Search results for: tax liability

The Directorate General of Safeguards (DGS) recently asked Hindustan Unilever about clarifications regarding the methodology used by the company in reaching Rs 119 crore to the government after it was not able to pass the GST benefits to customers.

With the exclusion of electricity from the GST, Indian consumers will be paying Rs 30,000 crore extra in a year as a spending on power consumption. The power producers are not able to get credit for taxes and cess paid and this can be burdensome for them.

The exponential growth of e-commerce in the last few years coupled with the Gst tax regime has escalated the demands for commercial vehicles.

To make an initiative in preventing tax evasion by small businesses and traders, the government will introduce the Reverse Charge Mechanism under Goods and Services Tax(GST). In this reverse system, it is the responsibility of recipient utilizing goods and services to furnish GST liability rather than the suppliers, as per a report.

In a recent notification, the Central Board of Excise and Customs (CBEC) has clarified the doubts on GST (Goods and Services Tax) liability on an under-construction property and ready-to-move-in property.

After the announcement of errors in input tax credit claims, the government is keeping an eye on the activities of some companies such as Insurance, Technology, Telecom, and Banks.

In a lieu to aware businesses about wrongful conduct in input tax credit claim, the Finance Ministry requested the businesses to relook at the claims from earlier tax regime

Big B2C service sectors like banks, telecommunication operators, and insurers are working deliberately to stay clean of anti-profiteering damages because there are no stir-clear recommendations till now concerning the profit they can make from the initiation of the GST.