Tax Articals

  Changes in PPF account Guidelines wef 1.10.2024 1. Interest only on Rs.1,50,000/-per year. 2. If more than one PPF account of a person they need to close 3. If a minor PPF account then saving bank interest @2.50%till minor and from attaining majority interest will be 7.10% or the applicable rate 4. If an Individual is a NRI then upto 30/9/2024 saving bank interest @2.50% then post 1.10.2024 no interest.  Adv KL Gupta

Request for Waiver Interest and Penalty under Section 128A of CGST Act, 2017  Date:  To, The Concerned Officer,  [Office Address] City, State  Subject: Request for Waiver of Interest and Penalty Under Section 128A of the CGST Act, 2017  Dear Sir/Madam, I hope this letter finds you well. I am writing to respectfully request the waiver of interest and penalty in accordance with Section 128A of the Central Goods and Services Tax (CGST) Act, 2017. We refer to the order issued to us in relation to the tax demand, which includes significant interest and penalty for the periods covering [Financial Year(s)]. Below, I provide the necessary details and justifications for my request. Reference to the Order/Notice: We refer to the order/notice number [Insert Order/Notice Number] dated [Insert Date], which levies interest and penalty under the provisions of Section 73 of the CGST Act for the non-payment or delayed payment of tax liabilities for the financial years [Year(s)]...

The Reverse Charge Mechanism (RCM) under the Goods and Services Tax (GST) in India refers to the situation where the recipient of goods or services is liable to pay the GST instead of the supplier. This mechanism is applicable in specific cases as notified by the government, including certain transactions involving scrap. RCM on Scrap under GST in India: Applicability: RCM is applicable when a registered person (buyer) purchases scrap from an unregistered dealer. In this scenario, the buyer is responsible for paying GST on the purchase of scrap. Types of Scrap: Scrap materials can include metal scrap, plastic scrap, and other waste materials that are sold for recycling or further processing. GST Rates: The GST rate on different types of scrap can vary. For example, ferrous scrap generally attracts a GST rate of 18%. Compliance: The buyer must issue a self-invoice and pay the applicable GST directly to the government. The buyer can then claim an Input Tax Credit (ITC) for the tax ...