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Interest on delayed GST payment whether payable on gross or net tax liability?

Interest on delayed GST payment whether payable on gross or net tax liability?

GST BFSI
March 30, 2020 1112 0

Traditionally, under the erstwhile Indirect Tax Laws viz. Service Tax, VAT, etc. interest is payable on the amount of tax due after adjustment of the Input Tax Credit (ITC), which remains unpaid by the due date. However, under ...


India Extends Tax Compliance Deadlines to Offset COVID-19 Impact

India Extends Tax Compliance Deadlines to Offset COVID-19 Impact

BFSI GST COVID-19
March 27, 2020 528 0

The rapidly escalating novel Coronavirus has claimed over 15,000 victims and infected close to 400,000 people across 132 countries. India saw its first positive case in the first week of March, and in less than four weeks, this ...


GST authorities to accept GSTR-9 and 9C returns without late fees

GST authorities to accept GSTR-9 and 9C returns without late fees

GST BFSI
March 27, 2020 308 0

The Tax Bar Association approached the Rajasthan High Court [D.B. Civil Writ Petition No. 1805/2020] contending that the Forms GSTR-9 and 9C of various taxpayers, for Financial Year 2017-2018, could not be uploaded by the due date...


Highlights of the 39th GST Council Meeting

Highlights of the 39th GST Council Meeting

GST BFSI
March 25, 2020 460 0

The 39th GST Council meeting held on Saturday, March 14, 2020, at New Delhi and chaired by the Union Finance Minister Nirmala Sitharaman took decisions on several crucial issues under GST, including deferment of e-invoice and new ...


It’s A Golden Age For Tax And Accounting Professionals That Keep Up With Technology

It’s A Golden Age For Tax And Accounting Professionals That Keep Up With Technology

GST BFSI
March 13, 2020 391 0

But to survive competition and reap the benefits, these professionals will need to embrace technology as their best tool, whether they are serving large or small business clients The Goods and Services Tax (GST) has been a game...


Why streamlined workflow and tax automation are critical in GST and E-way bill era

Why streamlined workflow and tax automation are critical in GST and E-way bill era

GST BFSI
March 13, 2020 720 0

Supply chains cannot be swift if there are disruptions caused by manual GST compliance. The introduction of the Goods and Services Tax (GST) has been an important step in the field of indirect tax reforms in India — and one tha...


Goods and Services Tax-What’s in store for 2020

Goods and Services Tax-What’s in store for 2020

GST BFSI
March 11, 2020 393 0

It is a significant time for everyone as the year comes to a close – not only 2019 is ending, with it ends the decade that has witnessed radical tax reforms under the Indian economy. These reforms established the regime of the b...


Demystifying the working of Goods and Service Tax in India

Demystifying the working of Goods and Service Tax in India

GST BFSI
March 7, 2020 1300 0

The new tax regime Goods and service tax rolled out from 1st-July-2017 while subsuming multiple indirect taxes into uniting tax and paved the way for a common national market for the Indian taxation system. Although the tax offici...


How GST will Impact the Hotel and Travel Industry in India

How GST will Impact the Hotel and Travel Industry in India

GST BFSI
March 6, 2020 2543 0

The travel and hotel industries are considered the fastest growing domains in India. Since when GST is implemented, it has subsumed all the indirect taxes into a single tax value to improve the condition by bringing down costs for...


Modern Taxation In India Driving Digital Transformation In Finance

Modern Taxation In India Driving Digital Transformation In Finance

GST BFSI
February 24, 2020 543 0

More information is being captured now at every level in order to ascertain hidden wealth and income levels of people When we think of Modern Taxation in India, we inevitably think of Goods and Services Tax (GST) because this h...


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