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Among the many changes and improvements the GST system brought to the Indian economy, a major increase has been reported in the direct tax revenues and corporate tax collection in the post-GST era.
In a bid to secure the consumer interest as well as their hard earned money, B Raghu Kiran joint commissioner GST Hyderabad introduced a much-anticipated app called ‘GST Verify’.
The provisions of ITC or Input Tax Credit under GST is at the centre of a major scam. Some businesses were prospering buy issuing fake GST bills or invoices. In the process, the businesses ended up gobbling a whopping amount of Rs 450 crore as part of the liable ITC.
The GST department has launched an investigation to determine the reasonability of the 100% refunds claimed by banks on GST paid on vendor services for ATMs.
Arvind Subramanian, the Chief Economic Advisor to the Government of India, had a few months back asserted that Insights From GSTN Data Could Drive Economic Decisions.
The GST law defines strict penalty rules and offences guidelines for Indian taxpayers to follow and ensure frictionless intrastate or interstate goods movement, reduce corruption and efficient tax collection system.
On Tuesday, Finance Minister Arun Jaitley assured that the Government would take necessary steps to ensure easy GST compliance. However, the Finance Minister denied even a minuscule possibility of implementing a single tax rate for GST.
The Directorate General of Safeguards (DGS) recently asked Hindustan Unilever about clarifications regarding the methodology used by the company in reaching Rs 119 crore to the government after it was not able to pass the GST benefits to customers.
There are various provisions in the GST and their work-ability is only understood by the apex officials who have worked upon the tax regime and has tried every possible way to make it happen. Recently Union finance minister Arun Jaitley stated that the quarterly filing of the return is not feasible and can not work for the taxpayers who has a turnover of above Rs. 50 lakhs.
