PROPECTUS AND ALLOTEMENT OF SECURITIES AMEDMENT RULES 2022

COMPANIES (PROSPECTUS AND ALLOTMENT OF SECURITIES) AMENDMENT RULES, 2022  The Ministry of Corporate Affairs (MCA) vide its Notification dated May 05, 2022 has notified the Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022 (“hereinafter referred to as Amendment Rules”). The Amendment Rules shall come into force from the date of their publication in the […]

Single Click NIL filing of GSTR-1

Introducing Single Click Nil Filing of GSTR-1 Single click Nil filing of GSTR-1 has been introduced on the GSTN portal to improve the user experience and performance of GSTR-1/IFF filing. Taxpayers can now file NIL GSTR-1 return by simply ticking the checkbox File NIL GSTR-1 available at GSTR-1 dashboard. It has been constant endeavor to […]

GST Related reporting (Clause 44) in Tax Audit Report.

Form 3CD of Tax Audit Report was amended in July 2018 by Notification No. 33/2018 dated 20.07.2018 Clause 44 on reporting of GST transactions was added. However its implementation was kept in abeyance till 31st March 2022. However, for tax audit reports filed from 1st April 2022 onwards, reporting under this clause will be mandatory. Hence, you […]

The registration window for existing units to claim subsidies under the Gujarat IT/ITeS Policy FY 2022-27 will remain open until November 5, 2022.

Hello Readers, Gujarat’s New IT policy was published on the 8th of February 2022, and it is published for 5 years, till 31st March 2027. Gujarat is committed towards promoting faster and inclusive growth in the IT/ITeS sector. This Policy focuses on attracting investments and generating employment across the State along with propelling growth through […]

TAXABILITY OF RENTING OF RESIDENTIAL DWELLING UNDER GST

Renting of residential dwelling for the purpose of residence was earlier exempted. However, the exemption on such service has been withdrawn with effect from 18.07.2022. Now onwards renting of residential property for the purpose of residence is also taxable if the recipient of service is registered under GST. Prior to July 18th,2022 Services by way […]

GSTR 9-9C for FY 2021-22 has been enabled on GSTN Portal

GSTR-9 [GST Annual Return] It is mandatory for turnover exceeding 2 Crores and optional for taxpayers having annual aggregate turnover of up-to Rs. 2 crores. GSTR-9C [GST Audit- Reconciliation Statement] It is applicable to taxpayers having annual aggregate turnover of more than Rs.5 crore. It is optional for taxpayers whose turnover is exceeding Rs.2 Crore […]

E-Invoicing (B2B) under GST for Taxpayer having Turnover more than Rs.10 Crore w.e.f. 01 October 2022 (Turnover in any FY from 2017-18 onwards)

The CBIC issued Notification No. 17/2022–Central Tax dated August 01, 2022, to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020, to decrease the e-Invoicing aggregate turnover limit from 20 crores to 10 crore w.e.f. October 01, 2022. CBIC has made the e-invoicing system mandatory for all registered persons with a turnover of more than Rs.10 crore […]

Deadline for Existing Units – Gujarat IT/ITeS Policy – 2022-27

Hello Readers, With an ambitious target to increase exports from the existing Rs 3,000 crore to as high as rs 25,000 crore in the information technology (IT) sector, the Gujarat government rolled out its new Information Technology & Information Technology-enabled Services (IT & ITeS) policy, 2022-2027. The Policy will enable all innovative ecosystem, establish a […]

SC directs GSTN to open portal for filing TRAN-1 for all taxpayers

The Revenue filed SLP before the Supreme Court as various High Courts had allowed writ petitions filed by the registered taxpayers seeking directions to avail Transitional Credit beyond statutory time limit. (Union of India vs. M/s Filco Trade Centre Pvt. Ltd. and Anr.) The Apex Court has issued the following Tran-1 directions: Goods and Service […]