May 22, 2023

May 22, 2023
CA Poonam Gandhi

In simple terms, input tax credit (ITC) means claiming credit of the tax paid on the purchase of goods and/ or services which are used for the furtherance of the business. Notably, the seamless and easy flow of input tax credits is the backbone behind the implementation of Goods and Services Tax (GST) in India.

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May 3, 2023

May 3, 2023
CA Poonam Gandhi

‘Tobacco’ the name itself sounds so much hazardous to health. However, inversely, India is the second largest producer of tobacco and the third largest exporter of tobacco in the world. Figuratively, tobacco is a booming market and is likely to grow by 4.72% annually. Various taxes like National Calamity Contingent Duty, Goods and Services Tax, Compensation

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April 21, 2023

April 21, 2023
CA Poonam Gandhi

With each passing year, Goods and Services Tax (GST) law is trying to stabilize. Remarkably, GST collection for the last Financial Year i.e. 1st April 2022 to 31st March 2023 has touched the new height of INR 18 Lakhs Crores. Notably, the total collection for the Financial Year 2022-2023 is INR 18,07,679 Crores. Looking at the

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April 13, 2023

April 13, 2023
CA Poonam Gandhi

The roots for announcing the Amnesty Scheme 2023 were planted in the 49th GST Council Meeting which was held under the Chairpersonship of Smt. Nirmala Sitharaman on 18th February 2023.Taking quick action to the same, the Central Board of Indirect Taxes and Customs came up with various notifications announcing different amnesties under GST. The same

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