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The Government stands on its resolution to make the GST system robust and efficient. There are a number of changes waiting to be implemented and new formats to be introduced in order to make the system more responsive and taxpayer-friendly. You can check here the list of the new updates under GST 2020, including the […]
The department under GST is finally extending notices to on business whose accounts are required to get audited as per the norms. Cordial notices are being sent by the government to businesses for the first year of GST (2017-18). There are three basic kinds of audits under GST, the first one focuses on the business […]
Tax officials have been directed to augment their inspection of tax evasion through the help of Artificial Intelligence and Data Analytics in order to stop the leakages in revenue collection. Their goal is to make a targeted approach to counter the leakages. They want to ensure the process of red-flagging the tax evaders thereby making […]
The ongoing concerns of the startups are related to equalization levy and tax on employee stock ownership plans (esops). These budding businesses are now seeking clarifications from the government related to some key tax issues which will directly/indirectly affect their sales and profits. The issues came in the limelight when companies discussed the same in […]
GST Council 38th Meeting concludes on 18th December 2019 under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman. The meeting was also attended by Anurag Thakur (Union Minister of State for Finance & Corporate Affairs) and Finance Ministers of States & UTs and some senior officers of the Ministry of […]
The Delhi High Court has sought a response from the Center Government on a petition filed against only 20% input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India on missing invoices in GST. The petition with […]
The Government is likely to miss the deadline of making the new forms available for annual GST return filing within the stipulated time in order to make the annual filing of GST return by traders and companies in time. Earlier, the Government has extended dates of filing of form GSTR-9, GTSR 9A and GSTR-9C for […]
The industry is supporting the passive enforcement of new goods and services tax return (GSTR) system. These simplified returns are planned to come into effect at the starting of next Fiscal year. Considering the complaints regarding the complexity of current return systems, to buckle down the issue, the GST council came up new GSTR filing […]
The All India Food Processors’ Association (AIFPA) in a letter to FM appealed against the higher existing rates of processed foods. The processed unbranded food falls under the slab of 5% whereas their branded peers fall under 12%. The companies are putting up their concern for setting up a wrong trend in the market which […]
