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Tag: 2019

Everything about Section 194N- TDS on Cash Withdrawal

Everything about Section 194N- TDS on Cash Withdrawal

A new section 194N introduced which increased the stress level for many. The Section came in effect on 1st September, 2019.  It brings good for Government but on the other hand problem for the common people. Let’s understand the new section. Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during a financial year. This section will apply to all the sum of money or an aggregate of sums withdrawn from a particular payer…

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No GST Annual Return for businesses upto Rs 2 crore Turnover?

No GST Annual Return for businesses upto Rs 2 crore Turnover?

The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs 2 crore from filing gst annual return. Senior officials said that despite three extensions for filing the returns, the number has been unsatisfactory. “It is ranging from 25-27 per cent despite extension of deadlines. The GST Council will discuss the issue in its meeting on September 20,” said an official. Sept 20 Goa meet, GST Council to look into inverted duty…

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Goa meeting Sept 20, GST Council to look into inverted duty structure issue

Goa meeting Sept 20, GST Council to look into inverted duty structure issue

The Goods & Services (GST) Council is expected to resolve issues related with inverted duty structure for various sectors in its 37th meeting scheduled to take place in Goa on September 20. The inverted duty structure, where there is higher duty on inputs and lower duty on output, has caused two problems. First is the refund in the GST regime, and second such a structure encourages imports hurting the domestic industry. There are at least seven industries including textiles and…

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Income Tax on selling of Shares and Securities

Income Tax on selling of Shares and Securities

An investment in knowledge always pays the best interest. With that knowledge, we all invest in many things for a period of time. These all things are not left from the tax. Share and securities are part of them. But what about the taxation of income from sale or purchase of shares? Gain earned at the time of transfer of capital asset is taxable to Income Tax under the head “Capital Gains”. Income from capital gains is classified as “Short…

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GST Fitment Committee Opposes Tax Rate Cut On Automobiles

GST Fitment Committee Opposes Tax Rate Cut On Automobiles

The Indian Automobiles industry is going through a turbulent period and one of the ways in which a temporary reprieve can be obtained is by reducing the GST rate on automobiles from the current 28 per cent to 18 per cent, even if temporary. But the GST Fitment Committee (a panel of officials from the GST Council, which discusses requests from various industries for GST reduction), says that reduction on GST rates for automobiles will lead to a major loss…

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GST deadline extended: Check new date for filing FY 2017-18 annual tax return

GST deadline extended: Check new date for filing FY 2017-18 annual tax return

GST Return Deadline Extended: The government has extended the deadline to file the annual GST return filing deadline for the last financial year 2017-18. GST assessees now have until 30 November 2019 to file their FY 2017-18 annual tax returns, extended from the earlier 31 August 2019. The due date for filing annual return forms and annual audit forms for the financial year 2017-18 i.e. GSTR-9, GSTR-9A and GSTR-9C respectively was primarily December 31, 2018, which was already extended to August 31, 2019. …

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GST Revenue collection increased by 4.51% for August, 2019

GST Revenue collection increased by 4.51% for August, 2019

The total gross GST revenue collected in the month of August, 2019 is ₹ 98,202 crore of which CGST is ₹ 17,733 crore, SGST is ₹ 24,239 crore, IGST is ₹ 48,958 crore (including ₹ 24,818 crore collected on imports) and Cess is ₹7,273 crore (including ₹841 crore collected on imports). The total number of GSTR 3B Returns filed for the month of July up to 31st August, 2019 is 75.80 lakh. READ ALSO:-  Section 103 of Finance (No. 2) Act, 2019 applicable from 01.09.2019 The government has settled ₹ 23,165 crore to CGST and ₹ 16,623 crore to…

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Section 103 of Finance (No. 2) Act, 2019 applicable from 01.09.2019

Section 103 of Finance (No. 2) Act, 2019 applicable from 01.09.2019

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 39/2019 – Central Tax New Delhi, the 31st August, 2019   G.S.R. ….(E).— In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of September, 2019, as the date …

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