Powerd By SAG INFOTECH
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A big relief to GST assesses particularly for the dealers, as Kerala High Court has recently announced that the petitioners now can make changes if the GST mistakenly paid under the wrong head.
From October 1, under GST law, E-commerce aggregators like Amazon, Flipkart and others need to deduct 1% tax for each of their transactions.
A common grievance heard across all GST related seminars in the country has been related to GST Audits. In Fact, the complexities in GST audits have been hard to get the head around not just for common taxpayers but CA’s too.
The newer version of the Gen GST – return filing and e-billing – software has been launched now. It is bigger, better and comes with more features than before. Gen GST is also the first GST software in the accounting segment to be completely independent of platform and the OS. It is also available in both online and offline variants.
Matching and Reconciliation were part of the erstwhile VAT regime too. But the process of matching data between account books and tax returns was not as tedious as it is under current indirect tax structure in India i.e GST.
The current financial year will witness the introduction of two more Tax compliance forms. Under GST, India’s new indirect tax regime, two new tax compliance forms will be introduced by the end of this current financial year.
The GST department of the Haryana region has recently issued circular mentioning that all the field officers must hold and block the input tax credit pertaining to certain conditions.
The National Anti-profiteering Authority (NAA) was touted as the watchdog for passing benefits from GST rate reduction or ITC to end consumers.
In the month of October 2018, approximately Rs 32,000 crore present in Integrated Goods and Services Tax (IGST) pool is distributed among the centre and states.
