Articles by CA Umesh Sharma
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Important Changes in GST from 16th January 2025
The recent GST notifications introduce various changes aimed at streamlining compliance and addressing specific sectors. Let's break down the key important notifications point by point.
Judgment on assignment of Leasehold Rights under GST - Big Relief to Taxpayers
Read about the latest judgment on the assignment of leasehold rights under GST, clarifying tax applicability and offering significant benefits.
GST Confusion on Taxability of Vouchers Finally Cleared
GST Circular No. 243/37/2024, dated 31st December 2024, offers clarity on the crucial topic of vouchers. Whether it's festive gift cards or discount coupons this circular makes sure that the taxpayers and businesses move forward with a clear understanding of GST implications on the same.
Key Highlights of 55th GST Council Meeting
Just as the New Year symbolizes new beginnings, the 55th GST Council Meeting has introduced transformative recommendations for taxpayers and businesses. These recommendations touch upon rates, compliance mechanisms, clarifications, amendments and much more.
Christmas Gift to Taxpayers from Bombay High Court
Bombay High Court has recently issued an important direction about the Section 87A rebate
Changes in Income Tax in 2024: New Rules, New Opportunities!
The government has focused on simplifying tax laws, improving compliance and promoting economic growth. Let us analyze the major changes.
Key Deadlines to remember in the month of December!
December isn't just about celebrations; it's also a busy month for taxpayers and businesses. Missing any important deadline will lead to fines, interest, or may even lose refunds.
Taxpayers Win - Favourable Case for Rebate u/s 87A on Short-Term Capital Gains
It's a noteworthy Beena Manishbhai Fofaria V/s CIT(Appeals) case that clarifies the application of Section 87A, especially after the amendments brought by the Finance Act, 2023. This ruling is beneficial for many taxpayers.
Understanding the New IMS (Invoice Management System) on GST Portal
IMS allows recipient taxpayers to take various actions like accept, reject, or keep invoices pending based on the records uploaded by their suppliers in GSTR-1 or IFF. This gives recipients control over their Input Tax Credit (ITC) eligibility before filing GSTR-3B.
Updates Related To Revamp of IT Act 1961
On occasion of the 165th year of Income Tax Finance Minister Nirmala Sitharaman ji has announced that the much-awaited new direct tax law would soon be introduced in 2025
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