Powerloom Weavers Directed by FOGWA, Not to File GST Returns
As no verdict has come from the Central government regarding the payment of the accumulated Income Tax Credit amount to the Gujarat power loom weaving sector.
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As no verdict has come from the Central government regarding the payment of the accumulated Income Tax Credit amount to the Gujarat power loom weaving sector.
The government has directed the E-commerce companies to start collecting up to 1 percent TCS in the course of making any payment to suppliers under GST.
GST and lack of input credit followed by some other factors have affected the profitability of inbound tourism this year as compared to last year when a record 10 million inbound tourists were reported visiting India.
The government now looks strict in terms of tax evasion as Commissioner for GST(investigation) has been appointed to get the law enforced and take over the previous tax regime.
Battery manufacturers are facing problems in terms of the increasing battery demand both from the Automobile and Telecom sector.
ICICI Bank is going to facilitate the Micro, Small & Medium Enterprises by offering them a Loan facility up to One crore rupees which will be based on their GST returns.
Following the recent Amendments in GST returns, the Government has recently passed a waiver against the Late fee charged on late filing of the GST return form (GST) RETURN-1 for the period of July 2017 to September 2018.
GSTR-2A, the GST return form which was introduced by the government in order to get the tax return simplified for all the purchase inwards of a business for matching purpose with the supplier.
As evident from the current amendment in GST and its implementation, also the simplification made in GST credit input return, it seems as if the Government and the Tax department are working in collaboration to sort out all the discrepancies and fallouts of the process in order to make the system apparent and transparent.