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Apparently, it may appear that whatever input tax credit incurred by the taxpayer shall be allowed as credit i.e. it is claimable. However, as per GST Law there are certain provisions which restrict the claim of input tax credit. The restriction in claiming input tax credit can be categorized into two head, namely: Apportionment of…
Failure on linking pan with aadhaar card application CENTRAL BOARD OF DIRECT TAX NOTIFIES COMPULSORY LINKING OF AADHAAR CARD WITH PAN NUMBER BY 31ST JANUARY 2020 The Central Board of Direct Tax has issued a notification on 13th February 2020, which specify that if PAN number is not linked with Addhar Card Number by 31st…
If your yearly turnover is less than 1.5 Crores, then there is simplified taxation scheme under GST which prescribe simplified tax calculation and simplified compliance procedure. This article will help you to get basic understanding of the scheme. However still if you have any queries for the scheme you may email it on our email…
Composition Scheme and scheme notified by through notification no. 2/2019 CT(Rate) dated 7-3-2019 are scheme framed by government for small tax payers having turnover of INR 1.5 Crores in the preceding financial year. The accounting entries for this kind of scheme will be different as certain restriction are imposed in the scheme, the dealer under…