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GST AMENSTY SCHEME, 2024 (2.0) – Analysis of Section 128A: Waiver of Interest or Penalty for Certain Tax Periods w.e.f 1/11/2024

Overview:
Section 128A provides relief for taxpayers in specific cases where they owe taxes but can avail of a waiver of interest and penalties, provided they meet certain conditions. The section focuses on waiving penalties and interest for tax liabilities pertaining to the period from July 1, 2017, to March 31, 2020. This waiver is contingent upon the taxpayer paying the full amount of tax due within the timeframe notified by the government.
Continue reading “GST AMENSTY SCHEME, 2024 (2.0) – Analysis of Section 128A: Waiver of Interest or Penalty for Certain Tax Periods w.e.f 1/11/2024”

In the 50th Meeting of the GST Council, inter-alia the following recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST were made:

Changes in GST Tax Rates:

Continue reading “Recommendations by 50th GST council meeting on 11/07/2023”

CMA or Certified Management Accountant is the exam conducted by the ICAI. The exams are being conducted every year in June and December. According to the newly released guidelines by ICAI, the exam pattern of CMA for 2021 has been amended. Continue reading “Change in Exam Pattern For CMA India – Offline to Online”

The CA Final Elective paper was introduced by ICAI in 2018. This states that in 6th paper, CA aspirants can select a subject of their choice among the six given choices. The purpose behind this change was to bring a qualitative reform in the education system. Continue reading “Elective Subjects in CA Finals – Which Elective Subject Should a Student Choose”

As we all know that opinions on the question about the most difficult subject in CA Intermediate may vary from person to person which is quite obvious. Since every student has its own qualities and skills, the subject interest changes from one individual to another.
Continue reading “Which Subject is More Difficult in CA Intermediate? – Everything you Need to Know”

Are you too in your Finals of CA and wishing to clear it in first attempt? Are you worried about your grades in Direct Tax? If yes, then the duration of reading this information can be the life changing point for you. The CA finals can be considered as the most crucial period for any CA aspirant. The stress in this period is very general.
Continue reading “Best Faculty for CA Final Direct Tax – Bhawar Borna Sir – Crack the Exam in First Attempt Score Exemption”

GST and Taxation for MSMEs: The Goods and Services Tax (GST), was introduced as a single, straightforward tax system to replace multiple indirect taxes. The GST has served as an efficient tax system by bringing in more transparency and streamlining the tax filing process for both the government and the taxpayers. In order to simplify the compliance procedure further for GST-registered businesses, the 31st GST Council meeting proposed a new return system. Continue reading “New GST return mechanism – Challenges ahead”

Services by employee to employer is outside the ambit of taxable event and not chargeable to GST: Schedule-III of the Central Goods and Services Tax Act, 2017 provides that services by an employee to the employer in the course of or in relation to his employment shall not be treated as supply, and thus no GST would be applicable.

Continue reading “Whether GST payable on director’s remuneration? Recent AAR on the same is disputable…!”

Notice in GSTR – 3A for non filers of returns: Section 46 of the CGST Act read with rule 68 of the CGST Rules, 2017 requires issuance of a notice in FORM GSTR-3A to a registered person who fails to furnish return under section 39 or section 44 or section 45 (hereinafter referred to as the “defaulter”) requiring him to furnish such return within fifteen days. Continue reading “Standard Operating Procedure (SOP) for Non filers of Returns – Latest Circular 20/06/04/2019”