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Every tax law contains certain measures against tax offenders generally in the form interest, penalty or prosecution, where interest is compensatory in nature and penalty and prosecution are penal in nature.
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In the previous indirect tax regime, it was a settled principle that interest on late payment of taxes is only payable on the net tax liability i.e. after adjustment of
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Reverse Charge Mechanism (RCM) is not a new concept for service tax assesses, whereas for traders it is fairly a new concept especially for small
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Goods and Services Tax has already completed one Financial Year and there are some annual compliances which are required to be taken care of at the end of each Financial Year. One such compliance is filing
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GST Council in its 34th meeting which was held on 19th March, 2019 taken up for consideration operational details for implementation of the recommendations of the council in its 33rd meeting for lower effective GST rate
