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Up until now, the digital world has not affected the banking business in India but with the Reserve Bank getting ready for the digitisation of the Rupee, this move could perhaps be history in the making where such a bold move has been put forth by the Honourable Finance Minister on 1st Feb 2022.
Small entrepreneurs who have been completely shut down are trying to recover from the precarious situation but the stringent rules of Bankers and other Regulatory Authorities are not allowing them any breathing space.
Going Concern is a concept where the continuity of a business organisation is assessed. Up until now, we were least bothered by this concept as this was taken f..
The present Coronavirus infection is a classic example where the initial response was to close everything for a period of time by declaring a lockdown and then wait patiently to flatten the infection curve.
Demand for interest payable on delayed payment of GST dues being raised on the Gross amount of tax payable before the availment of Input Tax Credit (ITC)
The provisions relating to the cap of 20% on availing input tax credit notified as per Notification no 49/2019 dated 9th October 2019 only adds salt to the wound as businesses which are already reeling under the present adverse economic conditions.
The Central Board of Indirect Taxes and Customs issued notification no 49/2019 dated 09-10-2019, amending the rules for claiming Input Tax Credit wherein the government has capped the ITC that a registered person can claim.
In the erstwhile Central Excise and Service Tax regime the benefit of claiming export exemption was also available down the line to MSME and small scale suppliers of goods and services who supply goods and/or services to the primary suppliers supplying to exporters and sez's.
This refers to the Service Tax Return for the period 1st July 2012 to 30th September 2012 which I have filed for some of my clients the last date of filing of which is 30th April 2013. I found that none of the returns filed by me has been reflecte
It has come to my notice that several banks are charging service tax on interest and finance charges on credit card payments. In certain cases although the nomenclature is clearly mentioned as “Interest” still the bank has charged servic
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