GST Update

Post author:WhyTax
Post published:March 15, 2020
Post category:GST
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Stress buster Council Meeting The 39th GST Council meeting held on 14th March 2020 took decisions on various important issues and came up with following stress busting recommendations: INTEREST Interest on delay in payment of…

Notification No – 1/2020 (Central Tax – Rate) GST on supply of lottery

Post author:WhyTax
Post published:February 21, 2020
Post category:Uncategorized
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Notification No – 1/2020 (Central Tax - Rate) Date – 21st February 2020 Seeks to amend notification No. 1/2017- Central Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.…

FAQs on Cancellation of GST Registration

Post author:WhyTax
Post published:February 5, 2020
Post category:GST
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Q.1 Under which circumstances can a registered Taxpayer file for cancellation of GST registration? Ans: A registered Taxpayer can file for cancellation of GST registration on the occurrence of any of the following events: 1. Discontinuance of…

GSTR-3B Returns in a Staggered Manner

Post author:WhyTax
Post published:January 22, 2020
Post category:GST
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Ministry of FinanceNow the GST Taxpayers can file their GSTR-3B Returns in a Staggered Manner Posted On: 22 JAN 2020 6:29PM by PIB Delhi Considering the difficulties faced by trade and industry in filing of…

National Anti-profiteering Authority

Post author:WhyTax
Post published:December 5, 2019
Post category:GST
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Today we will discuss about an important topic that how the benefit of reduced rate of GST will be transferred to the ultimate buyer. National Anti-profiteering Authority is therefore being constituted by the central Government…

Rule 36(4) of CGST Rules, 2017

Post author:WhyTax
Post published:November 25, 2019
Post category:GST
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Decoding of New Rule 36(4) of CGST Rules, 2017, Restriction in Availment of Input Tax Credit (ITC) Clarification regarding New Rule 36(4) of CGST Rules, 2017, Restriction in Availment of Input Tax Credit (ITC)Circular No. 123/42/2019– GST, Dt. 11 Nov 2019…

House Property Income

Post author:WhyTax
Post published:October 17, 2019
Post category:Income Tax
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Income under the House Properties Basis of Charge [Section 22]: Income from house property shall be taxable under this head if following conditions are satisfied: a) The house property should consist of any building or land…

CBDT extends Tax ITR filing deadline to October 31

Post author:WhyTax
Post published:September 27, 2019
Post category:Income Tax
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The Central Board of Direct Taxes (CBDT) has decided to extend the deadline for filing of ITRs and Tax Audits Reports by a month. Given the relentless demands by Chartered Accountants (CAs) and tax consultants,…