 Circulars on May 03, 2021, to provide Relaxation Compliance under Companies Act, 2013 in respect of ROC Form Filings and Holding of Board Meetings. In this article, we will discuss MCA Relaxation amid CoVID-19 announced on 03rd May 2021. MCA Relaxation … Read more
Due to the Covid-19 pandemic, the CBDT has issued the notification for For filing of belated tax returns and revised return for the assessment year 2020-21, which was required to be filed on or before 31 March 2021, the extra time has now been given till 31 May 2021. In this article, we will discuss … Read more
According to a recent piece of news, the government’s apex export promotion body APEDA plans to revamp and improve the NPOP Standards. It is soon planning to ease procedures to ensure increased participation of small and medium farmers. Before we dive further into the news, it becomes important here to educate our readers on the … Read more