#vat returns online

[bookkeepingservices12]

Completing Your Company VAT Return in The UK

Filing vat returns online has several benefits for businesses. First and foremost, it saves time and effort. Companies no longer have to manually fill out paper forms or make phone calls to file their vat returns online. Instead, they can do it all online, at their own convenience.

[simplysolvedagency]

Steps And Requirements VAT Registration In UAE

Under the value-added tax (VAT) system implemented on January 1, 2018. UAE VAT registration is mandatory for businesses with annual revenue exceeding AED 375,000 ($102,000).

Registration to the FTA requires a sound basis for the registration, preparation of the necessary evidence, and documentation to proceed without delays or issues. Therefore preparation and planning are key to minimising issues, potential risks, and penalties.

Here are the steps and requirements for VAT registration in the UAE:

1. Determine your business’s eligibility for VAT registration.

To determine your business’s eligibility for VAT registration, you need to consider the following:

Taxable Income: If your business has     revenue exceeding AED 375,000, you must register for VAT calculated on a     rolling basis, including the preceding 11 months and the next 30 days.

Type of business: All businesses operating     in the UAE must register for VAT except for a few exceptions. These     exceptions include businesses that are exempt from VAT, such as the sale     and supply of some financial and insurance services

Location of business: Businesses operating in     the UAE, regardless of location, must register for VAT if they meet the     above criteria.

2. Register your business with the Federal Tax Authority (FTA).

To register your business for VAT, you must register it with the Federal Tax Authority (FTA). To do this, below is a summary of the minimum requirements:

Possess a Trade License: To register your     business for VAT, you need a Trade License.

Register with the FTA: Once you have a Trade     License, you need to register your business with the FTA through their     e-Services portal. You will need to provide the following information:

Business name and address

Bank details

Type of business activity

Trade License number

Details of the business     owner(s)

3. Obtain a  Tax Registration Number (TRN).

Once you have registered your business with the FTA, you will receive a Tax Registration Number (TRN). This number is unique to your business and will be used for all your VAT-related activities.

4. Set up a  VAT accounting system.

To comply with VAT requirements, you need to comply with the provisions as a taxpayer as set out in the Executive Regulations. Ideally, you should set up a VAT accounting system that tracks your business’s VAT-related activities to help with the VAT reporting. This includes:

Recording the VAT charged on     your sales and the VAT paid on your purchases

Maintaining detailed invoices     for all your sales and purchases

Preparing and submitting VAT     Returns to the FTA regularly

VAT returns must be filed regularly, typically quarterly, or monthly. To file a VAT Return, you need to:

Prepare a VAT Return form: The VAT return form     includes details of your business’s sales and purchases for the period and     the VAT charged and paid.

Submit the VAT

Payment on VAT due

[accountingblogsstuff]

Hassle-Free VAT Return Services by SAS KPO

Simplify your VAT return process with SAS KPO’s expert VAT return services. Our team ensures timely and accurate filing, helping businesses stay compliant with HMRC regulations. Save time, avoid penalties, and focus on growing your business with our reliable VAT return solutions.

[outbooks-malta]

Maximize VAT compliance and returns with our expert services. Simplify your Accounting Year and manage Postponed VAT Accounting Online. Act now! Are VAT returns giving you a headache? Outbooks simplify the process. With our online platform, you can submit VAT returns effortlessly, access real-time data, and ensure secure handling. Plus, we're your experts in Postponed VAT Accounting, making compliance a breeze. Choose Outbooks for efficient, reliable, and tailored financial solutions. Experience financial excellence with Outbooks in Malta! Reach out to our Malta Accountant at info@outbooks.com or call us at +44 330 057 8589 to drive your business to success!

[lifestyleblogeruk]

A Comprehensive Guide to VAT Services: Understanding the Basics and Benefits

When it comes to managing your business's finances, understanding Value Added Tax (VAT) is essential. VAT is a consumption tax that's levied on goods and services at each stage of production or distribution. To navigate the complexities of VAT and ensure compliance, businesses often seek the expertise of VAT service providers like George M Kendall. In this comprehensive guide, we will delve into the basics of VAT services and explore the many benefits they offer to businesses of all sizes. Understanding VAT Services

1. Affordable VAT Services: George M Kendall offers VAT services at competitive rates, ensuring that businesses can access professional assistance without straining their budgets. With transparent pricing and tailored packages, you can trust us to handle your VAT needs cost-effectively.

Expert VAT Consultants: Our team of expert VAT consultants has in-depth knowledge of tax regulations and extensive experience in dealing with various industries. We stay up-to-date with the latest changes in VAT laws to provide accurate and reliable advice to our clients.

3. Best VAT Service Providers: As one of the best VAT service providers in the industry, George M Kendall takes pride in delivering exceptional service and ensuring client satisfaction. Our commitment to excellence sets us apart from the rest.

4. VAT Registration Assistance: VAT registration is a crucial step for businesses that meet the threshold for VAT liability. George M Kendall assists businesses throughout the registration process, ensuring all necessary documents are prepared and submitted.

VAT Return Filing Services: Filing VAT returns accurately and on time is essential for compliance. Our VAT return filing services ensure that your returns are completed and submitted efficiently, helping you avoid penalties and fines.

6. VAT Compliance Solutions: Complying with VAT regulations can be challenging, especially with frequent changes in tax laws. George M Kendall offers comprehensive VAT compliance solutions, making sure your business meets all legal requirements.

7. VAT Advisory and Planning: Our VAT advisory services help businesses develop effective tax planning strategies. We analyze your transactions and financial data to optimize VAT deductions and minimize tax liabilities.

8. Online VAT Services: Embracing the digital era, George M Kendall provides online VAT services for your convenience. You can access your VAT records, reports, and advice securely and conveniently from anywhere.

VAT Accounting and Bookkeeping: Proper accounting and bookkeeping are vital for accurate VAT reporting. We offer specialized VAT accounting services to ensure your financial records comply with VAT regulations.

10. VAT Taxation Guidance: Navigating complex VAT regulations can be daunting. Our VAT taxation guidance helps you understand your tax obligations, ensuring full compliance and avoiding potential issues.

11. Specialized VAT Services: At George M Kendall, we understand that each business is unique. We offer specialized VAT services tailored to meet the specific needs of different industries and sectors.

Benefits of VAT Services

1. Enhanced Accuracy: VAT service providers like George M Kendall ensure that all your VAT calculations and filings are accurate, reducing the risk of errors and potential audits.

Time Savings: Outsourcing your VAT services allows you to focus on your core business activities while leaving the tax complexities to the experts.

3. Tax Planning Advantage: VAT consultants can provide valuable insights and advice on VAT planning, helping you optimize your tax strategy and save money.

4. Avoiding Penalties: With expert assistance, you can avoid late filing penalties and other consequences of non-compliance with VAT regulations.

Conclusion

In conclusion, VAT services play a critical role in ensuring businesses meet their tax obligations while taking advantage of available deductions and benefits. George M Kendall's team of expert VAT consultants offers a comprehensive range of services, from VAT registration to specialized VAT advice. By entrusting your VAT needs to professionals, you can save time, money, and effort while maintaining compliance with the ever-changing tax landscape. For businesses looking to streamline their financial operations and maximize tax efficiency, VAT services provided by George M Kendall are a valuable investment. Contact us!

[sandyc100]

VAT PENALTIES & LATE PAYMENT STARTS IN JAN 2023

Interest will be levied on late payments made for the VAT accounting period starting on or after January 1, 2023. The new fine for late payments and late VAT return filing has taken the place of the VAT default fee. Significant changes have also been made to the way interest is calculated. Everyone who offers returns like a $0 or repayment return will be impacted by these developments.

What consequences might late payments have? Any VAT payments that are not completed in full by the appropriate due date, with the exception of account payments for online services and installments for the wet yearly accounting scheme, will be subject to late costs. The late payment penalty will be reduced the earlier you pay. At any moment, you can suggest a payment schedule that might lead to reduced or eliminated penalties.

What fines for late payments are imposed on VAT payments? 1] All payments, including those listed in your VAT return, may be included.

2] Following a refund or revision for rectification.

3] A VAT fine that was imposed as a result of your failure to file the return.

4] From a VAT assessment that was made for another cause.

What occurs if you submit your VAT payment beyond the deadline? Your payment is past due and will accrue interest from the first day until the full amount is paid. Therefore, if you are having trouble paying the accounting term line by the deadline, you should get in touch with HMRC as soon as you can. By doing this, you'll prevent the VAT you currently owe from having further penalty fines and interest added to it.

Analyze your ability to pay in installments. You can ask HMRC for a time-to-pay arrangement, which is a payment schedule. Tax return services allows for variable time-to-pay accounts that can be tailored to a person's or company's unique financial situation. If HMRC agrees to your request for a time-to-pay plan, there may be reduced or even no late payment penalties, and HMRC may settle all other outstanding obligations, including interest and penalty charges.

Attempting to prevent racking up more late payment fees 1] From the first to the fifteenth day late

You must always pay in full and arrange a time to pay on or between the first and fifteenth day to prevent penalties that would take effect on day sixteen.

2] Day 16 through Day 30

You must pay in full and decide on a date to pay on or before that day in order to avoid the severe penalties that begin to apply on day thirty-one.

familiarisation phase

To give you time to adjust to the charges, the government won't impose an overdue payment penalty until after December 31, 2023. This is provided that you do one of the following within 30 days of the payment due date: either pay in full or set up a time-to-pay agreement.

The contract may be terminated if the terms aren't met if you don't make your payments on time. In this circumstance, HMRC may further impose first- and second-time late payment penalties, considering the time-to-pay arrangement as if it never existed.

[scbhagat]

GST Registration Services in Delhi by SC Bhagat & Co.

Navigating the complex web of taxation in India can be daunting, especially for businesses looking to remain compliant and grow in a competitive market. SC Bhagat & Co., a trusted name in tax consultancy, offers top-notch GST registration services in Delhi to make the process seamless for businesses of all sizes. Whether you are a startup, SME, or a large corporation, GST registration is a crucial step in ensuring your business stays compliant with India's tax laws.

Why GST Registration is Important? The Goods and Services Tax (GST) is a value-added tax levied on the supply of goods and services. GST has simplified the tax structure by replacing numerous indirect taxes like VAT, Service Tax, and Excise Duty. Here are a few reasons why registering for GST is essential:

Legal Compliance: Businesses with an annual turnover of more than ₹40 lakhs (₹20 lakhs for special category states) are legally required to register for GST. Failure to comply can result in heavy penalties. Improved Credibility: GST registration increases your business’s credibility in the eyes of customers, suppliers, and investors. It shows that your business adheres to the laws and operates transparently. Input Tax Credit: Businesses registered under GST can claim input tax credit on purchases, reducing the overall tax burden and increasing profitability. Expansion Opportunities: With GST, businesses can easily expand to other states in India, as the unified tax system eliminates the hassle of complying with multiple state taxes. Why Choose SC Bhagat & Co. for GST Registration Services? As one of Delhi's leading tax consultancy firms, SC Bhagat & Co. is well-versed in the intricacies of GST laws and regulations. Here's why partnering with us for GST registration is the best choice for your business:

Expert Guidance Our team of experienced tax consultants ensures that you understand every step of the GST registration process. From assessing your eligibility to filing the necessary documents, we guide you through it all.

Hassle-Free Process We make GST registration easy by handling all the paperwork and documentation required for the process. You no longer need to worry about missing deadlines or submitting incorrect information.

Quick Turnaround Time is money, and we understand that delays can cost your business. At SC Bhagat & Co., we ensure a quick and smooth registration process, minimizing any disruptions to your business operations.

Post-Registration Support Our services don’t end with registration. We offer ongoing GST compliance support, helping you with return filings, audits, and other GST-related queries to keep your business on the right side of the law.

Affordable Pricing Our GST registration services in Delhi are competitively priced, ensuring you get the best value for your investment. We believe in offering quality services without breaking the bank.

The GST Registration Process Here’s a brief overview of the GST registration process that our team will handle for you:

Determine GST Applicability: Based on your business turnover and nature, we assess whether you are liable to register for GST. Collect Necessary Documents: We help you gather all the required documents like PAN, Aadhaar, business address proof, bank account details, and other necessary information. Submit Application: We submit your GST registration application online and ensure all details are accurate. Obtain GSTIN: After verification, your business will receive a unique GST Identification Number (GSTIN), which will be used for all future GST filings and transactions. Post-Registration Services: Once registered, we continue to support your business with GST return filing, audits, and compliance updates. Documents Required for GST Registration To make the process even smoother, here’s a list of documents you’ll need to register for GST:

PAN Card of the business or owner Aadhaar Card of the authorized signatory Proof of business address (rental agreement, property papers, utility bills) Bank account details (cancelled cheque, bank statement) Business incorporation certificate or partnership deed Digital Signature Certificate (if applicable) Why Delhi Businesses Need GST Registration Delhi is a bustling hub of commerce, and businesses here often engage in inter-state and international trade. GST registration not only simplifies tax compliance but also streamlines business operations by reducing the burden of dealing with multiple state-level taxes. With the right tax consultants, you can easily manage your GST obligations while focusing on growing your business.

Contact SC Bhagat & Co. for Professional GST Services If you’re looking for reliable GST registration services in Delhi, SC Bhagat & Co. is your trusted partner. With years of experience in tax consultancy, we offer tailor-made solutions for businesses across sectors. Let us handle your GST registration and compliance needs so you can focus on what matters most—growing your business.

[nebmia]

Just returned from a weekend Girl By Moonlight binge. Firstly, it's always lovely to meet and play in person with my normally online group and also to take three days straight to become fully emmersed in a game.

This was our first time playing Girl By Moonlight, but most of us knew how to fitd.

We ended up spending almost half our time building the world and characters but the fact that that was actually really fun is a great sign for the game, which obviously has a lot of stuff built towards campaign play.

It presents 4 'series' options as a layer of setting and additional rules to model different magical girl and magical girl adjacent stories. We went for the the mecha one. The series setup does a really good job of guiding the group through a partially constrained collaberative wordbuilding process that gives you a setting that's tightly suited for a particular story but also really interesting and that you feel invested in.

For the mech setting specifically an interesting part was that everyone designs a mech and then states why their character can't use it. It's cool in that you end up with mechs that feel more of their own independant thing, rather than an extention of each character (which is important for the themes). It does have a slight drawback that the less assertive players can easily get stuck with a mech that isn't really interesting to them.

We obviously haven't played enough to get a full view of the system, but I think it has some good twists on the blades formula. transendace is obviously central and acts as a good way to keep the extended blades issue of having too many dots at bay. Links as a way to bring focus to character relationships is also fun (although we were mostly working with links to our mechs).

I think sun, moon, and stars are really bad names for the attributes. I'm not sure even after a long campaign I would remember what each represents when I came to roll a resistance.

This was my mech pilot. She was grown in a vat specifically to interface with alien tech.

[homenecromancer]

fallout 76 posting

this game is an interesting experience because… it still gets updates and no one is overly committed to maintaining the wiki (fair). my dumb questions about fallout 4? an answer has been on the wiki for five years, and there’s a section at the bottom with verified bugs. dumb questions about fallout 76? wiki article last updated a few years back and the info in it was superseded by an update since then, better hope someone has asked the same question on reddit lately

(really, this isn’t that bad because there are usually still answers to my questions, it just takes an extra search to find them)

however. the game itself doesn’t run great on my computer (fair, but i can’t afford to upgrade), and is also a Bethesda Fallout game. it’s janky. they have invented new bugs for this thing to experience. i had to relearn how to lockpick using the touchpad, because it just Did Not Work using my mouse.

most critically, however, whether it’s the game sucking or me lacking dexterity: movement is… awkward. i’ve always relied on VATS in Fallout combat, but almost 60 levels in i am just starting to be worth a fuck when not using VATS, because the aiming is just that bad.

the big problem is that there is a mainline quest which requires both a shooting range and an agility portion. (there’s a third part which amounts to five minutes of interacting with items. actually doable.) you cannot partially complete this quest and return later, you must do it all in one shot without leaving the area.

there are indications on the internet that there are ways to cheese the shooting range portion, which is great because… it’s timed and i can’t aim very well at all, “fuck it uhh hit the targets with a knife instead” is probably what i’d have to do

however, the agility test can’t be cheated, you have to navigate the area in the precise way they want and come in under the time limit. navigating an area at speed is already not something i can do, and the idea of going straight from unfun bullshit at the shooting range to unfun bullshit at the agility course is unappealing.

if this were a single-person game i would’ve already googled for how to use the console to just set the fucking quest as finished, it’s That Bad. there are a plethora of side quests you can do that don’t require this quest, and that’s what i’ve been doing instead, but it is required that you finish it to progress in at least one main questline. without finishing it, you don’t even get to meet one of the major factions.

i did see other disabled people online complaining about it being bullshit, so it’s nice to know it’s not just me. but like for fuck’s sake. give me a way to hack the quest-giving robot and tell it i already did all that shit. let me go to a weird location to retrieve a piece of equipment i can use to fool the robot. give me something i can actually do. :(

[tsunflowers]

au where the ensemble square is a loose federation of spacefaring groups who all extremely want to absorb the others and steal their resources but they’re bound by a treaty

starting with cospro

obviously mika is a robot shu rescued from the trash and rebuilt to his specifications. it’s shu’s fault mika has odd eyes bc one of mika’s eyes was damaged and shu couldn’t find a replacement in the same color that was of sufficiently high quality. everyone is like “it’s so gross that shu made this robot boyfriend who’s obsessed with him” but actually mika is fully jailbroken and thinks for himself and is still obsessed with shu which is maybe even grosser

the twins are from an alien species that reproduces by mitosis so they used to be one being and then split into two. they’re always threatening that they could do it again and ibara wouldn’t be able to tell them what to do bc they would outnumber him. actually they can’t do this bc the first division took so much out of them and it was hard for them to establish their separate personalities at first but no one else needs to know that. probably close with rei bc he was one of the first nonhuman aliens they saw live comfortably among humans

nagisa was genetically engineered by godfather to be his successor and grown in a vat. potentially godfather was going to upload his brain into nagisa’s body when he died but that didn’t happen. he was fed a lot of knowledge in the vat but has very little practical experience bc he grew to adulthood in there. ibara is basically the same but he wears glasses with mini computer screens in them. hiyori is still old money. the spaceships they use were probably built by the tomoe corporation. cospro is based out of a space station and its people rarely go planetside but hiyori is one of the exceptions, he grew up on a planet and frequently returns there. jun I don’t know about. I think maybe he was an enhanced person who dropped out of the training program but hiyori picked him up bc hiyori liked him even though he wasn’t a perfect military fighting machine

rinne’s basically the same but instead of a village the amagis control an entire planetoid. probably they were the type you see in scifi where early settlers get cut off from other space exploration efforts and develop their own culture that people who reconnect with them find regressive. nikis dad was experimenting with nanobots for waste removal but he had a big oopsie and the bots went in niki so if he doesn’t consume enough they start eating him from the inside. he can even eat things that aren’t food as long as he can swallow them. theoretically his parents are searching for a cure but they mostly just want to escape this huge fuckup. himeru is a shapeshifting alien and he hates tatsumi bc tatsumi was part of a peaceful exploration team that visited his planet for the first time and accidentally brought a pathogen that got his brother sick. he’s not pretending to be his brother he’s just pretending to be human. but his universal translator device doesn’t work and it makes him always refer to himself in the third person. instead of the suou family using the oukawas as assassins they sent them to colonize a planet first so kohaku has spent his life breathing limited oxygen and fighting space beasts. he still met aira online by sneaking out to the one computer in the base camp every night

oh crazy:b are basically space pirates that ibara hired and he’s like “it doesn’t violate the treaty bc none of them are official cospro residents :)”

[bookkeepingservices12]

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[nobossinc]

How Taxation Works

Taxes are a significant part of the financial framework, and they're not always easy to understand. In fact, many people don't fully grasp how taxes work.  

So, let's cover the basics of taxation so you can see how it fits into the bigger picture.  I'll go into just what you need to know about taxes so that you can maximize your benefits.

WHO MUST PAY TAXES?

Taxation is based on earnings. So, anyone that is making money must pay taxes. This includes:

Individuals that are employees and earn a paycheck.

Individuals that earn an income through sources other than employment like independent contracting, freelancing, self-employed, and digital nomads work online while traveling the world. These individuals receive 1099 from their clients.

Otherwise, you’re likely the owner of a registered business. Your Business earns revenue and must file a tax return to pay its taxes. 

HOW MUCH SHOULD YOU PAY?

How much in taxes a business pays largely depends on the type of taxes.  There are five major kinds of business taxes: 

GROSS RECEIPTS refers to sales. The goal is to reduce sales by taking tax deductions, thereby lowering taxes due.

EMPLOYMENT WITHHOLDING TAX is deducted from employees' wages when payroll is processed. As an employer, you are required to match some of those taxes and pay the employer withholding taxes portion.

CORPORATE FRANCHISE TAXES, also known as privilege tax, is a tax paid by certain companies that wish to conduct business in specific states.

EXCISE TAX is taxation on specific goods and services as you purchase them, like fuel or tobacco or alcohol for example.

VALUE ADDED TAX VAT is a consumption tax on goods and services, or when you the seller add value to those products and services.

HOW TO LOWER YOUR TAXES 

The process is the same for both personal and business. However, the type of deductions and other factors vary. For example, 

INCOME TAX (personal wages) - the goal is to reduce income earned by taking deductions, credits, and allowances to lower the gross income down to a Net Income amount. This lower amount (net income) is what is used to determine your tax liability based on your household. Theoretically, a single person with a $5000 net income should pay more taxes than a family of four with the same net income.

GROSS RECEIPTS TAXES (sales revenue) – is generally what is referred to for business. The goal is to reduce sales revenue by taking business deductions to lower the gross sales down to a Net Profit or Loss amount. 

Businesses are allowed to deduct expenses, fancy “allowances” like depreciation on assets, or make extraordinary purchases for example. This may seem suspect to common folk, but the fact is, this is how the wealthy can move the billions they earn into lower tax brackets. 

Make “NOBOSS Moves”

Now that you know how taxation works, you can take advantage of tax deductions and allowances too. But bear in mind that you're not operating on the same financial level as the wealthy. You must make every dollar count.

That being said, spending money just to take a deduction is NOT smart. There is even a commercial of a group of entrepreneurs fighting over the restaurant check because they can take a business deduction. This is highly misleading, and I'll give you two reasons why:

You’re spending money now so you can get it back later. What’s the benefit of that? This concept does nothing more than disrupt your cash flow.

Not all deductions are 100% deductible, specifically Food & Drink (Meals Exp) is only 50% deductible!  

You want to make some “NOBOSS moves” by investing your money into income-generating opportunities. Depending on the type of “NOBOSS moves” you make you might be able to reduce your net income, reduce your taxes, and make money too!

KEEPING GOOD RECORDS

When you start your new business, you should also set up your bookkeeping system. One of the biggest mistakes a new business can make is waiting to set up its bookkeeping system. This is a dangerous financial mistake that happens far too often.

Keeping good records is the foundation of financial management. Documenting your business activity from the first expense is critical to building your business and minimizing taxes. 

Start with a bookkeeping system that is simple and easy to update on a regular basis. No law says you must have a bookkeeper, accountant, or CPA when you start your business, so you have a few options to consider who will maintain your records properly:

Do your own bookkeeping.

Hire a bookkeeper.

Outsource to a bookkeeping service like AccountSOFT. Find out more about their implementation, bookkeeping, and training services for new business owners.

Considering you are required to pay taxes, you will ultimately make a decision by year-end so that your Tax Preparer or CPA can review your records, lower your taxes, and file business tax returns.

This information is part of the Should You Incorporate series. For more information about Legal Biz Structures, How Taxation Works, How to Pay Yourself, Starting a Business, or NOBOSS tools and resources for entrepreneurs, please visit our website at www.noboss.business

[finschool]

Indirect Tax

Recent changes in Indirect Tax

Indirect taxes are taxes that are assessed by Government on goods and services, rather than on individualities or businesses directly. These taxes are collected by businesses from consumer when they buy goods or services, and also remitted to the government. Indirect taxes are often referred to as consumption taxes because they are based on consumption of goods and services rather than income or wealth. Indirect taxes can take many forms, including sales taxes, value-added taxes (VAT), excise taxes, and tariffs.

During the Union Budget of 2023 “Amrit Kaal”, It was the very first time when the indirect tax proposals were presented before the direct tax proposals. In the Proposal of indirect tax Presented in the Union Budget of 2023 there were 4 major changes which caught the attention of the citizens.

Following are the 4 major changes:

Customs Perspective:  In the Union Budget, to promote the ‘Make in India’ campaign and give to a boost to domestic manufacturing and enhance exports, the government and our FM has proposed few changes in the rate of import duties. The import duties on electric chimneys and cigarettes will now be more expensive, while on the other hand import of gold, silver, platinum, coin, etc., will be cheaper. Also, some exemption has been proposed towards goods or machinery used for manufacturing of lithium-ion battery.

GST Returns To Be Filed Within Three Years:  GSTR 1, GSTR 3B and GSTR 9and GSTR 9C would now be restricted for filing, post expiry of three years from the due date of filing of the relevant GST return. Until now, there was no threshold on time for filing GST return and any taxpayer could file belated returns along with interest and late fees. However, going forward, in future these dates have been locked so as to have clarity on the timelines for litigation.

Widening of Scope of OIDAR:  The Online Information and Database Access and Retrieval (OIDAR) services were brought under the tax bracket in the service tax regime and subsequently, in the GST regime. However, due to some exceptions in OIDAR and non-taxable online recipient, multiple services were escaping tax. In order to remove those exceptions, the Budget proposes to amend both the definitions and make OIDAR a wider segment for taxability purpose.

Taxability of High Sea Sales and Out-And-Out Sales: Out-and-out sales and high-sea sales were inserted in schedule III of the CGST Act, 2017 with effect from Feb. 1, 2019. However, the GST authorities were demanding GST from July 1, 2017 to Jan. 31, 2019. So to clarify this ambiguity and confusion, the budget has stated that such insertion will be with retrospective effect from July 1, 2017. This is a relief for taxpayers who are undergoing a litigation on these aspects. However, if the taxpayer has already paid the taxes for such period on the specified sales, the Budget has clearly specified that no refund of such tax can be claimed.

Although there are other changes as well but from Tax perspective the above 4 are major changes.

[beardedmrbean]

MILAN (Reuters) -Facebook parent company Meta faces a potential tax bill of around 870 million euros ($925 million) in Italy after prosecutors launched an investigation into the company, two sources with direct knowledge of the matter said on Wednesday.

The investigation was opened by Milan magistrates at the request of the European Public Prosecutor's Office (EPPO), which asked the Guardia di Finanza police and the Italian Revenue Agency to checks if there is a case for user registrations to be subject to tax.

"We strongly disagree with the idea that providing access to online platforms to users should be charged with VAT," a Meta spokesperson said in an emailed statement to Reuters.

The spokesperson added that the company takes its tax obligations seriously, pays all tax required in the countries where it operates and will fully cooperate with the authorities.

The EPPO, which is based in Luxembourg, said it did not comment on ongoing investigations nor would it publicly confirm which cases it was working on.

News of an administrative tax audit into Meta was first published on Wednesday by Italian daily Il Fatto Quotidiano.

The two sources said that investigators believe that free membership on Meta platforms comes in return for access to user data and should be classified as an exchange of services, therefore subject to VAT sales tax.

ROLE OF FREE ACCESS

Italy's tax police and revenue agency calculated a model under which Meta would have had to pay around 220 million euros of sales tax in Italy in 2021, according to the sources.

The figure for the period back to 2015 was calculated at 870 million euros.

One of the sources explained that the most relevant point was the establishment of a link between free access and data transfer as a taxable transaction, which could have repercussions for other multinationals and other countries in Europe.

A third source told Reuters that Meta believes there is no direct connection between the data provided by users and the access given to the platform, and without this link, there would be no VAT due.

The assessment by the Italian authorities has been brought to Meta's attention and a dialogue was under way between the company and the revenue agency, according to the sources.

The company may decide either to accept the results of the investigation and pay the requested amount, or contest it and open an administrative dispute.

In recent years, the Milan Prosecutor's Office has opened several tax investigations against multinational tech companies such as Google and Apple.

Usually, once an agreement for payment has been reached, the criminal investigation is closed. ($1 = 0.9401 euros)