GST Council to meet on February, 18: Know what to expect
The GST Council will meet on 18th February, 2022 to discuss a host of issues including states’ revenue position and…
Category: GST Articles
No major GST rationalisation, slab changes planned for now
India is not planning any major rationalisation to rates under its goods and services tax (GST) regime and is also…
Budget 2023: Gaming industry welcomes TDS change, awaits clarity on GST
In the Budget 2023, Finance Minister Nirmala Sitharaman announced a 30 per cent tax on the “net winnings” from online games. Clarifying the…
Union Budget proposes changes to Income Tax search and seizure provisions
The Union Budget 2023-24 has proposed certain changes to the Income Tax search and seizure provisions in view of the…
Tax base to be widened with stricter audits: CBIC Chief
After record goods and services tax (GST) collection, the Central Board of Indirect Taxes and Customs (CBIC) is preparing a roadmap…
Budget, 2023: Old vs new income tax slabs: Which is better?
FM said, while presenting the Union Budget, 2023 that we are also making the new income tax regime as the…
Budget, 2023: Extending the scope for TDS at lower or nil rate
Section 197 of the Act relates to grant of a certificate of tax deduction at lower or nil rate. It…
Budget, 2023: Increasing threshold limits for presumptive taxation schemes
The existing provisions of Section 44AD of the Income Tax Act, inter-alia, provide for a presumptive income scheme for small…
Budget, 2023: Non payment to MSME will attract disallowance of expense
Section 43B of the Income Tax act provides a list of expenses allowed as deduction under the head ‘Income from business…
Changes in GST Law proposed in Union Budget 2023-24
Several amendments have been proposed in the GST Law in the Finance Bill, 2023 which is a part of Union…
2nd highest Gross GST collection in January 2023
The gross GST revenue collected in the month of January 2023 till 5:00 PM on 31.01.2023 is Rs 1,55,922 crore of which CGST is Rs…
Negative values will soon be allowed in Table 4 (eligible ITC) of GSTR-3B
The Goods and Services Tax Network (GSTN) will soon allow negative values in Table 4 of GSTR-3B (i.e. eligible ITC)…