Clarification on Section 128A of the CGST Act, 2017- Key Insights on Payment and Waiver of Interest and Penalty
The Central Goods and Services Tax (CGST) Act, 2017,
through Section 128A, outlines the waiver process for interest or penalties on
tax demands. This section specifically addresses the conditions under which
taxpayers can file for waivers, the process for payment, and how disputes are
handled. In this article, we will examine essential aspects of Section 128A,
focusing on payment methods, application processing, and appeal mechanisms.
Here's a breakdown of the key elements:
- 29th Oct 2024
- Category: Taxation
- views: 304
GST Composition Scheme: Advantages and Disadvantages
The Goods and Services
Tax (GST) Composition Scheme is a simplified tax regime designed for small
taxpayers to ease their compliance burden. It offers a hassle-free way to
manage taxes without dealing with complex GST regulations. However, it is not
without its limitations. In this blog, we’ll explore the key advantages and
disadvantages of the GST Composition Scheme to help businesses decide whether
it’s suitable for them.
- 15th Oct 2024
- Category: Taxation
- views: 327
Updated Norms under Income tax [ Sep 27, 2024]
The Indian Government introduced Vivad Se Vishwas
Scheme 2.0 in the 2024 Union Budget to resolve long-pending income tax
disputes. This scheme is effective from 1st October 2024, is designed to
simplify the process for taxpayers to settle disputes by paying a portion of
their tax dues. In this blog, we’ll cover the essential details, including
eligibility, payment terms, and the application process.
- 4th Oct 2024
- Category: Taxation
- views: 267
Understanding Form 10, Form 10B, and Form 10BB under Income Tax
In India, charitable and religious organizations
benefit from income tax exemptions under certain conditions. To ensure
transparency and compliance, these entities must submit various forms under the
Income Tax Act. Three important forms in this regard are Form 10, Form 10B, and
Form 10BB. Each serves a specific purpose and plays a critical role in tax
reporting for trusts, societies, and non-profit entities. This blog explains
the relevance and usage of these forms, helping entities stay compliant and
avoid penalties.
- 21st Sep 2024
- Category: Taxation
- views: 217
