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Recently, the Indian government has introduced some changes in the credit utilization mechanism under GST wherein the companies initially have to settle down the tax liability by availing IGST credits even before the utilization of central GST (CGST) and state GST (SGST) credits.
It has been observed that many of the businesses are using Central Goods and Services Tax Act (CGST) in a wrong manner by providing fake/ wrong receipts to the customers.
A total of 2 new features have been added on the official website i.e., Goods and Services Tax Network ( GSTN ) which includes System Generated Acknowledgement of Application of Appeal and the Population of Data from EWB System into Form GSTR-1.
GSTR 7 form filing is done for tax deducted at source and is to be filed by 10th of next month for a particular tax period, by all the eligible taxpayers who deduct tax at source.
The recent addition of a change in the return filing system is aimed to curb the tax evasion by the gods and services tax network.
Recently the NASSCOM submitted its preferred recommendations to the Ministry of Electronics and Information Technology (MeitY) for the upcoming Union Budget 2019-20.
The Goods and Services Tax (GST) which was rolled out on 1 July 2017 is a consumption tax which is charged on the supply of goods and services in India. The collection under GST is not able to touch the targets and are falling short of it.
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.
There are always two sides of a coin and this is true for GST too. While we can agree to disagree on its immediate effect which has witnessed a mixed bag of complementary as well as stern-criticizing reviews from the common taxpayer and business community alike, we must also try to draw a parallel between the erstwhile VAT and the current GST regime.
