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Important GST updates applicable w.e.f 1st January 2022
The article covers the important GST updates applicable w.e.f 1st January 2022
Effects of E-invoicing on the GST aspects
E-invoicing is believed to impact various GST aspects and compliance. The e-invoicing mechanism is directly linked with two crucial mechanisms under GST: e-way billing generation and GST returns
Transfer of property for less than stamp duty value - Some implications
Sections Involved: 43CA, 50C & 56(2)(x) of Income Tax Act, 1961. Sale /Transfer of land or building on consideration less than Stamp Duty Value
Process of Formation & Registered Gratuity Trust
Steps for Formation of Gratuity Trust
Genesis of Revision order of CIT U/s 264 of IT Act 1961
Section 264 of the Income Tax Act provides, Powers to the Commissioner of Income Tax (CIT) to exercise the order in favour of the assessee.
8 Easy Ways to Prepare for Your Personal Financial Crisis
As personal financial catastrophes are almost always unpredictable, one must consider getting prepared for the same beforehand. This will lessen its impact and reduce uncertainty and stress. In this regard, individuals can follow the aforementioned pointers and plan better.
Deferred the decision to change the rates in textiles from 5% to 12% w.e.f. January 01, 2022
The GST Council had taken a laudable decision to defer hike in GST rate on textiles from 5% to 12% w.e.f January 1, 2022 as it will give much-needed impetus and support to textile sector
Supersession of Facelesss Appeal Scheme 2020
CBDT vide Notification No. 139/2021/F. No. 370142/66/2021-TPL dated 28.12.2021 substituted the Faceless Appeal Scheme, 2020 ("old scheme") with Faceless Appeal Scheme, 2021 ("new scheme").
Blocking of filing of GSTR 1 if GSTR 3B is pending
GSTN portal has implemented Rule-59(6) of the CGST Rules, 2017 with immediate effect. As per Notification No. 35/2021 - Central Tax dated 24th September 2021, clause (a) of the sub-rule (6) of Rule 59 of CGST Rules, 2017 was amended.
Important changes in GST w.e.f 1st January 2022
Central Government has brought into effect the provisions of Finance Act, 2021 effective from 1st January, 2022. In the Budget of 2021-22, changes in Finance Bill,2021 were proposed to make changes in CGST Act, 2017.
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