Latest Updates

5% GST slab may be increased to 6%

The panel for shoring up muted goods and services tax (GST) collection is examining slab restructuring by increasing the 5 per cent rate to 6 per cent ...

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Government e Marketplace (GeM) had a remarkable journey so far

Government e Marketplace (GeM) had a remarkable journey so far. As on 25 February 2019, the portal had 33,717 buyers organisations 202,448 sellers and ...

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Tax Deductions on Children Education School Fees

In respect of education, a parent can claim a deduction on the amount paid as tuition fees to any university, college, school or any other educational ...

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Holding back tax refunds

The Income Tax (I-T) Department is holding back tax refunds of many private and public sector enterprises, likely equaling to 5-10 percent of total ta ...

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Possession Letter from the Builder or Developer

It is a common practice that even before the flats are ready, developers rolls out the “Offer of Possession“. The actual possession of apartment h ...

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Foreign Currency Export Out of India

As per RBI guidelines, you can take up to USD 2,50,000 per trip while travelling abroad from India for business purposes. RBI updated this limit on Ju ...

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Deduction Under Section 80C

Tax deductions provide a means for individuals to reduce their tax burden. Among the various tax-saving options, most individuals prefer to claim tax ...

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How to Verify Mahagst link and activate VAT Profile

Link is send to your registered email ID by BMS Consultancy. Please Follow below steps for creation of profile. Step 1: Click the link contained i ...

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How to file GST Annual returns and key points to remember

Reconciliation of the books of accounts and tax invoices are issued during the period is of utmost importance; this should match the turnover declared ...

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