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GST Department has issued various notifications on 23.03.2020 and 03.04.2020 wherein the certain relief has been granted to the taxpayers for compliance with GSTR-1 and GSTR-3B. In this article we have mentioned the compliance due date for the dealers having turnover more than 5 Crores. The notification covered in this article are: – Notification no.…
GST Department has issued various notifications on 23.03.2020 and 03.04.2020 wherein the certain relief has been granted to the taxpayers for compliance with GSTR-1 and GSTR-3B. In this article we have mentioned the compliance due date for the dealers having turnover more than 1.5 Crore and less than or equal to 5 Crores in Preceding…
GST Department has issued various notifications on 23.03.2020 and 03.04.2020 wherein the certain relief has been granted to the taxpayers for compliance with GSTR-1 and GSTR-3B. In this article we have mentioned the compliance due date for the dealers having turnover of less than or upto Rs 1.5 Crores in Preceding Financial Year. The notification…
Notification No. 30/2020 dated 03.04.2020 Considering the effects of Covid-19, GST department has issued various notification on of which is Notification No. 30/2020 dated 03.04.2020. The notification deals with extension of due date for person who is opting for composition scheme and manner of utilisation of Input GST Credit. The details of notification are as…
It is a known fact to many that US has filed case against china for the alleged outbreak of Covid-19 in US and amount of claim is 20 trillion US dollars. Fun facts is China’s GDP as on 2019 was 14.3$ trillion US dollars. So technically, US has claimed whole china from China. Now the…
It is well known Principal that if a taxpayer delays in payment of any statutory tax then interest liability is charged on the amount of tax outstanding. Under GST the same principal may be applicable. However, for each tax period the taxpayer has to calculate GST Tax Liability and the same is derived by: –…
On 25th February 2020 Ministry of Corporate Affairs has notified Company (Auditor’s Report) Order 2020, which supersedes CARO 2016. Therefore, from Financial year 2019-20 CARO reporting requirement should be as per CARO 2020. What is the Applicability of Company (Auditor’s Report) Order – CARO – 2020? The CARO – 2020 is applicable to all the…
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…