Discussing the Direct Tax Proposals laid down in the parliament by FM Smt. Nirmala Sitharaman as part of her Union Budget 2021 speech on 1st February 2021.
The QRMP Scheme states that a GST registered person, whose turnover is less than 5 crore rupees, is eligible to file the return on a quarterly basis, but has to make the payment on a monthly basis.
The Union Budget 2021 was presented in the parliament by FM Smt. Nirmala Sitharaman. Discussing the amendments made in the CGST and IGST Act 2017, along with other Indirect Tax Proposals.
Providing a thorough summary, including direct and indirect tax proposal of the Union Budget 2021-22 which was presented in the parliament on 1st Feb 21, by FM Smt. Nirmala Sitharaman.
Discussing the Direct Tax Proposals laid out under the Union Budget 2021, which was announced in the parliament on 1st February 2021 by FM Smt. Nirmala Sitharaman.
FM stated that India's fight against COVID-19 continues into 2021 and that, this moment in history is the dawn of a new era - one in which India is well-poised to truly be the land of promise and hope.
In this editorial, the author shall try to cover all such amendments along with the impact of the same on the Corporates.
As per Section 2(98) of the Act,"reverse charge" means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services
Article 270 of the Constitution of India states that the Parliament can levy cess for a specific purpose under a law made by it. The Central cess collections will therefore not be shared or allotted to any states under revenue devolution.
The Union Budget is an annual financial statement which encapsulates the estimated earnings from revenues and estimated expenditures of the government during a particular fiscal year.
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