Blockchain Metaverse is the Future
WHAT IS BLOCKCHAIN? Blockchain is an innovative distributed ledger technology which was first introduced in the design and development of cryptocurrency, Bitcoin in 2009 by Satoshi Nakamoto. Blockchain is an amalgamation of various innovations, with a clear business value. Blockchain enables a shared ledger among the various parties involved in business transactions, which acts as […]
Seed Funding Scheme for Startups
Startup India Seed Fund Scheme (SISFS) has been implemented from April 1, 2021 which gives financial help to early-stage start-ups in the form of simple access to funds, which is critical for entrepreneurs at the start of their business’s growth. You can think of the “seed” funding as part of an analogy for planting a […]
Seeks to empower the Competition Commission of India to handle anti-profiteering cases under CGST Act, 2017 with effect from 01.12.2022.
Now Competition Commission of India to examine Anti-Profiteering & CBIC amends rules related to National Anti-Profiteering Authority Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices. Under section 171(2) Antiprofiteering […]
GSTR 9 instructions have been updated to reflect the extended time period for claiming ITC and amendment.
The CBIC amends the instructions of GSTR-9 in Notification No. 22/2022-Central Tax dated November 15, 2022, to reflect the increased time period for claiming Input Tax Credit (“ITC”) and amendment. The words “April to September 2022” have been substituted with “April 2022 to October 2022 filed upto 30th November 2022”. Against serial numbers 10 ,11 ,12 and […]
The GST Tribunal is expected to be established by December 2023 and should be completely paperless.
Since the implementation of GST in July 2017, businesses have faced interpretational and technical challenges, resulting in long drawn GST litigation. In the absence of GST Appellate Tribunals, taxpayers have frequently sought relief from High Courts through writ jurisdiction. Given the caseloads, the establishment of the GST Appellate Tribunal (GSTAT) has been highly awaited in […]
Unicorn Startups – Rare Breed to New Normal
Dear Readers, “Startup” is often treated as a catch-all buzzword among businesses. But despite popular belief, the term isn’t just reserved for tech companies in Silicon Valley. So, what constitutes a startup? In short, they’re typically companies that tick the following boxes: a) Entity is working towards innovation, development or improvement of products or processes […]
Whether sale of land after levelling, laying down of drainage lines etc., is taxable under GST? – The Madhya Pradesh High Court -October 2022.
The Madhya Pradesh High Court has asked the local authority to reconsider its decision to levy 12% GST on a piece of land. The petitioner, Ms. Shraddha Tiwari approached the Court contending that GST at 12% has been levied upon the sale consideration for the purchase of developed land upon the petitioners who happen to […]
The Goods and Services Tax Network (“GSTN”) has added a new Federal Bank for GST payment.
The Goods and Services Tax Network (“GSTN”) has added a new Federal Bank, bringing the total number of banks accepting GST payments to 20. Here is the list of all the Banks: Axis Bank Central Bank of India Indian Bank Punjab and Sind Bank Bank of Baroda Federal Bank Indian Overseas Bank Punjab National Bank […]
Due to non-filing of GSTR-1, the GST Common Portal restricts GSTR-3B
Sequential filing of GSTR-1 & filing of GSTR-1 before GSTR-3B on GST Portal: A taxpayers shall not be allowed to file GSTR-1 if previous GSTR-1 is not filed and a taxpayer shall not be allowed to file GSTR-3B if GSTR-1 for the same tax period is not filed. These changes are being implemented prospectively and […]