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GST (Goods and services tax) is a major tax reform implemented in India on 1st July 2017 across all the states. The new tax scheme has subsumed around 17 indirect taxes of both central and state levels. It is said that the goods and services tax will end the currently prevailing cascading effects of taxation […]
The Good and Services Tax (GST) Council is going to remove a plan that was announced last year to enter into a new format of tax returns and to continue with the existing system with some reforms and amendments to overcome the flaws. A source revealed that a meeting of GOM has been organized last […]
A scam has been recently revealed by the Good and Service Tax administration, it found that several businesses having businesses with an annual turnover of more than 5 crores wrongly declaring themselves to be below that threshold, to avail several compliance-related relaxations. It is identical to a previous trend where businesses were under-reporting their turnover […]
On July 30, 2020 Thursday, the Central Board of Indirect Taxes and Customs ( CBIC ) released a notification and introduced the “Schema for E-Invoice” for imposing the e-invoicing. It is for electronically-authenticated invoices, which will be implemented from October 1, 2020, only for entities businesses having a turnover of ₹ 500 cr. According to […]
Niranjan Hiranandani, the president of Assocham India, said during an interview that it is the need of the hour to promote and revive the demands for all sectors and the government should take the necessary steps instead of waiting for the COVID 19 vaccine. He also said that the rate of GST (Goods and Services […]
The Delhi High Court has ordered the GST (Goods and Services Tax) officials to act upon the refund claims of the assessees within 15 days or pay the claims of the assessee along with an interest. The high court asked the officials to do so pointing out the errors in the GST refund claims Get […]
The collection of revenue from GST Cess has seen a 42% shortage in the financial year 2019-20. The GST council has decided to organize a meet to discuss the lending from the market as shortfalls are projected to continue. The finance ministry said that the final installment of the GST collection of the year, amounting […]
The government has decided to continue the existing GST (Goods and Services Tax) return filing system for the time being. In place of launching the new GST return filing system, the government will try to introduce advanced features to the older system. The government will be launching from GSTR 2B for the Input Tax Credit. […]
According to an official, the government is all set to introduce a GST (Goods and Services Tax) e-invoicing scheme for all the businesses having more than 500 crore turnover which will be generating all the invoices through a centralized portal of the government from 1st October 2020. The threshold for invoicing was previously set to […]
