Three opposition-ruled states stated on Sunday that the compensation sum guaranteed by the Centre is expected to be more than the Rs 1.58 lakh crore anticipated by the Centre and that a special session of the GST Council will be summoned to debate it. The finance ministers of Kerala, Punjab, and Chhattisgarh claimed during the…
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Three opposition-ruled states stated on Sunday that the compensation sum guaranteed by the Centre is expected to be more than the Rs 1.58 lakh crore anticipated by the Centre and that a special session of the GST Council will be summoned to debate it. The finance ministers of Kerala, Punjab, and Chhattisgarh claimed during the…
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Indirect tax revenue (including GST and non-GST) totalled Rs 10.71 lakh crore in FY20, up 12% from real revenue receipts of Rs 9.54 lakh crore the previous fiscal year. Provisional collections account for 108.2 % of the FY21 Revised Estimates of Rs 9.89 lakh crore, according to the finance ministry. As a result of Covid,…
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1. New Invoice Series: Ensure the creation of a set of new/unique invoices to be raised from 01 April 2021. The set should contain serial numbers. You can create multiple layers according to your convenience. 2. Physical Stock Check: The physical stock needs to be reconciled with the stock according to books of account. This…
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The composition scheme was created specifically for small taxpayers to help them avoid the complexities of the GST framework and compliances. Small registered taxpayers should pay a flat rate of tax based on their annual revenue. For the financial year 2021-22, the Goods and Service Tax Network (GSTN) has released an advisory on opting into…
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In Budget 2021, Finance Minister Nirmala Sitharaman proposed a host of reforms to the goods and services tax system aimed at assisting small and medium enterprises in weathering pandemic-related disruptions. This includes easing the audit requirement for registered companies, assessing the amount of interest owed on outstanding tax liabilities, and identifying the conditions under which…
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A senior finance ministry official said that the central government is in favour of combining the 12% and 18% goods and services tax (GST) rates into a single slab, acceding to a proposal first made by some states and endorsed by the Fifteenth Finance Commission (FFC). At its meeting in March, the GST Council, India’s…
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How to unlink Aadhaar from the bank account and SIM cards? How to unlink Aadhaar On Wednesday, the Supreme Court handed down a ruling on Delink Aadhaar, that linking Aadhaar to his bank account or SIM card is no longer mandatory and forcing anyone to do so to be considered unconstitutional. For those who have…
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1. Steps to pay tax on income Due Step 1: Select Challan 280 Go to the Inland Revenue Department tax information network revenue and select Challan 280. Click here to go to the government website and pay tax Step 2: Enter personal information For individuals who pay tax: Step 1: Select (0021) the income…
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How to calculate and pay a tax fee? Advance tax means that income tax should be paid in advance instead of lump-sum payments at the end of the year. It is also known as pay as you earn a tax. These payments should be made in instalments according to the deadlines given by the income…
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