MSME Minister Narayan Rane unveiled a specialized initiative targeting informal micro enterprises (IMEs), exempting them from the Goods and Services Tax (GST) framework. This program enables IMEs to secure collateral-free loans of up to Rs 20 lakh through the government’s Credit Guarantee Fund Trust for...
The Goods and Services Tax (GST) regime in India has revolutionized the landscape of indirect taxation, offering simplicity and efficiency. Among its fundamental components, understanding the classification of Place of Supply is paramount for distinguishing between intra-state and inter-state transactions. This distinction is pivotal for...
Goods and Services Tax (GST) operates on three pivotal pillars: Time, Place, and Value of Supply. These pillars elucidate when tax liability emerges, where transactions occur, and how taxable amounts are quantified. This discourse delves into the significance of Time, Place, and Value of Supply...
Stay updated with our monthly newsletter The ReCap! Get updates on latest tax regulations, changes in tax laws and expert insights to navigate the complex world of taxation. Simplify your tax planning and ensure compliance. Click on the icon below to access the complete newsletter....
Stay updated with our monthly newsletter The ReCap! Get updates on latest tax regulations, changes in tax laws and expert insights to navigate the complex world of taxation. Simplify your tax planning and ensure compliance. Click on the icon below to access the complete newsletter....
The Government of India has officially announced the Finance Act, 2024. Enacted by the Parliament of India and receiving the President’s assent on February 15, 2024, the Finance Act aims to uphold the existing income-tax rates for the financial year 2024-2025. It introduces various tax reliefs...
In a major crackdown to curb Goods and Services Tax (GST) leakage by foreign airlines operating in India, the Directorate General of GST Intelligence (DGGI) is understood to have issued summons to the Indian offices of these airlines. ...
Navigating the intricacies of tax compliance can pose significant challenges for small enterprises. To address this issue, the Government has introduced the Composition Scheme within the Goods and Services Tax (GST) framework. Designed to simplify GST compliance and minimize associated costs, this scheme offers a...
Stay updated with our monthly newsletter The ReCap! Get updates on latest tax regulations, changes in tax laws and expert insights to navigate the complex world of taxation. Simplify your tax planning and ensure compliance. Click on the icon below to access the complete newsletter....
The GST department has issued notifications to numerous construction firms, instructing them to reverse the input tax credit (ITC) claimed for the years 2017-18 and 2018-19. These notifications specifically relate to the ITC claimed on unsold units at the time of receiving Building Use (BU)...
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