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Recently, the indirect tax department has requested the government to reduce the tax collection target for 2020 owing to slow economic growth in the country. However, the government has politely declined this request made by the CBDT. This has also increased the difficulties in the upcoming interim budget that is going to be presented by […]
As per the sources, the service providers with an annual turnover of up to INR 50 lakh has been given the time till April 30 to opt for the composition scheme and pay 6 per cent GST by the tax department.
Recently, the companies whose tax payments do not match with the e-way bills generated have been asked for clarification by the GST officers. The revenue authorities have found this tax evasion while matching outward good supplies with the data, as reported from the sources.
Recently, the goods and service tax (GST) authorities are seen in a hyperactive mood tightening their reigns on the taxpayers, who are found guilty of not paying their tax dues.
The start of the new financial year 2019-20 has also come with slight changes in the income tax and GST rules from April 1. The changes that were announced during the interim budget 2019 will come into effect from April 1, 2019.
Many of the exporters have come under the tracing radar of tax authorities in India for claiming the tax credit two times for the same export under the inverted duty structure.
The recent decisions made by the GST council related to levying 1% CESS in Kerala owing to disaster relief and removal of the input tax credit from the real estate sector are somewhat unsatisfactory.