Circular No. 189/01/2023-GST issued by the Central Board of Indirect Taxes and Customs (CBIC) on January 13, 2022 provides clarification regarding levy of GST on various goods. It is based on the recommendations of the 48th GST Council Meeting. The CBIC has also issued an announcement for the classification of Rab in this notification. The … Read more
Finance Minister Smt. Nirmala Sitharaman’s announcement of significant revisions to tax slabs under the new tax regime and a significant increase in expenditure for railroads and capital spending along with incentives to key sectors was good news for taxpayers and the economy. The Union Budget 2023, the fifth budget under Modi 2.0, was delivered by … Read more
Circular 190/02/2023-GST, issued by the Central Board of Indirect Taxes and Customs (CBIC) on January 13, 2023, provides guidance on whether or not GST applies to a variety of services. This also includes clarification on applicability of GST on Incentive paid by MeitY(Ministry of Electronics and Information Technology) to acquire banks under Incentive scheme for … Read more
The Central Board of Indirect Taxes and Customs (CBIC) has published clarifications on the applicability of GST on specific services in its circular numbered 190/02/2023-GST, which was published on January 13, 2022. This also includes clarification regarding Applicability of GST on accommodation services supplied by Air Force Mess to its personnel. Let’s understand this update … Read more
Sun Pharma, a major pharmaceutical company, has been investigated by the health authority in the United States (US FDA Certification) for manufacturing rule violations that occurred at its plant in Gujarat. These transgressions include failing to follow appropriate written procedures designed to prevent the microbiological contamination of drug products. Sun Pharma gets Warning Letter from … Read more
The Income Tax Department, at the last possible minute, extended the submission period for the Tax Audit Report for Assessment Year 2022/23. As a result, many companies, stakeholders and professionals hailed the decision of Tax Audit Report for AY 2022-23 due date extended. Let us understand the latest updates on the Tax Audit Report Due … Read more
The ROC requires each Director or their chosen partners to file a Know Your Customer (KYC) form each year. In other words any individual who has been issued a DIN Number before to 31st March 2022 are needed to provide KYC documents/Updated Email and Mobile to the ROC. You need to update your DIN-KYC Annually … Read more
As of October 1, 2022, taxpayers will be able to report late transitional credits, according to an announcement from the Goods and Services Tax Network (GSTN). This news arrives a month after the Hon’ble Supreme Court ordered the GST system to reopen on September 1, 2022, to facilitate the submission of transitional credits from the … Read more
As per the latest notification, you have to pay more for canceling the confirmed rail tickets for AC and first class. Following a circular from the Ministry of Finance on August 3, cancellation fees for confirmed railway tickets would also be subject to GST. Let us understand the concept of Rail ticket cancellation for AC, … Read more
The Corporate Affairs Ministry (MCA) has instituted guidelines to strengthen the verification process post-incorporation as part of its ongoing effort to eliminate shell corporations and dormant firms. This article will inform you all about the latest notification from MCA in order to eliminate shell companies. MCA notification on Third Amendment Rules, 2022 Physical Verification of … Read more