Section 43(b)(h) was introduced to help MSME. As per this provision the buyers were oblised to make payment to MSME’s in 45 days. In case of default they were supposed to pay more tax. As the amount not paid within 45 days will not be
Table of Contents Background:Court Proceedings:Instruction to Submit Documents:Allegations by Income Tax Department:Importance of Compliance:Financial Transparency:Conclusion:Significance of Court Decision: Background: In a recent development, the Kerala High Court has issued a directive to Binoy Kodiyeri, the elder son of the late Kodiyeri Balakrishnan, former State secretary
Table of Contents India’s Economic Thrust Driven by Strong GST Revenue SurgeRecord GST Revenue of ₹1.68 Trillion in FebruaryPositive Trend in Monthly Average GST RevenueCumulative Gross GST Revenue Surges to ₹18.4 TrillionConclusion India’s Economic Thrust Driven by Strong GST Revenue Surge The Indian economy experienced
ICAI Releases Handbook on Voluntary Liquidation Process In February 2024, the Institute of Chartered Accountants of India (ICAI) introduced a handbook to provide guidance on the voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016 (IBC). Evolution of the Insolvency and Bankruptcy Code The
Table of Contents Bihar Introduces ‘One-Time Settlement’ Initiative for TradersIntroduction of Bihar Tax Disputes Settlement Bill, 2024Provisions of the Settlement SchemeConditions for Availing the SchemeExemption for Petrol Pump OwnersLegislative Amendments and Budget SessionConclusion Bihar Introduces ‘One-Time Settlement’ Initiative for Traders The NDA government in Bihar
Table of Contents Introduction:Impressive GST Revenue Collection in FebruaryStrong Manufacturing Activity Fuels GrowthMonthly Average GST Revenue on the RiseContinued Growth MomentumImpressive Annual Growth in GST RevenueKey Driver of India’s Economic SurgeConclusion: Introduction: In recent months, India has experienced a notable acceleration in its economic
Table of Contents Strengthening GST Enforcement: A National ConferenceCombatting GST Evasion: Challenges and StrategiesTackling Fake Invoicing: Collaborative StrategiesSharing Best Practices: Knowledge ExchangeFostering Synergy: Collaboration for Unified ApproachLeveraging Technology and Data: Enhancing EfficiencyBalancing Ease of Doing Business: Effective Enforcement MeasuresEmbracing Cooperative Federalism: Strengthening GST AdministrationConclusion Strengthening
Table of Contents Introduction:Government’s Reconsideration of Clause (h):Conclusion: Introduction: The Finance Act of 2023 introduced Clause (h) under Section 43B of the Income Tax Act, aimed at addressing the issue of delayed payments encountered by Micro, Small, and Medium Enterprises (MSMEs) from their buyers. This
Table of Contents Background:Legal Issue:Court’s Analysis and Verdict:Precedent and References:Conclusion: Background: The case originated from a search conducted by the Directorate General of Goods and Service Tax Intelligence (DGGI) at the business premises of M/s. K.M. Food Infrastructure Pvt. Ltd. and M/s. Apparent Marketing Pvt.
Table of Contents Introduction:The Objective of the Scheme:Scheme Details and Benefits:Encouragement to Traders:Conclusion: Introduction: In a notable move aimed at easing the financial strain on traders, Chief Minister Pramod Sawant of Goa announced a significant initiative today. The state government has decided to waive off
