The Central Goods and Services Tax (CGST) has taken major action against seven institutions evading GST of more than ₹68 crores by issuing fake ITC bills. It is being told that these institutions were passing ITC to the taxpayers from outside the state as well as the state. The department says that in the coming few […]
Action against seven institutions evading GST of more than ₹68 crores Read More »
The Indian tax department is looking to soon start trials of blockchain technology to prevent fake tax invoices and monitor supply of goods among others, a government official told Business Today Television. Since an invoice is the most fundamental document needed at every stage of the GST supply chain – from the point of purchase to
Blockchain technology to prevent fake tax invoices Read More »
Revenue Secretary Tarun Bajaj has said that the government will soon come out with norms for decriminalising offences under Goods & Services Tax (GST). In an interview to business line, he also said that windfall gain tax on domestically produced crude oil and on export of diesel and ATF will continue till there is windfall
Government to Decriminalize GST Offences Soon: Revenue Secretary Tarun Bajaj Read More »
Following criticism over GST (Goods and Services Tax) Council’s decision on taxing certain essential commodities, Karnataka Chief Minister Basavaraj Bommai on Tuesday said the next meeting of the Council meeting would discuss that issue. He was responding to remarks by Deputy Leader of Congress in the Legislative Assembly U T Khader and the party’s senior
Karnataka Chief Minister Bommai vows to discuss essential items at next GST Council meet Read More »
Para 8 of Ind AS 38 specifies that‘An intangible asset is an identifiable non-monetary asset without physical substance.’ Also as per para 8 “Anassetis a resource: (a) controlled by an entity as a result of past events; and(b) from which future economic benefits are expected to flow to the entity.” To highlight an intangible asset
How to identify an intangible asset and capitalize? Read More »
Specific cases are mentioned under GST where no input tax credit shall be available to the applicant. We are going to discuss the ineligibility of input tax credit in the article with examples. Cases when ITC is not available under GST 1. Motor vehicles & conveyances ITC is not available for motor vehicles and conveyances.
Cases where Input Tax Credit under GST cannot be availed Read More »
We are used to the idea that a financial year begins from 1st April and ends on 31st March of the subsequent year. And that’s why fascination grips us the first time we hear of a country or a company following some other 12 month period as their FY. A quiet storm has been brewing in
Should India change its Financial Year? Read More »
Almost every millennial these days wants to come up with their own business, one where they can be their boss and can earn maximum revenue. Therefore, when two or more people get together with this idea and work towards making their dream come true, a startup is born. Self-employed professionals, at the initial stages, take
10 Tax Saving Tips for Startups and Business Owners Read More »