Reports and Insights

Get deep insight into the Tax Proposals in Union Budget 2023, where we covered the Direct and Indirect Taxes related to Corporate, Human Capital, Transfer Pricing, Goods and Services, and Customs in the simplest form to make you understand it easily.

Get deep insight on the Tax Proposals in Union Budget 2022, where we covered the Taxes related to Corporate, Human Capital, Transfer Pricing, Transaction, Goods and Services, Customs and Special Economic Zone in the simplest way to make you understand the every minute details.

Tax audit exemption limit has been revised from INR 50 million to INR 100 million for persons who are undertaking 95 of their transactions digitally

To cope with COVID-19 situation, Govt. announced various measures for statutory and regulatory compliance. For this an Ordinance was promulgated by the President of India under which all compliances falling due between 20-3-2020 to 29-6-2020 shall extended to 30-6-2020.

Retrofitted two wheelers for use of differently abled persons to be taxed as normal vehicle under HSN 87112019 @ 28% GST with ITC

As we are aware, the world is grappling with the Convid-19 pandemic. It has not only impacted the health of individuals but also has serious repercussions on the global economy. Various governments have taken due measures to fight against this lethal virus. The DGFT & DDGFT has announced a relaxed exemption, extension of validity period and extension in dates of filling various applications and returns, etc. to help people cope with the coronavirus crisis, as follows:

As we all are aware of the pandemic strain in the world economy due to the Novel Corona Virus (COVID-19), not only has it impacted the health of individuals but also has serious repercussions on the global economy. Various governments have taken due measures to fight against this lethal disease.

Measure to reduce litigation in direct tax

• Several measures has been taken by government to reduce tax litigations like the SabkaVishwasSchemeunder indirect taxes which settled around 1,89,000 cases and fetched around INR 39,000 Crores.
• The number of appeals filed is much higher than the number of appeals that are disposed which has lead to the pendency of appeals filed by taxpayers as well as Government.

• Announced on Feb 1 2020 by Hon’ FM, Mrs Nirmala Sitharaman, the budget speech was overwhelming for the masses of the country
• Indian Economy had been long awaiting such changes in law and order and the government in center finally heard the woes of most sectors of the economy
• Handful of initiatives in the field of agriculture, education and health along with major tax reforms for both individuals and corporates in the announced budget are welcoming and largely appreciated
• Presenting before, budget analysis from Tax Industry Experts of Felix Advisory

The Government has issued notifications to make einvoice mandatorily w.e.f 1st April 2020. The main highlights of the e-invoicing are as under:

• Registered persons having an aggregate turnover of INR 100 crores or more and supplying goods or services or both to a registered person will be required to raise an e-invoice on the Common Goods and Services Tax Electronic Portal (‘Electronic Portal’).
• The invoice to be raised in FORM GST INV-01 after obtaining an Invoice Reference Number by uploading the requisite information on the Electronic Portal.

With effect from 31 October 2019, the state of Jammu and Kashmir has been divide into two parts:

• UT of Jammu & Kashmir (J & K), a union territory with state legislature, i.e. it can elect its own representative, and
• UT of Ladakh, a union territory without state legislature, i.e. it will be run by an administration led by a lieutenant governor.

Over the last few years, the Electric Vehicle (EV) has witnessed a phenomenal rise in interest from governments as well as investors globally. So much so that Union government has lowered the GST rate on EV from 12 per cent to 5 per cent with the view to promote it and make India a global hub for EV manufacturing.