New Notification and Circular issued by Income Tax for Prescribing Modes of electronic payment from 01.01.2020. New circular issued to give some time to install and operationalise the new system. The penalty U/s 271DB will be applicable from 01.02.2020 Read Also : GST NEW RETURN Read Also : CASH TRANSACTION LIMIT
CASH TRANSACTIONS LIMIT SECTION 269ST Any Person , shall not receive amount of Rs 2 Lacs or more as the new cash transactions limit provisions of Income Tax Act : In aggregate from a person in a day OR In respect of Single Transaction. OR In respect of transactions relating to single event or occasion […]
NON FILING OF GST RETURNS CBIC in a recent circular has laid down the special procedure to be followed against the non filers of GST returns.This also includes Recovery in GST if GSTR3B has not bee filed by you as per the provisions of the CGST Act. To improve the compliance and increase revenue collection […]
RECENT GST UPDATES Changes in Rule 36(4) The limit for taking input tax credit on eligible invoices the details of which has not been uploaded by supplier has been reduced from 20% to 10% . Now only 10% ITC of uploaded invoices will be allowed for not uploaded invoices. This provision will be applicable […]
MYTH VS REALITY IN GST E INVOICES GST E Invoices are going to be implemented in GST from April 2020. The government has already notified the persons having turnover more than 100 crores as the class of person who shall make GST invoices electronically. GSTN has come out with several Myths and Facts […]