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With a plethora of amendments being made effective w.e.f. 01st October 2022, the changes in GST law have once again rued the business community. The main gist of those changes is being listed as follows for your easy understanding: -> E-Invoicing becomes mandatory for all entities having turnover exceeding INR 10 crores in any financial […]

GST law is constantly changing & the need to stay updated is becoming even more important. But how feasible is it for a business owner to keep track of all the new circulars & notifications. We have compiled a GST return filing checklist that can be used by business owners to ensure correct GST return […]

GST on room rent charged by hospitals: It has been recommended to charge GST on room rent (excluding ICU) exceeding Rs. 5,000 per day per patient charged by a hospital to the extent of the amount charged for the room at 5% without ITC. Withdrawal of exemption on hotel accommodation in specified cases: Currently, services […]

W.e.f. 01st July 2022, new TDS provisions u/s 194R shall become effective.  Section 194R provides for deduction of tax at source at 10% by any person who provides any benefit or perquisite exceeding Rs 20,000 in a year to a resident arising from the business or profession of such resident.This implies that the deductee should be a person/entity […]

Rounding Off of figures appearing in Financial Statements is now mandatory as per the following criteria:(a) [Total Income] less than one hundred crore rupees: Rounding off To the nearest hundreds, thousands, lakhs or millions, or decimals thereof.(b) [Total Income] one hundred crore rupees or more: Rounding off To the nearest lakhs, millions or crores, or […]

The Hon’ble Supreme Court in Union of India & Anr. v. M/s Mohit Minerals Pvt. Ltd.  upheld the judgement pronounced by the Hon’ble Gujarat High Court and held that no IGST is payable on ocean freight under Reverse Charge Mechanism (RCM) on contracts of Cost, insurance, and freight (CIF) imports of goods by the Indian importers […]

Additional Conditions wherein Income Tax Return filing becomes mandatory: Total Turnover in the business exceeds INR 60 lakhs Total Receipts in a profession exceed INR 10 lakhs Aggregate tax deducted or collected at source (TDS/TCS) in case of any person is equal to or more than INR 25,000/- in a year Deposit in one or […]

Updated ITR filing window: A new section has been inserted which allows taxpayers to furnish updated tax returns within 24 months from the end of the relevant assessment year upon payment of 25% or 50% as additional tax, depending on the timing of filing the updated return. Crypto Tax: Beginning April 1, cryptocurrency gains will […]

E-invoicing has been made applicable  w.e.f. 01st April 2022 to entities having turnover exceeding INR 20 crore in any financial year from 2017-18 onwards.           SALIENT FEATURES: 1. The taxpayers will continue to generate their invoices as they are now in their own accounting/billing software, however the same after generation will now have to be reported […]

Availment of Input Tax Credit which is not restricted as per GSTR-2B: Section 16(2) provided for certain conditions for availing ITC which were as follows: a)Possession of a valid document such as Tax Invoice b)Receipt of goods or services or both on which such ITC is being claimed (Receipt implies that delivery is complete & […]