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The government is turning over its mind towards the proposal of corporatizing the Ordnance Factory Board (OFB) and reviewing the goods and services tax (GST) on the products offered by the organization. Implementation of higher GST rates As per the recent update, The central government is planning to do changes in the slabs of Goods […]
Government is thinking of bringing the service providers like electricians, beauticians under the purview of Goods and Services Tax. The Department for Promotion of Industry and Internal Trade (DPIIT) is planning to make it mandatory for online marketplaces such as UrbanClap, Housejoy to associate only with those people who have GST numbers or GTINs. However, […]
Courier companies are seeking relief from Goods and Services Tax Rule 138E that barricades them from generating the e-way bill. Under the end-to-end logistics model, the courier companies like DHL, FedEx and UPS face extreme pressure due to the Rule 138E as these companies receive the goods passed from customs for those who place the […]
Proposals for Goods and Services (GST) rate cuts on Active Pharmaceutical Ingredients (APIs) in consonance with pharma formulations have been put forth by Industry body Confederation of Indian Industries (CII). Additionally, the demands for exempting all goods obtained by drug manufacturers for research and development from GST has also been made by CII in its […]
Government is pressing pedals for making ever-stringent laws against fraudulent claims, making bogus claims for input tax credit a non-bailable offence at the end of recipients of goods and services is one such step which is going to be introduced in the February 1 budget, that would occlude revenue leakages. Proposals have been made to […]
High Court set foot in the conclusion made by the Kerala based Authority for Advance Ruling (AAR) to weed away the argumentative confusions related to composite supply under the GST regime. Experts assume that the ruling will become guidelines to conclude the cases associated with composite litigation. The case is related to Abbott HealthCare which […]
An unnerving phase for business owners, as the State Goods and Service Tax (GST) department has revoked their registration number in the wake of errors and omissions made by them. More than 12000 firms failed to file their GST returns in 2019, as a result of which their registrations got cancelled by the SGST department. […]
It is highly anticipated that the government’s tax-evasion measure through mandatory e-invoicing under GST will not be applied to airlines, banks, insurance companies, telecom service providers and armed forces. Companies like airlines, telecom service providers which have direct communication with clients on a huge scale are anticipated to keep out of mandatory e-invoicing purview i.e. […]
Central GST authorities have started ordering the businesses to come up with a bunch of dozen important documents like various GST returns (GSTRs), copies of the annual report, GST registration certificate, Income Tax returns, tax and internal audits, reports of cost, cash ledger and work orders, etc. Central GST authorities are collecting these records pertaining […]