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In the financial year 2024-25, Section 74A will replace both Sections 73 and 74, consolidating the calculation of tax and penalty under a single section for both the fraud and non-fraud cases
In the Budget 2024, a new Section 128A has been proposed by the Finance (No.2) Bill -2024. Under this section 128A, for certain financial years, from 2017-18 to 2019-20
The errors can be rectified in any decisions or order or notice or certificate or any other document as per section 161 but since on most of the cases dealers / asseseee are concerned with the orders hence we should try to understand the concept with Rectification of Mistakes/errors in Orders.
It has been more than 5 years since GST has been implemented in India and now this tax should be completely established in India but according to the news coming continuously from the business sector, problems are still there.
Let us see what are the financial effects of the RCM in most of the cases where provisions of reverse charge mechanism as mentioned in the GST Laws is applicable.
It has been a long time since GST was implemented in India and now the question is asked many times, is GST really a simple Tax? If we look at this question in another way, then the real meaning of this question is- "Is GST not a simple Tax?"
Clause 44: Clarifications as per new guidance note for Assessment Year 2022-2023
The ICAI has issued revised Guidance Note dated 14th Aug. 2022 on 19th Aug 2022 and with respect to the Clause Number 44.
The Clause 44 of the Form 3CD is effective for Assessment Year 2022-23 i.e. for the Financial Year 2021-22 because the compliance of this clause was kept in abeyance till 31/03/2022 but for all the reports submitted after that date the clause is mandatory.
The revenue of GST is increasing continuously and for this the business, industry and government of India deserves congratulations but at the same time there is no reduction in the problems of tax payers and professionals and the government should now pay attention to them
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