The Goods and Services Tax (GST) has issued a notice to a taxpayer requiring interest payment on a late charge paid in GSTR-3B Nil. “My client received interest owing to notice for 2017-18 for zero GSTR – 3B,” Mr Suresh Patel tweeted. He paid the applicable Late Fees. “Does interest apply to late fines as…
The federal government will end the income tax incentive under Section 80EEA for first-time house purchasers on April 1, 2022. In Budget 2019, the government granted an extra 1.50 lakh income tax advantage for home loan borrowers who purchase their first home with a stamp duty valuation of up to 45 lakh. This facility was…
Sources indicated that the GST Council might consider increasing the lowest tax slab to 8% from 5% and pruning the exemption list in the Goods and Services Tax regime to enhance revenues and reduce states’ reliance on the Centre for compensation at its next meeting. A panel of state finance ministers is expected to deliver…
The Finance Ministry has given instructions to ensure the seamless implementation of the amended Customs regulations that allow for end-use-based notifications. The rules to simplify the procedures for converting shipping bills from one export promotion programme to another have been made public. From the beginning of next month, all taxpayers with a turnover of more…
The Goods and Services Tax Network (GSTN) has enabled the new ‘Geo-location’ functionality for filling out the Address of a new registration and changing the address of an existing registration. According to the GST Act and Rules, if the address of the major place of business or any other place of business changes, GST FORM…
The government is working to bring changes in the GST Act and other public platforms so that companies can utilise data to grow big in size and scale, Jayant Sinha, Chairperson, Parliament Standing Committee on Finance, said on Thursday. “Public platforms such as UPI and Aadhaar are very important platforms. Even then, for us to…
कोणतीही चूक न करता जीएसटी रिटर्न (GST Return) भरणं आता फायद्याचं ठरणार आहे, तर चुका करणं महागात पडणार आहे. चुकीचा जीएसटी रिटर्न भरणे नवीन वर्षात महागात पडणार आहे. 1 जानेवारीपासून वस्तू आणि सेवा कर अधिकारी चुकीचा जीएसटी रिटर्न भरणाऱ्या व्यापाऱ्यांविरुद्ध वसुलीसाठी थेट पावले उचलू शकतात. चुकीची बिले दाखवण्याच्या प्रवृत्तीला आळा घालण्यासाठी यामुळे मदत होईल. अनेकदा…
The Centre has requested proposals from trade and industry bodies on prospective adjustments in direct and indirect taxes, with the goal of increasing the tax base while lowering rates in the next budget, which is due in three months. The revenue department of the finance ministry has written to the various organisations, asking them to…
Goods and Services Tax (GST) collections in December recorded an increase of 9 per cent on-year to Rs 1,03,184 crore indicating marginal rise in consumption. Since the concept of GST was implemented in 2017, it is the ninth time that the collection crossed one lakh crore mark in a month. In December 2019, almost all…