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The All India Tax Advocates Forum, in light of the extension in GST Annual Return GSTR-9C (Audit Report) for 2017-18 due dates till March 31, 2019, has asked Finance Minister to allow assesses who have already filed the annual returns to rectify mistakes caused in their monthly GSTR-3B and GSTR-1 return.
CBDT (Central Board of Direct Taxes) Chairman Sushil Chandra said that the IT department has proposed an extra investigation to stop the outlay of money towards the fraud repay claims which are based on the corrupt investments as shown in the tax return forms.
GST Council’s 31st meeting has taken some of the major decisions on the higher slab rate. The meeting deliberately made discussion on the items coming under the highest 28% GST slab rate.
At a time when reports of Central Government eyeing RBI Reserves to breathe fresh air to credit-starved micro, small and medium enterprises (MSMEs), Indian taxpayers are riding a tax evasion wave unlike any seen in recent times.
Goods and Services Tax is makings its way to hawala transactions because businesses are claiming ITC that are not able to be matched with the invoices, said West Bengal Finance Minister Amit Mitra.
Currently, the investigation has been done by the tax officials under which the officials have observed that the pharmaceutical companies have claimed the input tax credit (ITC) for free samples being offered by them as a promotional activity.
The number of petitions being filed against the various clauses of the earlier launched goods and services tax (GST) system in the different courts is only increasing with each day.
As section 194C is a very important section, which is largely involved in business scenarios. If a person who is working in the accounting section in any company then he must have the deep knowledge about the provisions of Section 194C.
As the Telecom Industry reels under the pricing war for more than two straight years now, the demand for streamlining GST issues is getting stronger with each passing day.
