I have been following the Budget exercises for donkey’s years. One should admit that this exercise has over the years transformed itself from a mundane event to a grand celebration of sort. However, it now deserves simply to be a non-event, particularly after the introduction of GST. In the Budget exercise secrecy may matter, but …
Bizsol Update wishes all its readers a Happy and Prosperous New Year! The world has seen a number of wars. But none is as confusing as the Ukrainian war that is about to complete one year. For many a man in the world this war is more mysterious and confusing than any other, in living …
Hindustan Unilever Ltd., (HUL for short) while announcing the quarterly results recently also announced an increase in the royalty payments to its UK based parent company. During the press conference the company also informed that HUL has decided to pay an increase in royalty to its parent company from 2.65% to 3.45% till 2025 in …
It had to happen someday. And it has. The all-knowing Google needed a wakeup call, possibly. It just happened and how. Arguably, one of the most talked about disruptions has happened ironically in the backyard of the Guru of the knowledge world – the Google. Next time you find the need to write a simple …
GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant financial year under different tax heads i.e. CGST, SGST & IGST and HSN codes. It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) …
Exactly a month back on 3rd November 2022 Bhikaji Food International Ltd. barged in through the doors of Bombay Stock Exchange with an IPO offering its shares at a price range of Rs.285 to Rs.300 a share thereby mopping up a sum of Rs.880 Crores. The company had made a claim that it is one …
A. BACKGROUND: Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 (hereinafter referred to as IGCRS Rules, 2022) notified vide Notification 74/2022-Customs (N.T.) dated 09th Sept 2022 superseding the existing Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 along with clarifications provided on this vide …
The more things change, the more they remain the same. So goes the famous saying attributed to the French writer Jean Baptiste Alphonse Karr. The saying may be old and well-worn out, touching various facets of our lives. But we expected it not to affect our legal systems. The Doctrine of Clean Slate may be …
Hon. Supreme Court in the case of STATE TAX OFFICER Vs RAINBOW PAPERS LIMITED in the CIVIL APPEAL NO. 1661 OF 2020 has allowed the appeal filed by Gujarat State VAT Officer, which was filed against the order of NCLAT, wherein NCLAT has dismissed the appeal filed by State Tax Officers on two grounds that …
CBIC through recent Notification dated 13th July 2022 has brought more clarity on applicability of GST under forward charge or Reverse Charge Mechanism (RCM) to avoid confusion in the mind of recipient when he should pay GST under RCM. Let us first understand the concept of GTA. Good Transport Agency (GTA) means any person who …
In Tax Audit Report, Clause 44 of Form 3CD requires to report Break-up of Total Expenditure of entities registered or not registered under GST in the following format. Sl. No Total amount of Expenditure incurred during the year Expenditure in respect of entities registered under GST Expenditure relating to entities not registered under …
47th GST Council meeting held on 28th & 29th June 2022 comes with a new proposal which says GST will be applicable on pre-packed and Labeled Pack of Food Items at the rate of 5% from 18th July 2022. The same has been notified through Notification No. 06/2022-CT (Rate) dated 13th July 2022. This proposal …
The Hon’ble Supreme recently (on 22nd July 2022) has disposed off SLP filed by the Union of India to review various judgements given by the Hon’ble High Courts, wherein judiciary had allowed relief to the taxpayers for filing of TRAN-1 / TRAN-2 form even after the due dates. The relief was granted owning to dysfunctional …
Watch now Webinar on ‘Impact of GST council meeting and subsequent changes thereto’ by Bizsolindia Services Pvt. Ltd.
Post the recent amendment in GSTR-3B, the government has issued one letter seeking public comments on further amendment in GSTR-3B. To read proposed changes in GSTR-3B Please Click Here
Know Your Rights & Obligations During Investigation Under GST Law
Goods and services tax (GST) collections for the month of April 2022 rose almost 20% to reach record high of Rs 1.68 Lakhs crores. This growth in GST collection is due to increase in economic activity coupled with tighter regulations under GST. GST collections have been consistently higher than the GDP growth rate in recent …
The recent GST council meeting decisions are in news for many wrong reasons. Though it has taken some good decisions in this meeting but some of the decision like bringing in pre-packaged food grains under the GST ambit, bringing hospital room rent under the GST. The later is making lot of noise for all the …
Watch now Webinar on ‘Be Compliant Under TDS Provisions | Section194R & Section 194S of Income Tax | Do’s & Dont’s by Bizsolindia Services Pvt. Ltd.
In view of expanding ambit of TDS, Union Budget 2022-23 proposed to insert new section 194R in the Income Tax Act, 1961 to provide that the person responsible for providing to a resident, any benefit or perquisite, whether convertible into money or not, arising from carrying out of a business or exercising of a profession …
