09 Apr 2021

Changes In Form 10A and 10AB

1. BRIEF INTRODUCTION   Last year, The Finance Act, 2020 introduced new procedures for obtaining registration/ re-registration by various charitable trusts, institutions, funds, university, hospital or educational institution etc. u/s 12AB/ 80G(5) of the Income-tax Act, 1961 (‘the Act’) which was deferred till April 1, 2021. In this regard, the rules and guidelines were awaited […]

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21 Sep 2020

TCS on sale of goods w.e.f. 1st October, 2020

Finance Act 2020 introduced section 206C(1H) of Income-tax Act, 1961 (Act”) in relation to Tax Collected at Source (“TCS”) on sale of any goods w.e.f. 1/10/2020, other than the goods liable to TCS and TDS. Applicability If turnover of the seller exceeds INR 10 Crores in preceding financial year. Sale proceeds of goods exceeds INR [...]
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12 Oct 2019

Statutory Amendments to give effect to recommendations made during 37th Meeting of GST Council

Change in GST rates on services Notification No. 20/2019- Central Tax (Rate) and Notification No. 19/2019- IGST (Rate) both dt 30 September, 2019 (effective from 1 October, 2019)   S. No. Type of Service New GST Rate   1 Hotel accommodation service having value of supply of a unit of accommodation –   >INR 1,000 […]

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12 Oct 2019

Recommendations Made During 37th GST Council Meeting Held On 20th September, 2019

Law and Procedure Related Changes   The GST Council, in its 37th meeting, recommended the following in relation to law and procedure:   Relaxation in Filing of Annual Returns (GSTR-9A and GSTR-9) for MSMEs for FY 2017-18 and FY 2018-19   It is recommended to waive of the requirement of filing FORM GSTR-9A for Composition […]

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12 Oct 2019

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 has been made effective from 1 September, 2019. As per the said scheme, a person can liquidate legacy cases of Central Indirect Tax Acts locked up in litigation at various forum through this scheme. The scheme is also aimed to give an opportunity to those who have failed […]

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12 Oct 2019

GST Circulars Issued on 11th October, 2019 Clarifying Miscellaneous Issues under GST law

Clarification i.ro. scope of services related to exploration, mining or drilling of petroleum crude or natural gas or both Circular No. 114/33/2019-GST dt 11th October, 2019 Scope of following entries has been clarified as falling under Notification No. 11/2017- Central Tax (Rate)dated 28th June, 2017: Heading 9986 – Services of exploration, mining or drilling of […]

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