The Central Board of Indirect Taxes and Customs (CBIC) has said that Goods and Services Tax (GST) will apply to corporate guarantees between related entities such as parent firms and subsidiaries from Thursday, 26 October. The order gives effect to the decision announced by the GST Council on 8 October. As per the CBIC order, …
Centre notifies 18% GST on corporate guarantees. Read More »
Personal guarantee (offered by directors) A circular is to be issued to clarify that, when there is no consideration involved for personal guarantee provided by the director to the bank and financial institutions, the open market value of the transaction may be treated as zero and no tax is payable. Corporate guarantee (provided for related …
Applicability of GST on Personal and Corporate Guarantees: Read More »
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CBIC vide Notification No. 14/2022 Central Tax dated 05.07.2022 has provided for certain changes in FORM GSTR-3B so as to enable the taxpayers in reporting correct information regarding Input Tax Credit (ITC) availed, ITC reversal, ITC re-claimed and ineligible ITC. Currently, the invoices not meeting the necessary conditions for availing ITC shall be reversed in …
The directorate general of goods and services tax intelligence (DGGI) has sent tax demand notices to several local corporate houses over corporate guarantees given on behalf of their subsidiaries, and to multinationals where they have given such guarantees for their Indian units. The notices were sent to at least 14 companies, including automakers, FMCG and …
GST DIRECTORATE SEEKS TAX ON CORPORATE GUARANTEES. Read More »
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MCA proposed to do away with Statutory Audit as per the Companies Act 2013 for small companies As per news updates, the Ministry of Corporate Affairs (MCA) might do away with Statutory Audit as per the Companies Act 2013 for small companies. This decision has been taken in line with the ease of doing business. …
26/08/2021 You will not be able to file GSTR-1 if GSTR-3B has not been filed for previous 2 months effective Sep 1, 2021. Read the new rules below: Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases : a) a …
👉The Good and Service Tax Network (GSTN) has released the procedure for generating Challan without logging in to the Goods and Service Tax (GST) Portal. 👉In order to generate Challan without logging in to the GST Portal visit www.gst.gov.in, then navigate to services, then select payment and click on Create Challan Option, in GSTN or …
Know How to Generate Challan without Logging in the GST Portal* Read More »
