Background In the National Co-ordination Meeting on 24th April 2023, it was discussed that while various system based and policy measures are being taken to address fake registration and fake input tax credit problem, there is a need of concerted and coordinated action on a mission mode by Central and State tax authorities to tackle […]
Section 115BAC of the Income Tax Act, 1961 has opened the horizon of opting for lower tax rates subject to the condition of non-claiming of specified exemption or deduction or additional depreciation (This is commonly referred to as the ‘new tax regime’). Presently, the normal / old tax regime was the default tax regime under[…..]
Dear Friends, We received many queries as to whether provisions of Section 16(4) can be invoked for any omission / correction of the past period or can be applied for claiming ITC of that respective period also. For example, if February 2020 GSTR 3B is filed in the month of March 2021, so can we[…..]
Dear Readers, The 47th Meeting of GST Council was scheduled to be held in However, due to security clearances, the same was later on decided to be held in Chandigarh. In its 47th Meeting at Chandigarh on 28th and 29th June, 2022, several recommendations were made by the Council, the details of the same in[…..]
