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GST Updates
1.All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said. 2.The revenue secretary is monitoring the progress of implementation of electronic or e-invoice project for which an officers’ committee has already…
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No Input Tax Credit if GST Returns not filed, says HC
No Input Tax Credit if GST Returns not filed, says HC
The Telangana high court has ruled that no input tax credit (ITC) is available unless GST returns are filed and a taxpayer is liable to pay penalty on the entire liability. The ruling is expected to have a significant impact on all businesses that use tax credits available on inputs and raw materials to reduce payment in cash.
“…until a return is filed as self-assessed, no entitlement to credit…
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Businesses can use IGST credit to settle centre, state tax dues: CBIC
Businesses can use IGST credit to settle centre, state tax dues: CBIC
Businesses that have accumulated Integrated GST (IGST) credit in their books can settle it against central and state tax dues in any proportion, the revenue department has said. Importers typically pay IGST on goods they bring into the country. Also IGST is paid on inter-state movement of goods. This tax is supposed to be set-off against the actual GST paid, or may be claimed as refund in certain…
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Need cash quick? This Delhi-based startups provides instant, short-term loans
Need cash quick? This Delhi-based startups provides instant, short-term loans
Bootstrapped instant online lending platform Phocket provides short-term loans of up to Rs 1 lakh to salaried professionals at a flat interest rate of 2.5 percent per month.
Personal loans have become crucial for salaried people, who often fall out of the budget by the end of the month due to multiple reasons. While securing a bank loan has become a cumbersome process, digital lending has come to…
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Likely 46 GST law Amendments along with Employers chance to get a rightful Input Tax Credit Claim
Likely 46 GST law Amendments along with Employers chance to get a rightful Input Tax Credit Claim
Employers will soon be able claim input tax credit on facilities like food, transport and insurance provided to employees under any law, once the proposed amendments to the GST Act are approved by Parliament and the state legislatures.
The government has proposed as many as 46 amendments to the Goods and Services Tax (GST) laws — Central GST, State GST, Integrated GST and Compensation of Sates…
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I-T warns salaried class against filing wrong ITRs, says violators' employers will be informed
I-T warns salaried class against filing wrong ITRs, says violators’ employers will be informed
The Income Tax Department today cautioned salaried class taxpayers against using illegal means like under-reporting of income or “inflating” deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against them.
The Central Processing Centre (CPC) of the department in Bengaluru, that receives and processes the Income Tax…
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The Start-up India Initiative
Every individual with a path-breaking idea wishes to turn it into a reality. Unfortunately, they do not possess the knowledge of the pre-requisites to conceptualise it. This is where the Start-up India Initiative comes into picture.
Overview:
The Startup India Initiative is a flagship initiative of the Government of India, intending to build a strong eco-system for nurturing startups and…
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Scheme for Fast Track Exit Mode
Organisations sometimes show no business activity or operation for a year or more of their establishment. At such times they choose to strike their name off from the official records of the Ministry of Corporate Affairs (MCA). If you’re an MSME who wishes to do the same, the Fast Track Exit Mode scheme introduced by the MCA can benefit you.
Overview:
The Fast Track Exit Mode Scheme by the MCA…
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