Electronic Transactions Association’s Post

Sales tax obligations add an extra layer of complication to #DtC alcohol shipping. Download our free guide to learn the nuances of compliance. https://bit.ly/3Gv3Lb4

According to HM Revenue & Customs guidelines, promoting or operating mass-marketed tax avoidance schemes is not automatically a criminal offense. However, it becomes a criminal act if the promoter continues to promote the scheme after being issued an HMRC Stop Notice, which legally requires them to cease such activities. HMRC actively investigates cases involving tax avoidance schemes, and there have been convictions in specific instances where the rules were breached. For more details, you can refer to the full text https://lnkd.in/eu7Cfys9

The CBDT has specified that in respect of cases where a higher rate of TDS/TCS was attracted under section 206AA/206CC of the Act pertaining to the transactions entered into up to 31.03.2024 and in case of the demise of the deductee/collectee on or before 31.05.2024, i.e. before the linkage of PAN and Aadhaar could have been done, there shall be no liability on the deductor/collector to deduct/collect the tax under section 206AA/206CC, as the case may be. Read the Full Circular:https://lnkd.in/gqn4CBVC

#GSTtaxBytes Two businesses failed in their appeals to the High Court and GST Board of Review against the Comptroller’s decision to deny their input tax claims, amounting to $1.4 million. Read the details of the cases, and find out how you can avoid being implicated in the Missing Trader Fraud at https://lnkd.in/gM5xjszZ

To address input tax/fake flying invoices issue, while filing monthly sales tax returns, an #affidavit from the CFO is made mandatory to affirm the accuracy of the provided information. Non-compliance can lead to severe consequences including criminal proceedings, arrest /Up to 10 years of imprisonment etc. #ahsanaca #SalesTaxCompliance #FBR #TaxRegulations #SalesTax #taxes #CFO

No, Interest can be levied under GST when sufficient cash balance available in Cash Ledger before the due date of Payment of Tax ( i.e, before due Date of GSTR-3B filing). Hon'ble Madras high court in case of M/s. Eicher Motors Limited vs Superintendent of GST and Central Excise held that proviso to Sec 50(1) is traveling beyond the Sec 50(1). So, for the purpose of interest calculation we need to Take PMT-06 Date, not debit entry date in electronic cash ledger. It will give relief for the tax payer who has balance in cash ledger but not filed the GSTR-3B with in due date. #gstupdates #gstcompliance #gst

We receive multiple calls each month for consultation on Stamp Duty Land Tax, popularly known as SDLT. The questions often revolve around how to calculate the refund owed, the timeline for receiving a refund, and queries about duty surcharges, among others. To address these inquiries comprehensively, we've curated a blog that explains the entire process of Stamp Duty refund - covering how it works and how to claim it. Read more about it in the 🔗👇 https://bit.ly/3OOh7E4 Owais Bombaywala #SDLT #StampDutyRefund #TaxConsultation #wearedns

The Supreme Court ruled that liquor vendors who secure the right to sell arrack (a type of liquor) are not classified as "buyers," meaning they are not subject to Tax Collected at Source (TCS) under Section 206C. This decision exempts these vendors from paying additional taxes on their purchases. Reach out now and enjoy a FREE 30-minute consultation with our experienced professionals! 💼 📞: +91 98114 04057 📩 info@peachadvisory.in 🔗 www.peachadvisory.in #peachadvisory #tax #vat #SCTaxRuling #LiquorVendors #TaxExemption #TCS #Section206C #LegalUpdate #RetailLiquor #BusinessTax #TaxCompliance #ArrackVending

Summoning order NBW quashed for tax liability on services to edu. institutions (Apr'14-Jun'17) u/ss 89, 83 Finance Act'44, Sec 174 CGST Act'17, Sec 9 r/w 9(AA) Excise Act'44. Bail allowed. http://dlvr.it/TBL9xt #LegalTweet #TaxLaw #EducationSector #BailGranted #CourtOrder

Not sure what it is, but we've always found this case interesting. The Infamous Tax Case 🚔💼 Did you know about the case of Frank La Rosa, the drug dealer who tried to claim a tax deduction for stolen drugs? In 2003, La Rosa argued that the $220,000 worth of drugs stolen from him should be considered a business loss and claimed it as a tax deduction. Surprisingly, the Federal Court initially upheld his claim, sparking public outrage and leading to legislative changes. This case was instrumental in the creation of legislation around 'the proceeds of crime.' The Australian government amended the Income Tax Assessment Act to ensure that deductions could not be claimed for illegal activities, reinforcing the idea that crime should not pay. What do you think about this case? Share your thoughts in the comments! #tax #taxfun #taxreturn #taxseason #savetax #notax #eofy #finance #money #cashflow #wealth #business #smallbusiness #smallbusinessgrowth #hya #hyaccounting #growthhubconsulting