GST Audit & Reconciliation fy 2018-19 | Free Excel format
GSTR9 and GSTR9 recon fy 2018-19 ( free excel format )
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Form GSTR-9C for fy 2019-20
84 ViewsThe GSTR9C is an audit form that was introduced on September 13, 2018. It must be filed annually by taxpayers with a turnover above 2 crores, and it must be certified by a CA. It is basically a reconciliation statement between the annual returns filed in GSTR-9 and the taxpayer’s audited annual financial statements As per …
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Seeks to prescribe return in FORM GSTR-3B of CGST Rules, 2017 along with due dates of furnishing the said form for October, 2020 to March, 2021.
87 ViewsSeeks to prescribe return in FORM GSTR-3B of CGST Rules, 2017 along with due dates of furnishing the said form for October, 2020 to March, 2021. To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]Government of IndiaMinistry of Finance(Department of Revenue)Central Board of Indirect Taxes and CustomsNotification No. …
Seeks to make the 12th amendment (2020) to the CGST Rules.2017.
106 ViewsSeeks to make the 12th amendment (2020) to the CGST Rules.2017. [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(i)]Government of IndiaMinistry of Finance(Department of Revenue)Central Board of Indirect Taxes and CustomsNotification No. 79 /2020 – Central Tax New Delhi, the 15th October, 2020 G.S.R……(E). – In exercise of …
Seeks to make the 12th amendment (2020) to the CGST Rules.2017. Read More »
Seeks to prescribe the due date for furnishing FORM GSTR-1 by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for each of the months from October, 2020 to March, 2021.
52 ViewsSeeks to prescribe the due date for furnishing FORM GSTR-1 by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for each of the months from October, 2020 to March, 2021. [To be published in the Gazette of India, …
Seeks to prescribe the due date for furnishing FORM GSTR-1 for the quarters October, 2020 to December, 2020 and January, 2021 to March, 2021 for registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year.
80 ViewsSeeks to prescribe the due date for furnishing FORM GSTR-1 for the quarters October, 2020 to December, 2020 and January, 2021 to March, 2021 for registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year. [To be published in the Gazette of India, …
Ministry of Finance clarification on Vodafone arbitration appeal
96 ViewsMinistry of Finance clarification on Vodafone arbitration appeal Ministry of Finance A speculative news story being circulated in some section of media claiming that Attorney General has given opinion in favour of not appealing in the Vodafone Arbitration award is totally incorrect and without any factual basis. Award along with all options are under …
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Exchange Rate Notification No.99/2020 – Customs (N.T.)
69 ViewsExchange Rate Notification No.99/2020 – Customs (N.T.) Ministry of Finance In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.95/2020-Customs(N.T.), dated 1st October, 2020 except as respects things done or omitted to be done before such supersession, the Central Board of …
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New Due Date List For GSTR-1 & GSTR-3B (Oct 2020 to March 2021)
130 ViewsNew Due Date List For GSTR-1 & GSTR-3B (Oct 2020 to March 2021)
Tariff Notification No. 100/2020-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver
73 ViewsTariff Notification No. 100/2020-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Ministry of Finance In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & …
Special Window to States for meeting the GST Compensation Cess shortfall
83 ViewsSpecial Window to States for meeting the GST Compensation Cess shortfall Ministry of Finance Under Option-I States were to be provided a Special Window of Borrowing of ₹1.1 lakh cr, and over and above that, an authorisation for additional Open Market Borrowings of 0.5% of their GSDP. The authorisation for increased OMBs of 0.5% …
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Income Tax Department carries out searches in Delhi, NCR and Haryana
74 ViewsIncome Tax Department carries out searches in Delhi, NCR and Haryana Ministry of Finance The Income Tax Department has carried out a search and seizure action on 14.10.2020 in the case of a leading advocate practicing in the field of commercial arbitration and alternate dispute resolution. He was suspected to be receiving substantial amounts …
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Finance Minister Smt. Nirmala Sitharaman attends the Plenary Meeting of the International Monetary and Financial Committee of the IMF through video-conference
76 ViewsFinance Minister Smt. Nirmala Sitharaman attends the Plenary Meeting of the International Monetary and Financial Committee of the IMF through video-conference Ministry of Finance Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman today attended the Plenary Meeting of the International Monetary and Financial Committee (IMFC), theMinisterial-level committee of the International Monetary Fund …
Seeks to make filing of annual return under section 44 (1) of CGST Act for F.Y. 2019-20 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date.
130 ViewsSeeks to make filing of annual return under section 44 (1) of CGST Act for F.Y. 2019-20 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date. [To be published in the Gazette of India, Extraordinary, Part II, Section …
Issuance Calendar for Marketable Dated Securities for 19th October 2020– 31st March 2021
76 ViewsIssuance Calendar for Marketable Dated Securities for 19th October 2020– 31st March 2021 Ministry of Finance To operationalize the Special Window to States for meeting the GST Compensation Cess shortfall of` ₹1,10,000 crore the GoI borrowing calendar is being modified in consultation with RBI. For the remaining period of the fiscal year 2020-21 (October …
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Seeks to notify the number of HSN digits required on tax invoice.
156 ViewsSeeks to notify the number of HSN digits required on tax invoice. [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(i)]Government of IndiaMinistry of Finance(Department of Revenue)Central Board of Indirect Taxes and CustomsNotification No. 78/2020 – Central Tax New Delhi, the 15th October, 2020 G.S.R…..(E).—In exercise of the powers …
Seeks to notify the number of HSN digits required on tax invoice. Read More »
AI & ML analytics can be seen at the “AI Corner” at following link on Ministry’s champions portal.
97 ViewsAI & ML analytics can be seen at the “AI Corner” at following link on Ministry’s champions portal Ministry of Micro,Small & Medium Enterprises The Ministry of MSME in a major initiative has onboarded latest IT tools of Artificial Intelligence(AI) and Machine Learning (ML) for providing assistance and solutions to the issues of Micro, …
Tamil Nadu goes for Option-1, gets permission to borrow an additional amount of Rs 9,627 crore
90 ViewsTamil Nadu goes for Option-1, gets permission to borrow an additional amount of Rs 9,627 crore Ministry of Finance The Department of Expenditure, Ministry of Finance, has today granted permission to Tamil Nadu to raise an additional amount of Rs.9,627 crore through open market borrowings. The permission was issued after the State formally communicated …
Market Access through Authorised Persons
93 ViewsMarket Access through Authorised Persons Ministry of Finance The International Financial Services Centres Authority (IFSCA), with a view to widen the investor base for exchange traded products in the IFSC and to enhance the secondary market liquidity, thereby deepening the market, has issued a Regulatory Framework for market access through Authorised Persons. An Authorised …
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Finance Minister Smt. Nirmala Sitharaman attends the G20 Finance Ministers and Central Bank Governors Meeting through video conferencing
129 ViewsFinance Minister Smt. Nirmala Sitharaman attends the G20 Finance Ministers and Central Bank Governors Meeting through video conferencing Ministry of Finance Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Saudi Arabian Presidency here today through video conferencing. Ministers …
New GST Interest Calculator Free Excel Format U/s 50 of CGST Act 2017 | GST Interest
365 ViewsNew GST Interest Calculator Free Excel Format U/s 50 of CGST Act 2017 | GST Interest The Central Board of Indirect Taxes & Customs (CBIC) today clarified that the Notification No. 63/2020-Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations. However, …
New GST Interest Calculator Free Excel Format U/s 50 of CGST Act 2017 | GST Interest Read More »
Capital gains on distribution of assets by companies in liquidation
107 ViewsCapital gains on distribution of assets by companies in liquidation Section – 46, Income-tax Act, 1961 46. (1) Notwithstanding anything contained in section 45, where the assets of a company are distributed to its shareholders on its liquidation, such distribution shall not be regarded as a transfer by the company for the purposes of section 45. (2) …
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CCI approves acquisition of solar energy generation assets of Adani Green Energy Ten Limited by Adani Green Energy Twenty-Three Ltd
119 ViewsCCI approves acquisition of solar energy generation assets of Adani Green Energy Ten Limited by Adani Green Energy Twenty-Three Ltd Ministry of Corporate Affairs The Competition Commission of India (CCI) approves acquisition of solar energy generation assets of Adani Green Energy Ten Limited (AGE10L) by Adani Green Energy Twenty-Three Ltd (AGE23L), under Section 31(1) …
CCI approves acquisition of shares in CG Power and Industrial Solutions Limited by Tube Investments of India Limited
100 ViewsCCI approves acquisition of shares in CG Power and Industrial Solutions Limited by Tube Investments of India Limited Ministry of Corporate Affairs The Competition Commission of India (CCI)approves acquisition of shares in CG Power and Industrial Solutions Limited by Tube Investments of India Limited. The proposed combination envisages acquisition of more than 50% of …
Twenty States allowed to mobilize Rs.68,825 crore
121 ViewsTwenty States allowed to mobilize Rs.68,825 crore Ministry of Finance The Department of Expenditure, Ministry of Finance, has today granted permission to 20 States to raise an additional amount of Rs.68,825 crore through open market borrowings. Additional borrowing permission has been granted @ 0.50 % of the Gross State Domestic Product (GSDP) to …
Twenty States allowed to mobilize Rs.68,825 crore Read More »
Ministry of Finance statement on misinterpretation of LTC stimulus and its benefits
104 ViewsMinistry of Finance statement on misinterpretation of LTC stimulus and its benefits Ministry of Finance A report has appeared in the Economic Times Markets (ETMarkets.com) which gives the impression that the LTC voucher scheme for Government employees may not be attractive. Unfortunately, the piece which it relies on has a serious factual error in …
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Capital gains
116 ViewsCapital gains Section – 45, Income-tax Act, 1961 45. (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G and 54H, be chargeable to income-tax under the head “Capital gains”, and shall be deemed to be the income of the previous year …
Special provision for computing deductions in the case of business reorganization of co-operative banks
83 ViewsSpecial provision for computing deductions in the case of business reorganization of co-operative banks Section – 44DB, Income-tax Act, 1961 44DB. (1) The deduction under section 32, section 35D, section 35DD or section 35DDA shall, in a case where business reorganisation of a co-operative bank has taken place during the financial year, be allowed in accordance with the provisions of this …
Special provision for computing income by way of royalties, etc., in case of non-residents
101 ViewsSpecial provision for computing income by way of royalties, etc., in case of non-residents. Section – 44DA, Income-tax Act, 1961 44DA. (1) The income by way of royalty or fees for technical services received from Government or an Indian concern in pursuance of an agreement made by a non-resident (not being a company) or a …
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