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There is a bad news for the 655 traders of Raigarh district as their GST (Goods and Services Tax) registration has been canceled as they have not submitted their details in GSTR 3B form for the last six months.
The export of cardamom from Bhutan to India has been paused because of the issues in Indian official formalities which leads to the large-scale unlawful cross-border trade. And to come out of this problem, Bhutan pleaded India to remove the GST from the popular spice.
Tax officials and businesses are preparing for filing GSTs first annual return and have expressed their nervousness about the change in the current format and if it is not done then the entire year’s records have to be re-created.
After the Independence, GST (Goods and Services Tax) has been addressed as the biggest tax change in India. GST is the tax on value-added goods and services and it is one of the main advantages of GST. ITC (Input Tax Credits) is the tax deduction on inputs.
A senior official said that the tax evasion worth Rs 29,088 crores in 1,835 cases during April-October period in the present fiscal year has been detected by the investigation arm of the finance ministry.
The performance audit of GST (Goods and Services Tax) has been conducted by the Comptroller and Auditor General (CAG) and will mostly complete its report as soon as possible.
According to the Indian tax department’s understanding, India-based back offices of multinationals are just brokers and commission agents just rendering services while not coming into the definition of exporters.
GST E waybill has been introduced for all the transporters and businesses and has been doing well since its applicability. Here we will try to denote some of the basic frequently asked questions by the traders and taxpaying entities:
Minister of State for Chemicals and Fertilisers Mandaviya said that after GST, many medicines have been approved due to which there is a huge growth in the number of medicines i.e. of 6 percent to Rs 1,31,312 crore till May 31 on the year-on-year basis.