e-Advance Rulings (Amendment) Scheme, 2023

e-Advance Rulings (Amendment) Scheme, 2023 The Central Board of Direct Taxes (CBDT) has amended the e-advance rulings scheme, 2022, vide notification no. S.O. 2569(E) issued on 12th June 2023. These amendments, known as the e-Advance Rulings (Amendment) Scheme 2023, have…

47th GST Council Meeting

47th GST Council Meeting 47th GST council meeting took place on two days i.e. 28th June 2022 and 29th June 2022 under the chairmanship of Finance Minister of India Smt. Nirmala Sitharaman. The present article highlights important recommendations provided at…

Scrutiny of GST returns and Parameters thereof as per SOP

Scrutiny of GST returns and Parameters thereof as per SOP Recently, the Central Board of Indirect Taxes and Customs, vide instruction no. 02/2022-GST dated 22nd March 2022, has come up with the Standard Operating Procedure (SOP) to be followed for…

Proposed taxability of Virtual Digital Assets

Proposed taxability of Virtual Digital Assets The Union Budget 2022-2023, presented by the Finance Minister on 1st February 2022, came up with the new provisions governing taxing as well tracking of ‘Virtual Digital Assets’. With already hit-up topic vis-à-vis budget…

Proposed GST Amendments – Union Budget 2022-2023

Proposed GST Amendments – Union Budget 2022-2023 The Finance Minister, Smt. Nirmala Seetharaman presented the second digital union budget 2022-2023 on 1st February 2022. Accordingly, clauses 99 to 123 covered the proposed GST amendments. It is important to note that…

Companies (Registration Offices and Fees) Amendment Rules, 2022

Companies (Registration Offices and Fees) Amendment Rules, 2022 Recently, vide notification dated 11th January 2022, the Ministry of Corporate Affairs notified the Companies (Registration Offices and Fees) Amendment Rules, 2022. It is important to note that the amendment rules are…

E-Advance Rulings Scheme, 2022

E-Advance Rulings Scheme, 2022 Advance rulings provide upfront clarity to the specified taxpayers as well as non-residents about the taxability/ non-taxability of transactions in India under the Income Tax laws. E-Advance rulings scheme, 2022 is introduced, vide notification dated 18th…

Initiation of recovery proceedings due to difference between GSTR-1 and GSTR-3B

Initiation of recovery proceedings due to difference between GSTR-1 and GSTR-3B Under Goods and Services Tax, various amendments were made effective from 1st January 2022. Out of them, one of the important amendment that is creating a huge hue and…

Reverse Charge Provisions for Builders

Reverse Charge Provisions for Builders Generally, under GST, the service provider is liable to pay the tax. However, the Reverse Charge is a system via which the service receiver is held liable to pay the tax. Notably, section 9(3); section…

The Factoring Regulation (Amendment) Act, 2021

The Factoring Regulation (Amendment) Act, 2021 The Ministry of Law and Justice, vide notification dated 9th August 2021, notified amendment to the Factoring Regulation Act, 2011. The amendment is named as ‘the Factoring Regulation (Amendment) Act, 2021’ which received Presidential…