To ensure a smooth process and avoid penalties or last-minute rush during the Departmental Officers visit at premises, it is essential to have the following details readily available at your registered place of business:
However, things are changing, and w.e.f. the FY 23-24, a new Section 115BBJ has been introduced by the Finance Act 2023 to tax net winnings from any online games. A corresponding Section194BA has also been inserted w.e.f. 01-07-2023 for the deduction of tax from the net winnings from online games.
Now, in light of all this, the Government of Maharashtra came up with a cool scheme “Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975”. They want to unlock the money that’s tied up in those outstanding dues and reduce the number of old pending legal battles. So, they’ve introduced this beneficial settlement scheme for dues under 11 Acts “relevant acts” which include MVAT Act and CST Act.
During the National Co-ordination Meeting of the State and Central GST officers held at New Delhi on 24th April 2023, it was agreed that a Special Drive should be launched on an All-India basis to detect suspicious/fake registrations.
All Central and State Tax administrations may launch a Special All-India Drive during the period 16th May 2023 to 15th July 2023.
As per Advisory dated 13th April 2023, it has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with Annual Aggregate Turnover greater than or equal to 100 crores. The said restriction will apply to all document types for which IRN is to…
W.e.f. 1st August 2023, generating E-Invoice for B2B Supply of goods or services or both, or for exports shall be mandatory for taxpayers whose aggregate turnover exceeds rupees 5 crore in any financial year.
In order to implement non-intrusive means of compliance verification, CBIC has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers.
This module will enable the officers to scrutinize the GST returns of Centre Administered Taxpayers selected on the basis of data analytics and risks identified by the System.
We hope this newsletter finds you in good health and high spirits. In this edition, we would like to provide you with an update on the Union Budget 2023 presented by the Honorable Finance Minister Nirmala Sitharaman. The Budget aims to prioritize following key areas: The budget aims to provide ample opportunities for citizens, especially…
Any person responsible for paying to any resident any consideration for transfer of a Virtual Digital Asset shall deduct tax u/s 194S.
Any person responsible for providing to a resident, any benefit or perquisite, arising from business and profession is liable to deduct tax u/s 194 R on such benefit or perquisite provided.
To ensure a smooth process and avoid penalties or last-minute rush during the Departmental Officers visit at premises, it is essential to have the following details readily available at your registered place of business:
Now, in light of all this, the Government of Maharashtra came up with a cool scheme “Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975”. They want to unlock the money that’s tied up in those outstanding dues and reduce the number of old pending legal battles. So, they’ve introduced this beneficial settlement scheme for dues under 11 Acts “relevant acts” which include MVAT Act and CST Act.
During the National Co-ordination Meeting of the State and Central GST officers held at New Delhi on 24th April 2023, it was agreed that a Special Drive should be launched on an All-India basis to detect suspicious/fake registrations.
All Central and State Tax administrations may launch a Special All-India Drive during the period 16th May 2023 to 15th July 2023.
As per Advisory dated 13th April 2023, it has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with Annual Aggregate Turnover greater than or equal to 100 crores. The said restriction will apply to all document types for which IRN is to…
W.e.f. 1st August 2023, generating E-Invoice for B2B Supply of goods or services or both, or for exports shall be mandatory for taxpayers whose aggregate turnover exceeds rupees 5 crore in any financial year.
In order to implement non-intrusive means of compliance verification, CBIC has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers.
This module will enable the officers to scrutinize the GST returns of Centre Administered Taxpayers selected on the basis of data analytics and risks identified by the System.
We hope this newsletter finds you in good health and high spirits. In this edition, we would like to provide you with an update on the Union Budget 2023 presented by the Honorable Finance Minister Nirmala Sitharaman. The Budget aims to prioritize following key areas: The budget aims to provide ample opportunities for citizens, especially…
However, things are changing, and w.e.f. the FY 23-24, a new Section 115BBJ has been introduced by the Finance Act 2023 to tax net winnings from any online games. A corresponding Section194BA has also been inserted w.e.f. 01-07-2023 for the deduction of tax from the net winnings from online games.
We hope this newsletter finds you in good health and high spirits. In this edition, we would like to provide you with an update on the Union Budget 2023 presented by the Honorable Finance Minister Nirmala Sitharaman. The Budget aims to prioritize following key areas: The budget aims to provide ample opportunities for citizens, especially…
Any person responsible for paying to any resident any consideration for transfer of a Virtual Digital Asset shall deduct tax u/s 194S.
Any person responsible for providing to a resident, any benefit or perquisite, arising from business and profession is liable to deduct tax u/s 194 R on such benefit or perquisite provided.
