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The central government has inserted a rule to prevent fraud from claiming an input tax credit under the GST. Now, businesses having a monthly turnover above ₹ 50 lakh will require to pay at least 1% of their GST in cash. Latest Changes for New Rule Under 86B of CGST Act Recently there was a […]
All over the country, the Directorate General of Goods and Services Tax Intelligence (DGGSTI) in the previous month has arrested 100 persons and recorded 3479 entities inside 1161 cases in the concern of illegally claiming the input tax credit(ITC) through the bogus GST invoices and causes the government tragedy. Despite lower revenue collection. Latest Update […]
In the context of reducing the tax collections between the bogus invoicing and fake input tax credit, the GST council has now provided the notice to the assessee to conduct an audit. They sought details about the credentials from businesses concerning the fiscal years 2020-21 and Onwards. Latest Update The audit consists of an examination […]
The last date of income tax filing is coming closer to an end, several questions are in the mind of the assessee. One of them is to mention the earlier purchase of property in the income tax return (ITR). December 31, 2020, is the date where the taxpayer is required to file their ITR for […]
An effective IT infrastructure for the development of faceless assessment and faceless petitions policy needs to be built said by the tax consultant PwC to the Income-tax department. A robust IT infrastructure is required so that the taxpayer will furnish the credentials easily as the file consists of numerous pages declared by PwC. “As on […]
In the concern of issuing the fake invoices of Rs 2100 cr and availing for ITC of Rs 185 cr. The Maharashtra Department of Goods and Services Tax has captured the person who is running a business in Mumbai. He frames a bogus picture by mentioning that he is running 30 companies to provide the […]
Those who do not have the Aadhar number will not proceed with the latest goods and services GST enrollment. The authorities seek to check that the GST is linked with the biometric details with the live photograph of the registrant so as to clarify the GST fraud. A new GST should seek an Aadhaar-like process […]
The CGST officials are required to take the safe way due to the frauds undertaken in availing the ITC through the business entities said by the GST officials. In the CII conducted webinar there are various reasons to block the input tax credit (ITC) A complete guide for understanding the basics of input tax credit […]
Chandigarh Nov 4 UNI Haryana deputy chief minister Dushyant Chautala announces that Haryana has enrolled a 66% rise in GST revenue in October 2020 with respect to October 2019 which is a record and entitled to be a recognition for the state government. To keep an eye on the big as well as prominent assessee […]
