Adapted From the Book “What Would the Great Economists Do”? By Linda Yueh One of the most challenging questions that keeps haunting me all the time is one for which the answer is known but not a satisfactory one. With problems in the field of Economics plaguing countries around the world increasing as never …
The recently released RBI data shows the household savings plummeting to the lowest level in fifty years triggering alarm bells. Indian households saw their financial assets which include bank savings, cash and investments shrink to 5.1% of the country’s GDP in fiscal 2023 down from 7.20% in the previous fiscal. The amount of money households …
There are important changes for RCM liability for GTA considering forward charge optionality to GTA. Kindly go through below changes carefully & do necessary changes in for GTA RCM working. Option to pay GST under forward charge for GTA services supplier was inserted by notification 03/2022 – Central tax (rate) dated 13.07.2022. Services of Goods …
After a six-year period of anticipation, the establishment of the GST Appellate Tribunal is constituted. It promises the world of taxation, a more streamlined and robust resolution process for tax-related issues. The GST Appellate Tribunal in various states has been announced by Ministry of Finance, Department of Revenue vide Notification dated 14th September 2023 This …
Over the period of time, the GST council is focusing on correct Input Tax credit by the taxpayers. Further, they want to control the credit availment of fake transaction in the overall chain. To enhance the compliance with regards to Input Tax Credit (ITC) utilization and the accurate reporting of ITC availment, ITC reversal, ITC …
The background The GST Act has merged taxability of goods and services under one act. Under GST, the taxable event is “supply of goods or services” from one taxable person to another taxable person. Section 7 of the CGST Act, 2017 defines the term “supply”. As per the definition of “Supply” amongst other things, “consideration” …
THE ORIGIN AND THE EVOLUTION In our growing up years whenever we had occasions to learn the elementary lessons in Civics, I used to wonder how a great nation like the UK could function and thrive without a written Constitution, especially the one that is known as the mother of all democracies. Today when we …
One of the disappointments that has been weighing down the Indian collective psyche was the failure of Chandrayaan 2 that crash landed on the moon on 6th September 2019. The country’s PM returning dejected from the space station with the scientific community in despair were not a remarkable sight. When Chandrayaan 3 landed on the …
GST Appellate Tribunal in various states has been announced
All about Digital Personal Data Protection Bill
No Interest, No Penalty can be levied under Customs Act | Landmark Decision
Clarification on Transactions between Head Office and Branch Offices
Clarification on ITC & Methodology For Issue of Supply of Goods Against the Warranty Claims
While we are celebrating completion of 6 years of implementation of GST and GST Council is sincerely feeling to resolve the issues. Still, exporters are struggling due to delay in refund or lock up of funds on account of accumulated input tax credit due to exports. In the year 2017-18, we have seen number of …
The Constituent Assembly of India was elected in 1946 to write the Constitution of a newly independent nation. The motley crowd of 389 erudite members with impeccable records gave us our Constitution that has been revered by all of us, ever since. Though this Assembly gave us the Constitution that we now behold, it also failed in …
There are times when you find it difficult to describe India to a foreign national. The reason is not that you are challenged in our expressions. It is because of the obvious and inherent contradictions that you find all around us. We have the Taj Mahal, the marvel built by the Mughal Emperor Shah Jahan …
Landmark Decision on GST Credit: Impact on Taxpayers Explained
Clarification on Is E Invoicing Mandatory For Your Business?
Clarification on How to calculate interest on IGST credit wrongly availed and utilized
Clarification on taxability of share capital
