Taxes

1. Rate Notification 5/2022 dated 13 July 2022 regarding RCM on residential dwelling unit:
Services by way of renting of residential dwelling to a GST registered person for either residential or commercial purpose, shall attract GST and is to be paid under Reverse Charge Mechanism (RCM) in the hands of the GST Registered person who is the recipient of such services (tenant). It is irrelevant whether the supplier of rental service of such residential dwelling (owner) is registered under GST or not. This is with effect from 18 July 2022

Interest payable for delay in payment of Income tax (e.g. advance tax, TDS, TCS), Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT)

Sec. 10: Interest on Recognized Provident Fund balance: Effective date: 01.04.2022
Interest income accrued during the previous year in the account of the person to the extent exceeding Rs. 2,50,000 in a previous year in the PF, would be taxable from 01.04.2022.

CBDT has notified rules for LTC (Leave Travel Concession) Cash Voucher Scheme [Section 10(5)] vide
Notification No. 50/2021-Income Tax Dated: 5th May, 2021. The brief particulars of the scheme are as follows:

Section 50 of the CGST Act, 2017 levies interest on delayed payments of tax. Originally the
interest was being collected on the ‘gross’ amount of tax due. It is now amended retrospectively
from 01.07.2017 on ‘Net Cash’ basis.

Interest payable for delay in payment of Income tax(e.g. advance tax, TDS, TCS), Equalization Levy,Securities Transaction Tax (STT), Commodities Transaction Tax (CTT)

16th January, 2016 marked a significant milestone for startups in India, with the Government of India announcing the “Startup India Action Plan” amidst much fanfare in the presence of the Prime Minister Mr. Narendra Modi, some of his

Note: The above is as applicable for a sole proprietor (i.e. an individual running his own business). In case of Partnerships and Companies, additional documents such as partnership deed, incorporation certificate, Memorandum & Articles of Association etc. will be required, depending on the type of entity.

You all are aware that the new Indirect tax system namely Goods & Services Tax (GST) would replace the present Central Excise Duty, Service Tax at the Central level and State
VAT, Central Sales Tax, Entry Tax at the State Level, in the near future (exact date of implementation of GST is yet to be announced).

On 13.05.2020 the Honorable Finance Minister Nirmala Sitharaman announced measures for relief and credit support to businesses and MSMEs to support Indian Economy’s fight against
COVID-19. Highlights of the same are as follows: