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Good news for Indian Consumers!!. A major GST Relief may be announced on December 17 following the GST Council’s Meeting. Reportedly, the most goods (except demerit goods, cement, and automobiles) part of the 28% GST Rate slab could be brought under the 18% Tax slab.
GST Annual Returns and subsequent GST Audit Reports may spoil the record maintenance of several traders. Businesses and taxpayers registered under GST must file GST Annual Returns(GSTR-9 Return) and Audit Reports (GSTR-9C certified by a CA) on or before 31st December 2018.
The Union Ministry of Finance set up a task force to redraft the Income Tax law. Arbind Modi, the first convenor of the panel, retired on September 30. He was succeeded by Akhilesh Ranjan.
Income Tax Return: If you find it difficult to fill the Income Tax Return Form, then CBDT has a crisp and clean solution for you. From next year onwards, the tax return form will be auto-filled.
In October, Andhra Pradesh and Tamil Nadu were at the forefront of the ‘Titli’ and ‘Gaza’ cyclone respectively. And amidst the rehabilitation and relief work, the Government’s has decided to extend the last date of filing summary GST sales.
Penal Interests can be excruciatingly painful. Not only do they increase the burden on the borrower, but they can also trigger a host of secondary financial burdens on an individual/family.
Now Income Tax Officers may be rewarded by the Central Government for settling all impending issues related to non-payment of direct taxes.
The telecom sector has witnessed one of its worst financial years amidst the disrupting tariff wars. The tariff war was sparked by the entry of Jio which offered affordable data plans with free voice and SMS services to its customers.
The GST has triggered a new demand for accounting software in the country. The people associated with this industry say that with the help of accounting software, enterprises are able to manage all GST compliance with ease.