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Benchmarks traded sideways with modest losses in mid morning trade. The Nifty hovered near the 14,550 level. FMCG and metal stocks bucked the weak market trend. Mounting COVID-19 cases continued in the country and a negative trend in Asian equities spoiled sentiment. At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 346.65 points or 0.71% at 48,435.12. The Nifty 50 index declined 87.45 points or 0.6% at 14,543.10. In broader market, the S&P BSE Mid-Cap index was down 0.42% while the S&P BSE Small-Cap index was up 1.01%. The market breadth was positive. On the BSE, 1534 shares r...

The benchmark indices were trading in a narrow range with modest losses in afternoon trade. The Nifty was trading below 14,550 mark. Mounting COVID-19 cases continued in the country and a negative trend in Asian equities spoiled sentiment. At 13:20 IST, the barometer index, the S&P BSE Sensex, tumbled 330.44 points or 0.68% at 48,451.92. The Nifty 50 index lost 81.80 points or 0.56% at 14,549.30. Reliance Industries (RIL) (down 1.89%), HDFC Bank (down 1.38%) and ICICI Bank (down 1.67%) were major drags. In the broader market, the S&P BSE Mid-Cap index skid 0.48%. The S&P BSE Small-Cap index ...

Centre announces relief measures for taxpayers under GST law in view of COVID-19 pandemic ANI | Updated: May 02, 2021 17:51 IST New Delhi [India], May 2 (ANI): The Centre on Sunday announced various relief measures for taxpayers under Goods and Services (GST) law in view of the COVID-19 pandemic. "In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods and Services Tax (GST) law, due to the outbreak of the second wave of COVID-19 pandemic, the Centre has issued notifications, all dated 1 May 2021, prov...

× The Quarterly Return filing and Monthly Payment of taxes (QRMP) scheme came into force on January 1, 2021, under GST. It is expected to simplify the compliance process for small taxpayers with an annual aggregate turnover of up to Rs 5 crore in the preceding financial year. The highlight of the scheme is the shift in the filing of GSTR-3B from a monthly to quarterly cycle. The scheme’s flexibility and reduction in the number of returns to be filed per annum are laudable. Comparison of tax payments before and under the QRMP scheme The previous system that allowed quarterly GSTR-1 and mont...

On Wednesday, Dec. 23, the City of Kansas City, Mo. notified taxpayers of tax-related changes that begin January 1, 2021. “We want Kansas City, Missouri, taxpayers to be ready to make the necessary adjustments,” according to the press release. Here are the new requirements that will affect taxpayers and businesses for the upcoming tax year:  All withholding returns must be filed electronically. If you don’t file electronically, you may be penalized. Included in this requirement are the Employer’s Quarterly Return of Earnings Withheld (Form RD-110), the Employer’s Annual Reconciliat...