Articles by Bimal Jain

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Changes under the Income Tax Law proposed in Budget 2022!!

Posted by Bimal Jain 02 February 2022 5184 Views

The provisions of Finance Bill, 2022, relating to direct taxes seek to amend the Incometax Act, 1961 ('theIncometax Act'), to continue reforms in direct tax system through tax-incentives, removing difficulties faced by taxpayers



Deferred the decision to change the rates in textiles from 5% to 12% w.e.f. January 01, 2022

Posted by Bimal Jain 04 January 2022 3249 Views

The GST Council had taken a laudable decision to defer hike in GST rate on textiles from 5% to 12% w.e.f January 1, 2022 as it will give much-needed impetus and support to textile sector



Certain changes in the Concessional Rate Notification on specified handicraft items from January 01, 2022 to align it with HS 2022

Posted by Bimal Jain 31 December 2021 7527 Views

The CBIC vide Notification No. 20/2021- Central Tax (Rate) dated December 28, 2021 has amended relevant entries of the Concessional Rate Notification w.e.f. January 1, 2022



Certain changes in Goods Rate Notification from January 01, 2022 to align it with HS 2022

Posted by Bimal Jain 31 December 2021 6040 Views

The CBIC vide Notification No. 18/2021-Central Tax (Rate) dated December 28, 2021 has issued amendments in the Goods Rate Notification w.e.f. January 1, 2022



Certain changes in Goods Exemption Notification from January 01, 2022 to align it with HS 2022

Posted by Bimal Jain 31 December 2021 3405 Views

The CBIC vide Notification No. 19/2021-Central Tax (Rate) dated December 28, 2021 has amended relevant entries of the Goods Exemption Notification w.e.f. January 1, 2022



Changes in Compensation Cess Rate Notification w.r.t. supply of certain goods from January 01, 2022 to align it with HS 2022

Posted by Bimal Jain 30 December 2021 3079 Views

The CBIC vide Notification No. 2/2021-Compensation Cess (Rate) dated December 28, 2021 has amended the relevant entries of the Compensation Cess Rate Notification w.e.f. January 1, 2022



Clarification w.r.t recovery of self-assessed tax w.e.f. January 01, 2022

Posted by Bimal Jain 23 December 2021 7220 Views

The Hon’ble Finance Minister, in Union Budget 2021-22, proposed changes vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ("the CGST Act") with respect to recovery of self-assessed tax



Amendments proposed in Section 74, 107, 151, 152 and 168 of the CGST Act, 2017 w.e.f. January 01, 2022

Posted by Bimal Jain 23 December 2021 4617 Views

The Hon’ble Finance Minister, in Budget 2021-22, proposed changes vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ("the CGST Act") with respect to amendments in Section 74, 107, 151, 152 and 168 of the CGST Act.



Amendments proposed in Section 129 and 130 of the CGST Act, 2017 notified w.e.f. January 01, 2022

Posted by Bimal Jain 23 December 2021 5472 Views

The Hon'ble Finance Minister, in Union Budget 2021-22, proposed changes vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ("the CGST Act") with respect to amendments in Section 129 and 130 of the CGST Act.



GST ITC available when reflected in GSTR 2A/ 2B w.e.f. January 01, 2022

Posted by Bimal Jain 23 December 2021 9888 Views

The Hon'ble Finance Minister, in Budget 2021-22, proposed changes vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 ("the CGST Act") to insert a new condition for availment of Input Tax Credit ("ITC") under the GST.




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