- 31 May 2023 05:38 PM
- New
Calculate the tax owed on your purchases with a GST calculator
As a small business owner, you are used to calculating your GST requirements and making the necessary payments on a monthly basis. Speed up this process and easily know how much tax you owe with the help of a digital GST calculator. Such calculators use specific formulae to quickly calculate GST for purchasers, manufacturers, wholesalers, and retailers.
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- 30 May 2023 05:26 PM
- New
Decoding the tax impact of ₹2,000 note cash deposits
The Reserve Bank of India (RBI) made two big announcements on 19 May. It announced a threshold exemption limit of ₹7 lakh for applicability of TCS @ 20% in respect of international credit card spends. Secondly, it announced withdrawal of ₹2,000 notes from circulation. RBI has advised the public to deposit their ₹2,000 notes into their bank accounts and/or exchange them into bank notes of other smaller denominations at any bank branch until 30 September. The exchange limit has been restricted to ₹20,000 at a time.
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- 30 May 2023 05:39 PM
- New
Don’t kill gaming with senseless taxation
On May 11 the Karnataka High Court delivered a ruling on how to tax online games such as Rummy, which should inform the decisions of the Goods and Services Tax Council when it meets in June. The court’s ruling should persuade the council to dump the recommendation of a subcommittee of state finance ministers to levy the tax on the contest entry amount and instead tax only the gross gaming revenue.
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- 26 May 2023 05:15 PM
Could a GST cut spur two-wheelers’ sputtering sales?
After declining heavily for three fiscals in a row between 2019-20 and 2021-22, two wheeler sales grew 17.8% in 2022-23, the highest in a year in over a decade.
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- 23 May 2023 05:12 PM
Process of blocking of E-way Bill and E-invoice generation
Source: https://taxguru.in/goods-and-service-tax/process-blocking-e-way-bill-e-invoice-generation.html
1. Sometimes IRPs may fail to check duplicate IRN from de-dup system for technical reasons. Under this circumstance, it is possible for tax payers to register the same document/invoice at different IRPs. Whenever the de-duplication system comes back to live, only one of the IRP will be able to successfully register the IRN. All other IRPS will fail to register on de-duplication system the IRNs generated with them for the same document. In such cases, the status of these IRNs will be updated as ‘REJ’ by these IRPs. This will be reflected in the ‘Get IRN Details’ API when the tax payers pull the IRNs.
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- 22 May 2023 05:19 PM
Hunt for fake GST registration may turn heat on minnows of e-commerce
Central and state indirect tax authorities launched a two-month drive on 16 May to weed out entities that secure GST registrations wrongfully, generate fake invoices and pass on bogus tax credits to other entities without any actual sales
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- 19 May 2023 05:39 PM
Sebi proposes uniform total expense ratio for mutual funds
At present, Sebi allows asset management companies to charge unitholders of mutual fund four additional type of expenses over and above the specified TER limits.
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- 18 May 2023 06:05 PM
Reduce GST rates on two-wheelers from 28% to 18%, FADA appeals to GST council
Two-wheelers accounted for 78% of the total automobile sales in the country in 2016. Due to increasing prices, the contribution has decreased to 72% in 2023, FADA says.
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- 16 May 2023 05:39 PM
NSE India Q4 results: Net profit up 31% year-on-year to ₹2,067 crore; declares dividend
NSE India Q4 results: The National Stock Exchange (NSE) reported on Monday that its consolidated net profit for the three months ending in March increased by 31% to ₹2,067 crore.
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- 13 May 2023 06:09 PM
Data mismatches to trigger notices under automated GST scrutiny, say experts
Similar to income tax returns processing, now the process of GST notices will also be automated through a system driven approach instead of direct notices from the assessment officer.
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