Notification No. 16/2021 of Central Tax Dated: 01/06/2021 Appointed Effective date for provisions of section 112 of Finance Act, 2021 as 1st June 2021, which amended Subsection (1) Section 50 of Central Goods and Services Act retrospectively. i.e., Interest shall be levied only on the portion of the tax which is paid by debiting the electronic cash ledger. Notification No. 17/2021 of Central ...
Many leading enterprises in India use SAP ERP solutions that are not completely localized, especially in terms of statutory compliances, taxation, and end-to-end integration for country-specific processes. Innoval Digital Solutions (IVL) combats this challenge and supports organizations from the compliance intricacies through its localized add-ons products for SAP. Innoval enhances organizations and their people to collaborate more effectively and to ...
Budget 2021: Updates as on 1st February 2021 GST audit requirement by specific professionals such as CAs and CMAs has been removed from the GST law. Sections 35 and 44 have been amended in this regard. As per the amendment, only GSTR-9 annual returns on a self-certification basis need to be filed on the GST portal by taxpayers, completely removing ...
CBIC provided relief by waiving late fees for filing GSTR 3B Relief by waiving late fees for filing GSTR 3B Notification No 15 days from the due date of furnishing return for the months of March & April 2021 in case of Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year, 30 days ...
A brief summary is as under: Rule 23(1)is amended to allow the filing of an application for revocation of cancellation of registration within a period of 30 days from date of service of the order of cancellation or within such time period as extended by the Additional Commissioner or the Joint Commissioner or the Commissioner, as the case may be. ...
Outline: MSME Importers who do not have any manufacturing facility can now avail IGCR2017 to Import goods at a concessional customs duty and get the final goods manufactured entirely on Job work basis. (Gold/ Jewellery / Precious metals have been excluded ) In view of demands from trade and Industry and having regard to their changing needs as per prevalent ...
Prelude:As the current Exports Incentive schemes Published in India’s Foreign Trade policy are being challenged in WTO by various countries for providing Exports Incentives which is against the Article 3.1of the WTO subsidies and countervailing agreement and moreover, the Incentive rates are getting reduced every year and procedure complexities are more in claiming the same at the right time which ...
Extension in dates of various GST Compliances for GST Taxpayers vide Central Tax Notification Nos. 10/2021, 11/2021, 12/20211, 13/2021, 14/2021, all dated 1st May, 2021.The details are summarized below: Filing of Form GSTR-1/IFF by Normal Taxpayers: Sl. No. Return Type(Form) To be filed by Tax period Due Date Due Date Extended till Notification No. 1 Form GSTR-1 (Monthly) Normal Taxpayer ...
Here are the significant changes in GST which will be applicable from April 1, 2021. Tax Invoice (B2C) Tax Invoice (B2B) E-Invoicing GSTR1 GSTR-9 Tax Invoice (B2C)Self-generated Dynamic QR Code mandatory for B2C Tax Invoice for suppliers above INR 500 Cr turnover
1. What is Tax Collected at Source on sales of goods (TCS)?This document covers the functionality of Tax Collected at Source (TCS) applicable on sale of goods. It describes how to do basic setup for TCS on sale of goods, check applicability of TCS, calculate monthly TCS for a customer or by a group of customers. Also covered are TCS on ...