CBIC notifies Ad-valorem Tax on Pan Masala, Tobaco where RSP not Required; SUVs clarified
CBIC notifies ad-valorem rates of GST Compensation Cess for Pan Masala and Tobacco products where RSP declaration not required. Also SUVs explained.
Category: Updates
GST Rate Reduced to 5% (Snack Pellets, Fish Paste, LD Slag and Zari Thread): CBIC Notifications
GST rates on various goods, including uncooked snack pellets, fish soluble paste, LD slag and imitation zari thread, have been reduced to just 5%, effective 27/07/2023.
Satellite Launch Services Exempted from GST: CBIC Notifications
CBIC notifies GST exemption for satellite launch services, including for private sector providers, effective from 27th July 2023.
Choosing FCM or RCM Options Simplified for GTAs: CBIC Notifications
CBIC amends procedures to allow GTAs extended deadline for choosing between FCM or RCM and relieve them from annual compliance to do so, as recommended by GST Council.
CBDT Clarification on Reporting of Funds (CRS) under I-T Rule 114F(5)
CBDT's clarification on the reporting status of certain RFIs and funds under I-T Rule 114F(5), classification as non-reporting financial institutions and their treatment as excluded accounts for CRS reporting.
ICAI’s Revised Overview of IND ASs issued by MCA (July, 2023)
ICAI has published the revised 2023 edition of the booklet "Indian Accounting Standards (IND ASs): An Overview", which summarises different aspects of Ind ASs issued by MCA.
CBDT Guidelines on Condonation of Delay in ITR Filing by Cooperative Societies
CBDT Circular 13/2023 provides guidelines for condoning the delay in filing income tax returns by co-operative societies claiming deductions under Section 80P, for AY 2018-19 to AY 2022-23.
e-Invoice Exemption Declaration Functionality: GSTN Advisory
Discover the GSTN Advisory on new e-Invoice Exemption Declaration functionality enabled on GST Portal for taxpayers.
TDS Exemption on Dividends for IFSC Units in Aircraft Leasing: CBDT Notification
CBDT has issued Notification 52/2023 on TDS exemption for IFSC units engaged in aircraft leasing, subject to compliance with prescribed procedure.
Extension of Deadlines for GST Amnesty Schemes till 31st August 2023
The deadline for the late filing of returns under GST amnesty scheme has been extended by the CBIC from June 30 to august 31, 2023.