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In some cases, a registered person comes under an obligation to pay tax on a reverse charge basis. Table 4G in GSTR 9 encompasses details of such inward supplies which makes a registered person liable to pay tax on a reverse charge basis. Important Points of Table 4G: Some Cases when Tax is Paid on […]
Consideration of All India Traders (CAIT) has urged curtailment in the tax rate from the current tax bracket to the relevant lower tax bracket for non-luxurious items. The CAIT has appealed the GOI to reduce the GST rates on different products like auto parts, aluminium utensils etc which does not come under the squad of […]
All the registered taxpayers paying tax under the provisions of section 10 of CGST Act 2017 or availing benefits of Notification No. 2/2019-Central Tax (Rate) dated 07th March 2019 have been categorized under the ‘special category of persons’ by the CBDT. A special procedure has been laid out by the CBDT via Notification no. 21/2019 […]
In India, Reversal of the ITC is a common term under the Indirect Tax Regime. Not only India, but other countries as well are aware of this term. Like when we talk about Malaysia Reversal of the ITC is there too. In India, we also have an ITC reversal process to avoid cases like deprivation […]
Some of the reliable sources at income tax department have revealed that tax officials are likely to ask for a 6% reduction in GST return collection target in the full Union Budget for the FY 2019-20, in comparison to what has been announced during the Interim Budget earlier this year. The demand of 6% reduction […]
The government has identified hundreds of fake companies taking input tax from the government in the name of the goods and services tax (GST). Now the government is set to take action against them. These companies besides taking the input credit from the government in a fraudulent way, also help other companies in stealing GST. […]
In the congratulating letter to the P.M. on his big triumph in the last Lok Sabha Elections, Punjab Chief Minister Captain Amarinder Singh has presented 101 suggestions to Prime Minister Narendra Modi for simplifying the GST Tax mechanism and abbreviating the issues faced by businesses due to the implementation of GST 1.0. He also suggested […]
IGST stands for integrated Goods and Services Tax. It is the provision in the GST (Goods and Services Tax) which manages the movement of Goods and Services in the interstate. IGST is not an additional added tax and neither it substitutes the Central Sales Tax. In simple words, it is the sum of CGST (Central […]
The Tamil Nadu Advance Ruling Authority has stated that there is a reduction in the slab of the polypropylene mats that are plated with the help of the polypropylene straw. From 1st January 2019, the GST of it will be 5 per cent i.e. 2.5 per cent for Central Goods and services tax (CGST) and […]
