GST

What is the GST Amnesty Scheme – Who can apply, how to apply and what is the last date

Who can apply for the scheme and Those taxpayers who’s earlier appeal was rejected solely on the ground that appeal was filed after deadline was over can apply for this scheme. How to Apply Last date to applyLast date to apply for the GST amnesty scheme is 31.1.2024. www.startupstreets.com, www.economiclawpractice.com, www.intellexconsulting.com, www.intellexCFO.com

Applicability of GST on Personal and Corporate Guarantees:

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 …

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Introduction of Electronic Credit Reversal and Re-claimed statement- Latest CBIC Advisory dated 31.08.2023

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 …

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GST DIRECTORATE SEEKS TAX ON CORPORATE GUARANTEES.

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 …

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MCA proposed to do away with Statutory Audit as per the Companies Act 2013 for small companies

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. …

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