GST Council Meeting Updates
The42nd GST Council meeting
has been held through video conferencing under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs.The GST Council has made the following recommendations:
New Requirement in Tax Audit Report and in ITR 6
New Tax regime i.e. "propagated as concessional tax rate" has been introduced in Finance Act which provide options to taxpayer to adopt any one of the two options and pay tax accordingly. A lot of deductions/allowance which were availed earlier by the tax payer shall be forgone.
Section 115BAA and section 115BAB are introduced for company assessee and section 115BAC and Section 115BAD have been brought for assessee, being an Individual, HUF and Co-operative society. so that tax payer can opt for concessional tax rate regime subject to fulfillment of various conditions given in these sections.
Do you need to maintain books of accounts for Income Tax purpose ?
Are you maintaining Books of accounts to disclose proper Income for Income Tax purpose?
GST taxpayers get relief in implementation of e-invoice
As per twitter handle of CBIC , One time relaxation has been given in implementation of E-Invoice Provisions for the month of October, 2020. Read full press release below:-
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