The President of India Shri Ram Nath Kovind, on 21st February 2019 assented the Finance Act, 2019, thus giving effects to the amendments proposed in the Finance Bill 2019.

Like KYC of Directors, time to KYC for Companies. Ministry of Corporate Affairs notified the rules for ACTIVE COMPANY TAGGING IDENTITIES AND VERIFICATION (ACTIVE) on 21st February 2019. According to this rule, every company incorporated on or before the 31st December 2017 shall file the particulars of the Company and its registered office, in e-Form…

Applicability of RCM on inward supply from unregistered dealer effective 01.02.2019 Central Goods & Services Act, 2017(hereinafter to be referred as ‘CGST Act, 2017’) and Integrated Good & Services Act, 2017(hereinafter to be referred as ‘IGST Act, 2017’) vide Section 9(4) and Section 5(4) respectively levied GST on all supplies from unregistered dealer to registered…

Clarification on due date for payment of GST and Filing of GST Return is Form 3B Government through notification no 23/2017 – Central Tax dated 17th August 2017 clarified by the due date for payment of GST for the month of July 2017 is 20th August 2017. They also stated that due date for filing…

The tweets received by askGST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets.     Registration 1 Does aggregate turnover include value of inward supplies received on which RCM is payable? Ans. Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of inward supplies on which tax is payable on…

Labour Ministry is expected to place Universal Wage Code Bill before Cabinet later this month. This Bill has already been approved by the ministerial panel on labour issues headed by Finance Minister Arun Jaitley. Labour Ministry is keen to push the bill for passage in the next session of parliament which is expected to begin…

The last date for furnishing the statement of financial transactions under Rule 114E(5) of the Income Tax Rules, 1962, (the Rules) read with sub-section (1) of Section 285BA of the Income Tax Act, 1962 is 31st May, immediately following the Financial Year in which the transaction is registered or recorded, i.e. for Assessment Year 2017-2018…

The Government is keen to implement the new Benami Act in an effective manner with visible outcomes on the ground, therefore 1. 24 dedicated Benami Prohibition Units(BPUs) have been set up all over India recently; and  2. These units are under the overall supervision of the Principal Directors of Investigation of the IT Department to…

For hotels with tariff of Rs 2,500-5,000, #GST rate fixed at 18%. For hotels with tariff over Rs 5,000; rate set at 28% Hotels with tariff below Rs 1,000 tariff exempted from #GST . Rate for hotels with tariff of Rs 1,000-2,500 at 12% For restaurants serving without alcohol & without AC will attract 12%…

Are you spending major purchases, investments or availing expensive services ? then make sure your declared income in your income tax return will justify your expensive spending. As long as IT department will be able to corelate your declared income and expensive spendings you can escape the scrutiny. Currently, scrutiny cases are picked up through computer…