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The new financial year brings along new rules and regulations like new alterations regarding Aadhar cards, GST, etc but there is no compulsion for fresh invoice number with the beginning of the new financial year. Rule 46 of the CGST Act does not bind any taxpayer to start a new invoice series for the new financial year, and they can continue from where they left by the end of the last financial year.
After a steep downfall in GST Revenue collection in the month of February 2019, March has raised a flag to fetch an honour for the GST department and the Government as well by making a record collection in terms of revenue collection this month.
Many of the exporters have come under the tracing radar of tax authorities in India for claiming the tax credit two times for the same export under the inverted duty structure.
E-Way Bill is abbreviated as Electronic Way Bill. It was April 2018, when the e-way bill system came into existence under the GST Regime.
The Election Commission has shown a green light for conducting the 34th GST council meeting on March 19 to confer multiple issues via video conferencing.
The Hyderabad Central GST intelligence wing encountered eight companies which are exhibiting bogus invoices without an actual supply of TMT bars and other products, In the raid conducted by GST department on iron and steel industries in the State.
Automobile dealers have anticipated the reduction in liquidity due to the modifications in GST laws. The Federation of Automobile Dealers Association (FADA) has written a letter to the Prime Minister’s Office, Finance Ministry and GST Council, expressing the resentful effect of the addition of section 49A to CGST law on their cash flow.
Tax Advocates Association of Gujarat (TAAG) organized an Open House with tax professionals where they put forth various contention related to the late issue of refunds, registration and other issues with GST Network (GSTN).
GST revenue collection has again fallen down in numbers for the Month of February. The month witnessed a lower GST collection of Rs 97, 200 crores against Rs 1 lakh crore which has been collected in the month of January.
