Search results for: input tax credit

Recently, the goods and service tax (GST) authorities are seen in a hyperactive mood tightening their reigns on the taxpayers, who are found guilty of not paying their tax dues.

The GST authorities have clarified that transfer or change in the ownership of business would happen in the case of death of the sole proprietor and would include the transfer or change in the ownership of a business.

Clarity regarding GST & ITC is much required by any Company and industry, Big or small, as it touches the Economy part of the Businesses. GST Council has constantly endeavoured to make the process crystal clear and gave proper clarification regarding any discrepancy.

Confusions were prevailing in the Food industry and baseless inceptions were being drawn regarding the Sweet shops, as should be considered amongst the dine-out eatery or not. It is the GST Council which had to finally plunge in this scene and the GST Appellate brought the clear picture.

As a result of the recent GST tax reduction, the Starbucks was expected to make relevant cost reduction on its products and supplies, but reflecting fishy, the Tax authorities have questioned about the Brand’s prices and has issued two sets of letters asking about the data to get close to the exact position.

The Election Commission has shown a green light for conducting the 34th GST council meeting on March 19 to confer multiple issues via video conferencing.

The Hyderabad Central GST intelligence wing encountered eight companies which are exhibiting bogus invoices without an actual supply of TMT bars and other products, In the raid conducted by GST department on iron and steel industries in the State.