The statutory scheme, being one which enables a taxpayer to obtain an advisory opinion in advance of taking a step or entering into a scheme, is underscored by s 14ZVA of the TAA 1953 which operates to limit Landcom’s right of objection against a future assessment to a right to object ...
The trader was detained by the Central Goods and Service Tax (CGST) Commissionerate of Coimbatore officers for issuing invoices without the supply of goods under GST in order to evade taxes for more than 5 crores. However, sources claim that the total ta
Giving more relaxation to MSME’s of India In yesterday’s meeting, various changes have been made to the GST composition scheme to make it more taxpayer-friendly Increase in threshold limit for registration under composition scheme The elig Read More 01 Jan 1970Posted By: E-StartupIndia ...
This system will only be applicable to those whose turnover threshold is above the determined limit i.e. the government will set a threshold limit for them. An official said that the businesses that will fall under a certain threshold will be given a unique number whenever an e-invoice will...
However, in case of multiple GST registration, within a state, stock transfers across various branches shall be included for computing threshold limit of ₹2 crores. #15. What if the GST tax audit not done? The GSTR-9 and 9C are to be submitted separately along with the ...
Registration was required if the applicant was carrying on an enterprise and it met the GST turnover threshold. It was common ground that the applicant, as the trustee of a superannuation fund, is taken to have carried on an enterprise. The value of the sales exceeded the GST turnover ...
GST registration is the process of obtaining a unique identification number for businesses liable to pay Goods and Services Tax (GST). According to GST law, businesses whose turnover crosses the threshold limit of Rs.40 lakh or Rs.20 Lakh or Rs.10 lakh, as the case may be, must register...
Threshold Exemption: Small businesses with a turnover below a specified threshold (currently, it is 20 lakhs: supplier of both goods & services and 40 lakhs: for supplier of goods (Intra–State) in India) are exempt from GST. Present Challenges in GST Rates Complexity and Confusion: The exis...
According to the Income Tax Act, in 1961, every person or company making a payment of certain kind above a specified threshold limit is applicable for deducting tax at source. The tax is to be deducted based on the provisions specified in the Act. The company deducting tax at source is ...
12. Is it necessary for all traders to register under the GST? No, not all traders need to register under GST. Only those traders whose aggregate turnover exceeds the threshold limit, or who are engaged in inter-state supplies, who are required to pay tax under reverse charge, or who ar...