TaxIndiaUpdates.In : GST, Service Tax, Income Tax, VAT, Tax Planning

Analysis of Supply under GST Law

July 7, 2021December 3, 2021 TaxIndiaUpdates In0 comments8119 views

The concept of ‘Supply’ is introduced first time in Indian Taxation System the taxation event will be decided by the Supply under GST Law. In earlier law the event levy of tax was provided separately for each tax levied by government: Existing Indirect Tax Law … Continue Reading →

Goods and Service Tax

GST Returns at Glance

July 7, 2021December 7, 2021 TaxIndiaUpdates In0 comments3419 views

Section 39 of the CGST Act, 2017 provides that every registered person, other than an Input Service Distributor or a non-resident taxable person or a person paying tax under the provisions of section 10 or section 51 or section 52 shall, for every calendar month … Continue Reading →

Goods and Service Tax

Composition Levy Scheme in GST

July 7, 2021December 7, 2021 TaxIndiaUpdates In0 comments3893 views

Composition Levy Scheme in GST Composition Levy Scheme under GST law. Composition levy scheme is a very simple, hassle free compliance scheme for small taxpayers. It is a voluntary and optional scheme. A taxpayer registered under composition levy scheme has to pay an amount equal … Continue Reading →

Goods and Service Tax

Appeals and Revision in GST law (Procedural Aspect)

July 1, 2021December 4, 2021 TaxIndiaUpdates In0 comments10722 views

Chapter XVIII of the Central Goods and Service Tax Act 2017 (Sec. 107 to Sec. 121) deals with Appeals and Revision in GST law: Appeals to Appellate Authority (Section 107) (1) Any person aggrieved by any decision or order passed under this Act or … Continue Reading →

Goods and Service Tax

Demands and Recovery under GST Regime (SCN and Adjudication)

July 1, 2021December 4, 2021 TaxIndiaUpdates In0 comments9881 views

Chapter XV of the Central Goods and Services Act 2017 (Sec. 73 to Sec. 84) deals with Demands and Recovery under GST regime which includes issuance of Show Cause Notices and Adjudication proceedings: Determination of tax not paid or short paid or erroneously refunded or … Continue Reading →

Goods and Service Tax

Advance Ruling in GST Law

July 1, 2021December 4, 2021 TaxIndiaUpdates In0 comments6627 views

Chapter XVII of the Central Goods and Services Tax Act 2017 (Sec. 95 to Sec. 106) provides provisions of Advance Ruling in GST Law: Introduction An advance ruling helps the applicant in planning his activities, which are liable for payment of GST, well in advance. … Continue Reading →

Goods and Service Tax

Reverse Charge Mechanism in GST Regime: A Critical Analysis

July 1, 2021December 3, 2021 TaxIndiaUpdates In0 comments10513 views

Reverse Charge Mechanism in GST Regime: Every Government wants speedy and smooth collection of its taxes from public. The ‘Reverse Charge Mechanism’ is nothing but a system of Government to collect its Taxes from easy point. The term ‘Reverse Charge’ is defined under the Central … Continue Reading →

Goods and Service Tax

Taxation of Job Work in GST Law

July 1, 2021December 4, 2021 TaxIndiaUpdates In0 comments8908 views

Taxation of Job Work in GST Law: The term “Job Work” is defined in section 2(68) of CGST Act, 2017 as any treatment or process undertaken by a person on goods belonging to another registered person and the expression “job worker” shall be construed accordingly;. … Continue Reading →

Goods and Service Tax

Introduction to Indian GST Law

July 1, 2021December 8, 2021 TaxIndiaUpdates In0 comments8965 views

An Overview of GST: In the earlier Indirect Tax Law (Excise Duty, Service Tax, VAT etc.), the Central Government levies tax on, manufacture of certain goods in the form of Central Excise duty, provision of certain services in the form of service tax, inter-State sale … Continue Reading →

Income Tax

Income Tax Rates for AY 2021-22 & AY 2022-23

June 10, 2021November 30, 2021 TaxIndiaUpdates In0 comments15121 views

Income Tax Rates for AY 2021-22 & AY 2022-23 The income Tax Act, 1961 provides different tax rates for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab rates whereas, companies are taxed at fixed rate, … Continue Reading →