GST registration: Foreigners exempted from Aadhaar authentication

2021-02-26The government has exempted foreign persons and govern­ment entities from the compulsory requirement of Aadhaar-based authentication for the purpose of the goods and services tax (GST) registration. However, Indian citizens will have to fol… Read more »

GST: NIC issues list of GSTINs on whom E-Invoicing is Mandatory

2021-02-18The National Informatics Centre (NIC) has issued a list of GSTINs dated January 27, 2021, for whom e-invoicing shall be mandatory. There are 73308 GSTNs who are enlisted by the NIC for whom it is mandatory for the taxpayer to upload the inv… Read more »

With the new TDS rule, every time you make a payment, you must ask if the receiver has filed tax returns in last two years

2021-02-12“Suppose you are making payment to a contractor. And, when you’re getting the work executed, you’re supposed to deduct TDS at 2% — that’s the normal rate. If I made a payment of ₹ 1 crore, I deducted TDS of ₹2 lakh and deposited it in h... Read more »

Quarterly GST returns to ease compliance from January 1

2020-12-09The goods and services tax (GST) taxpayers with a turnover of up to Rs 5 crore will have the option to ease their compliance burden from January 1, as the facility to file GSTR-3B only on a quarterly basis kicks in. Currently, GSTR-3B is fi… Read more »

CBDT deploys two-third of its workforce for faceless assessment scheme

2020-09-15The Central Board of Direct Taxes (CBDT) has deployed two-third of its workforce to deal with the faceless assessment scheme. Now, the National e-Assessment Centre (NeAC) which is headed by Principal Chief Commissioner of Income Tax is havi… Read more »

GST registration after physical verification of biz place if Aadhaar not authenticated: CBIC

2020-08-22Businesses registering under GST can opt for Aadhaar authentication, in absence of which registration would be granted only after physical verification of the place of business. In a notification, the Central Board of Indirect Taxes and Cus… Read more »

Delhi govt sends notices to over 5,500 firms for not filing tax returns

2020-08-09The Delhi government sent notices to over 5,500 companies for not filing tax returns on Friday. The government is also preparing a list of tax defaulters, it said in a statement. Nine sectors, including e-commerce, insurance and financial s… Read more »

Banks, post offices can now find out TDS on large cash withdrawals

2020-07-13Banks and post offices can now ascertain the tax deducted at source (TDS) of those withdrawing large cash just by entering permanent account number of these assesses on the facility provided by the income tax department. The department has … Read more »

Need to use resources prudently in COVID-19 crisis, don't initiate any new scheme: FinMin to ministries

2020-06-07The finance ministry has asked all ministries and departments not to initiate any new scheme in the current financial year and said that there is a need to use resources prudently in the wake of the COVID-19 crisis. However, funds for schem… Read more »

US to probe India's digital tax; it's non-discriminatory, says New Delhi

2020-06-04The US has decided to launch an investigation against India for levying a 2 per cent digital tax on technology majors, to determine if it “unfairly targets” American companies like Amazon, Google, and Facebook. The US Trade Representative (… Read more »

MSMEs may get working capital boost with ‘overdraft guarantee’

2020-05-11The Modi government is likely to announce the much-awaited stimulus package with focus on micro, small and medium enterprises (MSMEs) in the next couple of days.Multiple sources confirmed that the package will be composite. “On the one hand… Read more »

You may have to claim refund for FY 2019-20 tax saving done after March 31

2020-04-08The government has extended various tax-related deadlines for the financial year 2019-20 to June 30, 2020 (from March 31, 2020). These include the deadline for completing one's tax-saving exercise.According to a finance ministry press relea… Read more »