GST on UPI payments may increase the cost of transaction fees for merchants as payment service providers may pass on the GST burden. This may lead to higher operational costs, prompting merchants to adjust pricing or absorb the additional expense. 2. Does GST on UPI payments increase transaction...
ITC is not allowed on membership fees for clubs, gyms, or fitness centers. For instance, if a company pays for an employee’s gym membership, it cannot claim ITC on this expense. This restriction ensures that personal and leisure expenses are not offset against business tax liabilities. 5) ...
-Facilitating ease of doing business relating to the framework on “Alignment of interest of the Designated Employees of the Asset Management Company (AMC) with the interest of the unitholders” March 21, 2025 SEBI -Industry Standards on “Minimum information to be provided for review of the aud...
–Income earned off-shore or from criminal activity –Not filed tax returns –Improper expense claims –Not remitted source deductions –Neglecting to retain of a portion of a purchase price on the acquiring of assets from non-residents under section 116 of the Act. Requirements for Voluntary Di...
Can it be argued that the OC who is retaining a higher proportion of interest as compared to its proportion of funding of the principal amount of loan is actually providing services to the arrangement, and therefore, should be paying GST on the services to the other lenders?
Set off of GST liability against credit notes as per document date or as per ack date of IRN HSN CODE GST RATE Penalty for late filing GST 1 Interest on GST output tax liability Expense gst year ended provisional entry Works contractor 3b returnPopular...
expenditures). If you are an GST/HST registrant and your input tax credits exceed GST/HST collected on sales, you may claim a refund of the excess from Canada Revenue Agency. If you're not a registrant the GST/HST paid on expenses is included as part of the expense when computing net ...
11.3.6 Notwithstanding any provision to the contrary, the purchasing Party shall protect, indemnify and hold harmless (and defend at the purchasing Party’s expense) the providing Party from and against any such tax or fee, interest or penalties thereon, or other charges or payable expenses (...
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In recent times, there has been spate of notices issued by GST dept demanding GST with interest penalty on the reimbursement of electricity charges, collected by the landlords of commercial buildings as well as by building facility /maintenance service providers. These shocking demands are being iss...