Considering the COVID-19 impact and the hassles faced by the trade and industry, the Government announced various relief measures pertaining to GST Law and Compliances. One of the major reliefs was th

Section 194Q has been inserted in the Income Tax Act, 1961 vide the Finance Act, 2021 which will be effective from 1 July 2021. It provides that a certain buyer of goods is responsible for the deducti

Finance Act, 2021 introduced two new sections 206AB and 206CCA in the Income Tax Act, 1961 (hereinafter referred to as “the Act”), which will be effective from 1 July 2021. The said sections instruct

Vide the Finance Act, 2020, the government has inserted provisions to cover e-commerce transactions under the scope of TDS. The purpose behind inserting these provisions is to enlarge tax bade by brin

The Finance Act, 2020 has broadened the scope of TCS w.e.f. 1st October 2020. Now, the seller of goods whose turnover exceeds INR 10 crores in previous year will be liable to collect TCS on the paymen

The CBIC has amended the provisions in relation to the declaration of HSN/ SAC codes in GST invoices effective from 1st April 2021. The same are summarised as under: