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Every person who is liable to pay tax in accordance with the provisions and fails to pay such tax shall pay interest on default amount. Further, a taxable person who makes an undue or excess claim of input tax credit shall pay interest on such undue or excess claims.

Goods and Services Tax (Compensation to States) Act, 2017 was enacted to levy Compensation cess for providing compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax with effect from the date from which the provisions of the Central Goods and Services Tax (CGST).

Amid this COVID pandemic and lockdown situation, many requests were received by the MINISTRY OF CORPORATE AFFAIRS. Given the difficulties faced by its stakeholders, the MCA provided certain temporary relaxations to decrease the burden of mandatory compliances by the companies and LLPs in this hour of crisis. In this article, we have discussed these relaxations and other updates to help you understand them better and stay updated with the recent reliefs provided. Visit us : https://www.manishanilgupta.com/

GST hurts textiles: Traders to wait and watch till post-Diwali work begins with enjoyment.

The International Monetary Fund (IMF) has stated that the goods and services tax (GST) collections in India have been below potential. The organization said that multiple rates along with exemptions and implementation challenges have affected the GST collections in India.

The Finance Bill, 2021 received the assent of honourable President of India on 28th March, 2021 upon which it came to be known as the 'Finance Act, 2021'. Like every year, this year also numerous amendments have come up in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021. Since, we have already entered into a new financial year, i.e. FY 2021-22, let's walk through some crucial changes that have taken place in Income-tax provisions that we have extracted from the whole set of amendments that are applicable for the current year.

The Finance Bill, 2021 received the assent of honourable President of India on 28th March, 2021 upon which it came to be known as the 'Finance Act, 2021'. Like every year, this year also numerous amendments have come up in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021.

The Finance Bill, 2021 received the assent of honourable President of India on 28th March, 2021 upon which it came to be known as the 'Finance Act, 2021'. Like every year, this year also numerous amendments have come up in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021. Since, we have already entered into a new financial year, i.e. FY 2021-22, let's walk through some crucial changes that have taken place in Income-tax provisions that we have extracted from the whole set of amendments that are applicable for the current year.

The Finance Bill, 2021 received the assent of honourable President of India on 28th March, 2021 upon which it came to be known as the 'Finance Act, 2021'. Like every year, this year also numerous amendments have come up in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021.

Through benchmarking regular performance, knowing best practices about companion and historical performance, and measuring the delta between substance and the potential of our client's tax department, MAG gives a clear plan for transforming the tax operations into a Tax Competency Centre. We provide best GST consulting services in India to our clients.

Every business firm needs to file an annual document declaring its net profits and various taxes paid on purchase, sales, paid tax on each and every product sold, and purchased. GST return filing is the document to file your tax returns for the financial year. This document is a mandatory requirement for all business owners; they have to file it according to their business and transactions. But first, all the businesses need to get registered under the GST system. However, those businesses whose turnover is below the limit of Rs 40 Lakh don't require filing GST returns and also the same goes for businesses in the northeastern and hilly regions with a turnover below Rs 20 Lakh.

Revised GST Rates on June 2022 in India- effective from July 18. And the revised GST rates will be applicable from July 18 onwards which will lead to an increase in the cost of several goods and services.

Discover everything you need to know about Form 16A, from its importance and types of payments attracting TDS to how to download, fill out, and verify it.

Understand the difference between bookkeeping and accounting, crucial for effective financial management and decision-making.