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Economist and current FM of West Bengal Amit Mitra’s warning on declining GST revenue were dismissed by many saying it a pure politics. In an event, he said that India’s federal revenue system is at risk if the Centre denies guarantee of a 14% GST growth in the states’ revenue right now, if the state […]
Following the circular issued by the indirect tax department, a wave of uncertainty was spread among the dealer group. Circular described the goods and service tax which is to be imposed on post-sale discounts by dealers. As per the circular issued by CBIC in June, the dealers were liable for 18% GST on the post-sale […]
A ‘NIL’ refund claim was filed by numerous registered persons for a certain period of time in form GST RFD-01A/RFD-01 on a common portal. Many of them filed it unintentionally despite the fact that they were eligible for claim for that particular period and under that particular category. This might have happened because of a […]
GST Forms – Sahaj and Sugam are proposed for claiming the Input Tax Credit (ITC). Well, alike GSTR-1 these Forms too don’t seem to be simple for the GST payers and are anticipated to continue hardships for availing ITC. However, we can not ascertain the complexity level until the proposed Forms actually be used for […]
Currently, in the 37th Council Meeting, the GST Council gave some sectors a reason to celebrate by allowing reliefs in GST rates while some remained disheartened with the denial. Earlier to the meeting, Auto and biscuits sectors were streaming in headlines as the respective dealers endeavoured for GST cut off in order to revive their […]
Currently, 18% of GST is charged on long term lease transactions by the government, which has been strongly opposed by many companies. Some major companies have recently moved towards legal proceedings in court to seek permission for revoking or making a credit claim against GST on long-term land lease deals. Many tax experts, on this […]
GST ANX-1 and GST ANX-2 form have been added under the newer GST return filing system (GST 2.0). These forms will work as a supplement to the main returns forms, i.e., GST RET 1/RET-2/RET-3 under GST 2.0. These forms are apparently similar to the GSTR-1 and GSTR-2A forms that are used in the present GST […]
Ministry of Finance has started digging and estimating the revenue loss that may happen due to the GST rate cut which will be broached up in the upcoming 37th GST council meet, scheduled to be held on 20th September. The GST rate on various products like automobile will be lowered down to bring up the […]
The due date for filing of Annual return (GSTR-9) and reconciliation statement/ audit report (GSTR-9C) has extended by the government till November 30, 2019. The taxpayers should utilize this period of three months for addressing their concerns and ensure the filing of returns on time. Since the original deadline of December 2018, the government has […]
