TCS on Sale of Goods – Section 206C(1H)

Dear Reader, Finance Act, 2020 has inserted the new provision (Section 206C(1H)) in the Income Tax Act, 1961 which is applicable from 1st October 2020. The extract of the same is provided as under: “every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate […]

E-Invoicing

Dear Reader, E-Invoicing shall be mandatory from 01.10.2020. We have tried to summarize the necessary information for the subject with easy understanding. History The GST Council, in its 37th meeting held on 20th September, 2019, has approved introduction of electronic invoice (‘e-invoice’), beginning from 1st January, 2020 on voluntary basis. Further, the GST Council, in[…..]

Faceless Assessment

Dear Reader, This is the world of technology and our Prime Minister is known for adopting the latest technology. In the Union Budget 2019, the Finance Minister has proposed the introduction of a scheme of e-assessment to the limited extent. However, on 13th August 2020, Honoring the tax payers, the Prime Minister Modi launched the[…..]

Decisions taken by GST Council it its 38th Meeting

Dear Reader, Kindly find below updates of the decisions taken on the 38th meeting of the GST Council. (Notifications /Orders /Circulars for respective decisions have also been issued recently) The Council has taken below major decisions in its meeting; Further Blockage on generation of E-way bills on non-filing of GSTR 1 Late fee waiver for[…..]