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In the current investigation drive going all across India against the bogus registration, GST authorities would have fetched nearly 17000 non-existent GSTINs and cancelled over 4,900 registrations. Under Goods and Services Tax there are 1.40 cr businesses enrolled at present, pre-GST launch, there were almost twice as many enterprises registered under the indirect tax system. […]
In just six years, the Goods and Services Tax (GST) has increased significantly. From around 68 lakh in 2017 to around 1.4 crores the number of assessees would have twice, indeed the average monthly revenue has also climbed approx to the identical rate from near to Rs 90,000 crore in 2017-18 to Rs 1.69 lakh […]
The nationwide campaign against fraudulent GST registration has caused problems for e-commerce businesses, that run virtual offices across several states with little staff and no books of accounts. Tajinder Singh, vice president of taxation at MakeMyTrip Group, told PTI that the GST officials should consult the head offices about virtual offices before labelling the state […]
There is significant growth noticed after the introduction of the Goods and Services Tax (GST) in 2017. New taxpayers have increased in number. The number of active GST taxpayers has climbed by 124% in six years, from 5.08 lakh on July 1, 2017, when the new regime went into effect, to 11.44 lakh at present, […]
According to official sources aware of the ongoing investigation, a central agency tasked with preventing the loss of Goods and Services Tax (GST) revenue has finished its investigation into at least 6 of the 30 insurance companies it is looking into over allegations of improper commission payments to their agents and is in the process […]
Since the plan of the tax authorities is deep dive into their business exercise to fetch the potential of a raft tax associated irregularities and thus the insurance companies might face GST audits. On the basis of fictitious invoices created by their channel partners and intermediaries, several insurance businesses are being investigated for improperly claiming […]
The GST Council has notified that it might consider the CBIC’s recommendations on adding new validations to the GST return filing in order to track evasion and fake ITC claims in its upcoming 50th GST Council meeting scheduled in July. The action was taken by the Central Board of Indirect Taxes and Customs (CBIC) in […]
The guidelines for executing the new Gruha Lakshmi scheme (Rs 2,000 per month for every woman head of a family) have been furnished by the State Government. As per that when the woman or her husband counted beneath the income tax net or the GST would not be qualified for the scheme. The women who […]
The number of e-way bill generation has increased to 8.82 crores in May from 8.44 crores in April, which indicates more movement of goods. As per the PMI (Purchasing Managers’ Index) manufacturing, the result rose to a 31-month high of 58.7 in May, providing the first indication of increased goods movement. Increased bill generation may […]
