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The total of 245 Star Export Houses and 5,000 other exporters went alienated from claiming their shares of Input Tax Credit (ITC) from the government due to taxman’s heavy investigations. On the other hand, amidst the existing exports decline, merchandise exports declined by 0.34% year-on-year in November consistently for the fifth time in the past […]
The Delhi High Court underlined that the Goods & Services Tax (GST) regime intents to facilitate the assessees and not to make them suffer due to technical failures & faults so the software system should be maintained & regularly updated with the amendments in rules & regulations. Delhi HC said that the rights of individuals […]
The decision of the panel has caused fear for various industries as this will further block the cash flow of businesses amid their existing struggle with finances in times of economic slowdown in India. The proposed clause goes on like if taxpayer has paid Rs. 1,000 as taxes to the supplier in lieu of the […]
The Government is to pass an amendment under section 49 of GST in which the IT officers will be inspecting the fraudulent nature Input tax Credits made by the taxpayers. The invoices that are furnished by the taxpayers will be checked to be legitimate. Input Tax Credit Eligible & Ineligible Purchases: To avail input tax […]
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 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 […]
Proposals to come in next GST council meeting on Delhi HC Order. Grievance Redressal Committees will be set up at the state and zone levels soon to assist trader and industrialists combating the technical issues on GST portal. The committees will also have representatives from central and state GST officials, GSTN, tax professionals and trade-industry. […]
It is highly anticipated from the market experts that the GST council will increase the tax on mobile phones and fabric in the upcoming week. This action is likely to be taken from the government end in order to boost the revenue collection as well as correct the inverted tax structure. Presently, 12% GST is […]
