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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.
Rejecting the application filed by CEAT, a leading tyre manufacturer in India, for reducing the GST rate on e-rickshaw tyres to 5%, the Maharashtra Authority for Advance Ruling (AAR) said that tyres used in e-rickshaws will continue to attract the top GST rate of 28%.
The GSTR 9 is an annual return form to be filed by the taxpayer once a year with all the consolidated details of SGST, CGST and IGST paid during the year.
One very important outcome of the 27th GST Meeting was the Government’s decision to take complete ownership of the GSTN Network.
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.
UIN is a 15-digit unique number allotted to any specialised agency of the United Nations Organisation or any multilateral financial institution and organisation notified under the United Nations (Privileges and Immunities) Act, 1947, consulate or embassy of foreign countries.
The GST collection for the FY 2017-18 stood at Rs 7.41 lakh. India’s new indirect tax law that subsumed 17 indirect taxes (central and state included) was launched on the midnight of July 1st, 2017 from the ramparts of the Red Fort in Delhi.
The first month of the current fiscal year will witness new changes in the reporting of GST collections. The move comes at the back of the Finance Ministry’s attempt to get rid of the delay that cripples actual revenue accrual.
The Authority for Advance Ruling (AAR) has mandated International Passengers to pay GST on Goods purchased from shops within the Airports premises. Earlier the shops popularly known as Duty-Free shops were exempt from any form of tax.
