Poonam Hotwani (Ex-Employee)

Income Tax Department is seeking information on past transaction details from banks and financial institutions. Through past transaction details, tax department will be able to determine Goods and Services Tax (GST) calculations.

On Tuesday, 10th October Sudhir Mungantiwar, Finance Minister of Maharashtra declared that all states have agreed to include petroleum and diesel products under the newly implemented indirect taxation system i.e. GST.

According to the official sources, it is not possible for the government to provide tax and duty exemptions on Apple products under the new taxation system.

Packaged consumer goods will not be sold at an old maximum retail price (MRP) from 1st October under GST. The goods made before the implementation of GST will be seized across the country as decided by the authorities. The selling of old stock under GST will be ending on 30th September.

After two and half months implementation of Goods and Services Tax (GST), the cost of truckers has risen due to increase in the prices of diesel in some busy routes. The transport industry is troubling with the new indirect tax regime, as it creating confusion and worrisome among Small and Medium Enterprises (SMEs), which is resulting in losing a large number of jobs.

The new guideline has mandated for tax base division between the centre and the states by the Goods and Services Tax (GST) Council. The move is taken to make the clear distinction between authorities and for better implementation of administration in the new Indirect tax system.

According to the Economic Times, Interest and penalty might be slashed by the government on late filings of GSTR-3B returns for August month, due to load at GSTN portal.

According to Moody’s Investor Service, Foreign Direct Investment, GST and simplified bankruptcy code are some of the reform measures implemented in India.

On Monday, the Central Board of Excise and Customs (CBEC) informed to its field officers to take all GST disputes to the Supreme Court.