50th GST Council Meeting The 50th GST Council Meeting was held on 11th July 2023 in New Delhi under the Chairmanship of Finance Minister Nirmala Sitharaman. The previous meeting i.e. 49th GST Council Meeting was held before 5 months on 18th February 2023 and the key takeaways of the 49th GST Council Meeting. Meeting 50th GST Council Meeting Date 11th July 2023 Chairperson Finance Minister Nirmala Sitharaman Venue Vigyan Bhavan, New Delhi Attendees Finance Ministers of all the states   Key Takeaways of the 50th GST Council Meeting  ⊗ GST rate on Online Gaming, Casino ..read more

Last updated on April 4th, 2023 at 03:54 pm GSTR 10 Final Return (Form GSTR 10) GSTR 10 is the Final Return to be filed by the person who has surrendered the registration or registration has been canceled by the proper officer. It can be signed using DSC or EVC. An ARN  will be generated on the successful filing of Form GSTR-10. An SMS and email will be sent to the applicant on the registered mobile number and registered email id. Note: Input Service Distributor or a Non-Resident Taxable Person or Composition taxpayers or a person paying tax under the provisions of section 51 or section 5 ..read more

GST sections amended in Finance Act 2023 Around 27 amendments in the GST Acts which include omissions, insertions, and substitutions were made through Finance Bill 2023 and Amendment to Finance Bill 2023. They are covered by Section 137 to section 163 of the Finance Act, 2023. Amendments made in Finance Act 2023 are yet to be notified in the Official Gazette to be made effective. Journey of  Finance Bill 2023 to Finance Act 2023 ⇒ Finance Bill 2023 presented in Lok Sabha-  1st February 2023 ⇒ Finance Bill 2023 including the amendments passed in Lok Sabha – 24th March 2023 ⇒ Finance B ..read more

49th GST Council Meeting The 49th GST Council Meeting was held on 18th February 2023 in New Delhi under the Chairmanship of Finance Minister Nirmala Sitharaman. This meeting is being conducted within a span of three weeks from the Union Budget 2023. Soon after the 48th  meeting, while addressing the media, Finance Minister mentioned that the next meeting will be held in January 2023. Key decisions of the 48th GST Council Meeting which required amendments to the GST Act were incorporated in the Finance Bill 2023. (Key takeaways of 48th GST Council Meeting) Meeting 49th GST Council Meet ..read more

ITC on CSR activities India was the first country to make corporate social responsibility (CSR) mandatory for big corporates. CSR has always been a topic of debate be it the Companies Act, Income Tax Act, Service Tax Act, or Goods and Service Tax Act. ⊗ Will CSR activity qualify as a business expense or it is a non-business expense??? ⊗ Whether expenses incurred on CSR activities will be tax deductible or not??? ⊗ Whether input tax credit can be availed on expenditure incurred on CSR activities or not? Considering the recent amendment made in Union Budget 2023 and we have tried to answer the c ..read more

Union Budget 2023 holds a lot of importance as this budget is the last full-term budget under the leadership of the Modi Government before the country goes to parliamentary polls in 2024. FM Smt. Nirmala Sitharaman will be presenting her fifth budget on 1st February 2023 in parliament. The budget is likely to focus on the country’s economic development and combating rising inflation. The first digital budget was presented in FY 22 (Key Highlights of Budget 2022). The Honorable FM mentioned this is the first Amrit Kaal Budget that is being presented in digital format.  All the details ..read more

How to transact using the retail CBDC  (CBDC – R) or eRupee R? The Reserve Bank of India (RBI) has launched the token-based digital currency for retail use on a pilot basis from December 01, 2022, popularly known as CBDC-R or e-Rupee (retail). The pilot is taking place in select cities on closed group circuits. The RBI has selected a few cities like Mumbai, New Delhi, Bangalore, and Bhubaneswar and subsequently, it will be extended to other cities. CBDC-R or e-Rupee (R) would be potentially available for use by everyone. Like, individuals,  the private sector, non-financial consumers ..read more

48th GST Council Meeting The 48th GST Council Meeting is likely to be held on 17th December 2022 via video conferencing under the Chairmanship of Finance Minister Nirmala Sitharaman. The date for the meeting was announced by the official Twitter handle of the GST Council. This Council Meeting holds a lot of significance as it is likely to be the last meeting before the Union Budget 2023. The last i.e. 47th GST Council Meeting was held almost 6 months before on 28th and 29th June 2022 at Chandigarh. (Key takeaways of 47th GST Council Meeting) Recent GST updates that one must know ⇒ Taxpaye ..read more

Last updated on December 3rd, 2022 at 07:51 pm GST Audit Goods & Service Tax is a trust-based tax regime structured in a manner to collect tax efficiently & reduce corruption from the economy. Under this system, an assessee is supposed to self-assess returns and determine the tax liability without any intervention by the tax official. As it relies on the self-assessment of the taxpayer/assessee, there is a robust audit mechanism in place to ensure compliance with law. What is Audit under GST Act? Section 2(13) of CGST Act,2017 – an Audit is the process of examination of reco ..read more

India’s Digital Rupee India has witnessed a paradigm shift towards innovative digital payments considering the robust round-the-clock electronic payment options available such as RTGS, NEFT, IMPS, UPI, etc.  RBI has played the catalyst role in developing and promoting a safe, secure, efficient, and interoperable payment system.  Considering the innovative blockchain technology which is defining the financial landscape of the economy worldwide. While presenting the Union Budget 2022, Finance Minister  Smt. Nirmala Sitharaman announced that India may soon have their own digital cu ..read more