In this article, I will be discussing the new tax regime in India, comparing it with the old income tax regime, and explaining why the new regime is the government's favorite child.
The Indian government issued several notifications related to Amnesty & Compensation Cess giving effect to proposals of the 49th GST Council Meeting.
What could be the reason that out of two Partners, one was suffering from ill health and another partner also didn't file a Revocation Application within time?
I have come across various Show Cause Notice or Orders for levying penalty or cancelling registration etc are issued without specifying the charges or specifying the contraventions due to which Department has taken such extreme action against you. These actions have adverse consequences but who cares?
No SCN can be issued for subsequent period, when notice and adjudication order for previous period quashed by Court or Tribunal. But if something has been missed then second Show Cause Notice could be issued and Department has right to demand tax which has escaped assessment.
In India, Real Estate Sector is the second largest employer after agriculture. In GST regime, there is no concept of manufacture, sale or service etc. There is only one concept i.e. "Supply". All the Supplies are categorized as either 'Supply of Goods' or 'Supply of Services'.
After reading such news items what I understood was that from 1st January 2022, the GST officers can initiate recovery proceedings without any show-cause notice against taxpayers who under-report sales in GSTR-3B compared to GSTR-1.
The incidence of short payment and non-payment of tax, wrong availment of Input Tax Credit, etc. may be because of an inadvertent bona fide mistake (Normal Cases) or it may be a deliberate attempt (Fraud Cases) to evade the tax.
New battleground in GST: Crossc charge between head office & branch office
TDS is to be deducted at the rate of 2% on payments made to the supplier of taxable goods/services, where the total value of such supply, under an individual contract, exceeds Rs. 2,50,000.
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies