Tax Audit Sec 44AB limit for Business is 1 Crore or 2 Crore? The Finance Act, 2021 has increased the threshold limit of turnover for tax audit u/s 44AB from Rs. 5 crores to Rs. 10 crores where cash transactions do not exceed 5% of total transactions.
GST Exemption – Understanding & Common Errors In GST It is essential for the government to issue certain exemptions and concessions considering the need of the economy and public policy for supporting certain initiatives and tax some highly to make up the revenues. Tax exemptions and concessions have been used as an instrument of fiscal […]
ITC is not shown in GSTR 3B Return According to the relief provided by the government in GST, the GSTR-3 returns from July 11 to September 15 are to be filled in September and the return in the month of August is to be filled by September 26. Apart from this, the GSTR 3B returns […]
How GST will impact a common man’s budget It has been more than 40 days since GST has been implemented in India. While the industry was very apprehensive, the GST transition has been smooth. The big question is how GST will impact a common man’s budget. Goods and services tax is stated to be one […]
GST impact on consignment sale Consignment sale is not new in the present business scenario. However, there are few consequences (pros and cons) on Consignment sale due to implementation of new indirect tax law i.e. GST. The author tried to explain the impact of GST on the consignment sale. This article written in question and […]