Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Income Tax: To facilitate ease of doing business and reduce compliance burden, it is proposed to amend section 197 to bring section 194Q (tax deduction on purchase of goods exceeding Rs. 50 lakh) within its scope for obtaining lower deduction certificate. Similarly, section 206C(9) is proposed to be amended to bring section 206C(1H) (tax collection on sale of goods exceeding Rs. 50 lakh) within its ambit for obtaining lower collection certificate. The amendments will take effect from October 1, 2024.
Income Tax: To facilitate ease of doing business and reduce compliance burden, it is proposed to amend section 197 to bring section 194Q (tax deduction on purchase of goods exceeding Rs. 50 lakh) within its scope for obtaining lower deduction certificate. Similarly, section 206C(9) is proposed to be amended to bring section 206C(1H) (tax collection on sale of goods exceeding Rs. 50 lakh) within its ambit for obtaining lower collection certificate. The amendments will take effect from October 1, 2024.
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