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The Finance Ministry has officially announced that the business enterprises who have chosen the composition scheme under Good and Services Tax (GST) Regime now don’t require to provide the information of goods purchased from their vendors while filing quarterly return GSTR-4 Form.
In a bid to adhere Goods and Services Tax (GST) Regime, an extensive drive has been launched by Delhi Government on 12 October 2018 which will help to keep an eye on tax defaulters those which are evading taxes under GST. Furthermore, it would help to increase revenue for the national capital.
Last year, the Government of India had collected Rs 7.41 lakh crore from Goods and Services Tax (GST) but it is expected that the government would collect Rs 13 lakh crore from GST during this year.
The Gujarat High Court has allowed the transition of excise duty credits on purchases made before 30th June 2016. However, the GST law don’t allow the facility of credit of invoices for more than one year that means the invoices which were issued before 30th June 2016.
Since July 8, 2017 – the day when GST was implemented in J&K, it has been observed by tax officials that the state revenue collection in the state dropped down nearly by Rs 1300 crore.
As per the figures of Employees’ Provident Fund Organisation (EPFO), it came out that 4.1 million job applications were generated between September 2017 to April 2018.
According to the officials, the government is planning to impose the cess on the supply of sugarcane as it will be discussed in the next Goods and Services Tax (GST) Council Meeting.
It seems that Gujaratis Tourism is now back on the track after the major changes in the government policies due to demonetization effect and GST implementation throughout the country.
The Directorate General of Goods and Services Tax Intelligence (DGGST) has informed several banks by sending prior notices regarding the payment of taxes. It comprises SBI, HDFC, ICICI Bank, Axis Bank and several other banks.