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The government is turning over its mind towards the proposal of corporatizing the Ordnance Factory Board (OFB) and reviewing the goods and services tax (GST) on the products offered by the organization. Implementation of higher GST rates As per the recent update, The central government is planning to do changes in the slabs of Goods […]
Following the reports of technical bugs encountered while filing of GST returns (summary returns GSTR 3B), Goods and Service Tax Network (GSTN) announced that the total of 65.65 lakh GST return 3B form were filed in the month of December (till 20 Jan) out of which 13.30 lakh returns were filed on the due date. […]
The electronic sector is seeking the government to lower GST rates and remove the import duty on inputs used to manufacture appliances domestically. In Budget recommendation, CEAMA’s president, Kamal Nandi said that lowering GST on eco-friendly and energy effective electronic appliances like air conditioners and refrigerators will definitely boost the demand for such items leading […]
India’s national treasury is estimated to be in the deficit of INR 5 trillion which is approximately 40% of the total Goods and Service Tax (GST) collection target. The aforesaid loss is due to cases of tax evasion and irrelevant ITC claims by businesses, as declared by Fifteenth Finance Commission (FFC). FCC in its presentation […]
Kerala Finance Minister Thomas Issac is currently on a mission to stop tax evasion on Gold. Gold is one of the most sought after items in South districts and therefore has a peek sales. So naturally, the GST fraud in the sector would lead to a huge loss in the state’s tax revenue. To curb […]
Courier companies are seeking relief from Goods and Services Tax Rule 138E that barricades them from generating the e-way bill. Under the end-to-end logistics model, the courier companies like DHL, FedEx and UPS face extreme pressure due to the Rule 138E as these companies receive the goods passed from customs for those who place the […]
Proposals for Goods and Services (GST) rate cuts on Active Pharmaceutical Ingredients (APIs) in consonance with pharma formulations have been put forth by Industry body Confederation of Indian Industries (CII). Additionally, the demands for exempting all goods obtained by drug manufacturers for research and development from GST has also been made by CII in its […]
Government is pressing pedals for making ever-stringent laws against fraudulent claims, making bogus claims for input tax credit a non-bailable offence at the end of recipients of goods and services is one such step which is going to be introduced in the February 1 budget, that would occlude revenue leakages. Proposals have been made to […]
It is highly anticipated that the government’s tax-evasion measure through mandatory e-invoicing under GST will not be applied to airlines, banks, insurance companies, telecom service providers and armed forces. Companies like airlines, telecom service providers which have direct communication with clients on a huge scale are anticipated to keep out of mandatory e-invoicing purview i.e. […]
