Summon and Arrest Guidelines
GST Updates in GSTR9 & GSTR9C for F.Y 20-21
GST News Flash dated 20 July 2021
New Functionality for 206AB 206CCA
GST Flash News Update
Tax Alert Content - Slump Sale Amendment
TDS Rate Chart for FY 2021-22
GST Update - Amendments in GST Rules
Changes in Income Tax Due Dates.
SEBI Updates: Relaxation in SEBI ICDR Regulations w.r.t Public Issue & Right Issue.
MCA Update: MCA Relaxation on Holding Of AGM
SEBI LODR & MCA Update
MCA Updates: Web-based CAR Form
Announcements made by the Finance Minister
Amendments to Finance Bill 2020 -Passed by Parliament
MCA Updates: LLP Settlement Scheme 2020
MCA Update: Companies Fresh Start Scheme, 2020 (CFSS-2020)
MCA Update: Disqualified/ Deactivated DIN and Active Non-Compliant Companies
MCA Update: Special Measures provided by MCA under Companies Act 2013 & Limited Liability Partnership Act,2008
Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today issued by Finance Ministry
Key Direct Tax Provisions as per Finance Act 2020
MCA Update: Conducting Of EGM through VC OR OVAM
MCA Update: FAQ'S ON CSR
MCA Update: Conducting Of EGM through VC OR OVAM - Amendment
Goods and Service Tax (GST) is a comprehensive Indirect Tax levied on goods and services consumed in an economy. GST is levied at every stage of the supply chain with eligibility of Input Tax Credit in respect of the tax remitted at previous stages. It is basically a tax on final consumption with tax being collected at each stage. To explain it in simple words, GST is a tax on supply of goods and services, which is levied at each point of supply of goods / services with a mechanism to claim input tax credit paid on procurement of goods or services.
Let us understand the working of GST on a manufactured commodity from point of view of a manufacturer, wholesaler, retailer and final consumer.
|Stage of Supply Chain||Value of Supply||Rate of GST||GST on Output||Purchase Value of Input||Input Tax Credit (ITC)||Net GST Payable = GST on Output – ITC|
|Manufacturer to Wholesaler||1300||20%||260||1000||200||260 - 200 = 60|
|Wholesaler to Retailer||1500||20%||300||1300||260||300 - 260 = 40|
|Retailer||1600||20%||320||1500||300||320 - 300 = 20|
The adoption of GST is perceived as a positive form of tax since it increases consumption and encourages savings and investments. It is a form of taxation which will be more evenly spread across the population, minimizing economic distortions by providing comprehensive coverage.
Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (herein after referred to as “Amnesty Scheme” or “the scheme”) introduced in the Current Budget Amendment i.e. in July 2019. This is a dispute resolution cum amnesty scheme for resolution and settlement of legacy cases. The scheme offers substantial relief to the taxpayers and is a bold endeavor to unload the baggage relating to the legacy taxes viz. Central Excise and Service Tax and other indirect tax allied acts. This Scheme covers more than 20 Acts. The scheme is already operational from 01 September 2019.