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Uttar Pradesh has presented its expenditure plan for the next five fiscal years to the 15th Finance commission. The plan estimates a loss of Rs 13,500 crore when revenue also did not remain untouched. Losses germinating since the implementation of Goods and Services Tax (GST) will ripe itself to approx Rs 13,500 crore in 2022-2023. […]
The notification released by the Central government on 26th December, 2019 stats that, effective from the 1st January, 2020, “20 per cent” ITC for non-invoice GST returns will be replaced with “10 per cent” ITC. The notification proposes a few changes in the Central Goods and Services Tax Rules, 2017. According to the new rule, […]
Initiating every possible move to prevent revenue leakages the government’s current strategy is to restrict the flow of input tax credit under goods and service tax laws. As per the newly amended clause, only 20% of the eligible credit amount will be extended to the entities if the suppliers have not uploaded the relevant invoice […]
The statutory audit season were about to end with the end of September month though it has extended for one more month due to the extension of due dates. Post expiry of audit season, the companies start focusing on internal audits. In internal audits statutory compliance remains a compulsory component which consists of basic reconciliations […]
Filing GST is a massive task involving document compilations, computations, GST calculations, verification and so on. People with deficit knowledge are often seen struggling with GST filing and reviewing documents for accuracy. GST invoice is one of the major components used while computing tax, one wrong invoice will affect the figures in GST returns leading […]
A piece of very exciting news coming for all the GST exporters in the country. The government has announced a single-window facility for processing GST refunds to the exporters. With the help of this new GST refund system, the government will issue both the Central and State GST refunds parallelly to exporters via a single […]
India, homing the policy of ‘One Nation One Tax‘ has announced the results of the Goods and Service Tax (GST) collection in August 2019 which was aggregated at Rs. 98,202 Crore. The sum this year was 4.51% more than the previous year (Rs. 93,960 Crore) but is still a concern for the government as its […]
Several changes have been made to the CGST Act, which will benefit the taxpayers in terms of ensuring compliance. The recent update in the different sections of the CSGT Act is related to the tax payments and interest, which will ease out the process of GST return filing View the full comparison report between old […]
Only 20% of Visakhapatnam Traders have filed central goods and services tax (CGST) returns till the date and 80% of them need to urgently file the returns before the due date of 31st August 2019. The due dates for filing GST returns have been extended many times due to the complexities and cumbersome process involved […]
