Powerd By SAG INFOTECH
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The Biggest players of the Tyre Industry looks to be under the scanner of the GST Council as a huge mismatch in the returns is evident from the current probe.
In the upcoming months, it is possible that there might be disputes between the central and the state over GST (Goods and Services Tax) but till now no such cases has come forward. For this not to happen, GST Appellate Tribunal has been created.
The GST ACT allows foreign entities like Consulates, Embassies and other UN organizations who have made their roots in India to claim the GST which they paid.
The tax authorities and a monitoring committee have associated and given a task to check the sales done inappropriately under the transactions of the GST compliance of the illegal iron ore which was grabbed in Karnataka.
To help the government to check the GST evasion and track the goods, the GST e-way bill system will mostly associate with the FASTag mechanism of National Highways Authority of India (NHAI) from April.
The deadline to file the Annual returns for the Financial year 2017-2018 under GST has been now extended by the Government to March 31, 2019, which was earlier December 31, 2018.
Gradually, the Revenue generated through Tax collection has come down after the great results witnessed in the initial phase when GST was Implemented in the country and the speedy collection was done on the basis of the strict Tax collection rules.
The Trade and Industry community are expected to face problems in terms of Annual Filings under the goods and services tax (GST) regime in the upcoming months.
The Commerce minister Suresh Prabhu on Wednesday made an appeal to the Finance Ministry that the process of refund of GST input tax credit should be made online.
