input tax credit Current Affairs, GK & News

What is 1% Cash Payment Norm in GST?

The Department of Revenue recently announced that the GST tax payers should compulsorily pay at least 1% of their tax in cash. This is to come into effect from January 1, 2021. 1% Cash Payment Norms The 1% Cash Payment norms is applicable to all the 45,000 taxpayers. This is being introduced to curb tax ..

Month: 

Category: 

Topics: 

In a first, GST Council fixes 28% uniform tax rate for lottery

In a first, the Goods and Services Tax (GST) Council meeting resorted to voting to decide on an issue, as all the earlier decisions by GST Council had been taken through consensus. The controversial issue of GST rate for lotteries was decided on basis of voting, with the GST Council headed by Finance Minister Nirmala ..

Month: 

Category: 

Topics: 

Central Board of Indirect taxes and Customs (CBIC)

The Central Board of Indirect taxes and Customs (CBIC) is the national nodal agency which is responsible for the administration of Customs, GST & Narcotics in India. The department was established in the year 1855 by the British to administer the custom and revenue laws in India. The department was also made responsible for the ..

Topics: 

Power of Tax Officials to Arrest

The promoters of some companies were arrested by the Tax officials on the allegation that the shell companies were inflating the turnovers to claim the input tax credit. Many of the promoters approached various high courts and got anticipatory bails. The tax experts questioned the power of tax officials to arrest saying it converts enquiries ..

Topics: 

GST council reduces Tax rates on Housing

The GST council has decided to slash the tax rate on under-construction residential properties and the affordable housing projects category. Decision of GST council The GST council has reduced the GST rate for under construction from the present 12 per cent to 5 per cent. The GST rate for affordable housing category is now 1 ..

Month: 

Topics: