Goods and Services Tax is makings its way to hawala transactions because businesses are claiming ITC that are not able to be matched with the invoices, said West Bengal Finance Minister Amit Mitra.
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Goods and Services Tax is makings its way to hawala transactions because businesses are claiming ITC that are not able to be matched with the invoices, said West Bengal Finance Minister Amit Mitra.
As the Telecom Industry reels under the pricing war for more than two straight years now, the demand for streamlining GST issues is getting stronger with each passing day.
Recently, the Gujarat high court rules out that the ITC not claimed earlier, can now be claimed till 31st March 2019. The decision came aboard after the high court accepted a petition.
Recently we have heard a lot about local sweet shops turning into restaurants which will further save them GST of up to 13 percent. The news is however very divergent and confusing as there is no solid base to the tax applicability.
A big relief for the real estate buyers as they now don’t require to pay GST on completely constructed buildings only those have issued the completion certification at the time of sale said Finance Ministry.
The concept and obligations for the GTR-9 and GSTR-9C i.e the Annual Return Form and the reconciliation statement respectively are still a puzzle for may including Chartered Accountants.
According to the polls, it has been ascertained that the center may postpone the new format of GST return filing developed for simplified monthly returns for the Goods and Services Tax (GST).
The performance audit of GST (Goods and Services Tax) has been conducted by the Comptroller and Auditor General (CAG) and will mostly complete its report as soon as possible.
The tax on the supply of goods or services or both is GST. The registered person who is involved in the export of goods or services or taxable supply or both can utilize qualified ITC on goods or services or both used in the development of the business.