Powerd By SAG INFOTECH
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In a lieu to aware businesses about wrongful conduct in input tax credit claim, the Finance Ministry requested the businesses to relook at the claims from earlier tax regime
The Government has released the Anti-Profiteering Complaint Form for the consumers who want to lodge grievances against businesses for not giving the benefits of reduced taxes under GST regime.
A new facility has been started by the government on its GSTN portal, under which the taxpayers who paid excess tax money by mistake, can now transfer the money back to their bank accounts. This facility has started online from 29th November.
The tweaks in GST tax rates affected the revenue collection of the government. The total calculated loss stands at Rs. 10,000 Crore comparing the last month collection. Finance Ministry told that the collection received till 27 November generated Rs. 83,346 Crore while the collection was of Rs. 95,131 Crore in October and Rs. 93,141 Crore in September.
After the reduction of tax rates nearly on 300 items in last GST council meeting, now the government is planning to bring some changes in the rules, procedures and regulations under GST to simplify the procedures for taxpayers and businesses.
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
Every online business generates revenue by advertisements and selling through affiliate marketing. Under GST (Goods and Services tax) regime, the provisions are clearly mentioned for e-commerce operators.
Goods and services tax which was implemented recently and to be exact on 1st July 2017 with a lot of promises and work on progress tagline, is known to be subsuming all the indirect taxes into one.
GST is touted as the biggest taxation reform since Independence and currently, traders are facing problems due to the provision of ‘reverse charge’ system under GST.
