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Exporters and the overseas shipments are in liquidity problems as the government has held more than 22,000 crores as stated by the FIEO recently.
Goods and services tax made a lot of changes to the indirect tax structure prevalent earlier than 1st July 2017 and made huge changes to make it accurate and uncomplicated as compared to past tax projects.
As every Indian taxpayer knows about official GST return filing GSTN portal. The portal is used for filing GSTR forms 1-9 along with the tax payments.
The Institute of Chartered Accountants of India (ICAI) forms an indirect tax committee which is also responsible for any valuable suggestion for any changes or introduction of forms in the GST act.
As per a ruling by the Haryana Authority for Advance Rulings, GST (Goods and Services Tax) will be applicable to the mining rights granted to miners and mining companies by the government at the same rate of 5% which is applicable to the supply of the material being mined.
A new profiteering case has come into light as a Gurugram based constructor and home provider, Pyramid Infratech, has been asked by the NAA to refund the benefit availed out of the input tax credit after the effective rate on affordable housing got reduced from 12 percent to 8 percent from January 25, 2018.
As no verdict has come from the Central government regarding the payment of the accumulated Income Tax Credit amount to the Gujarat power loom weaving sector.
GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit.
Following the recent Amendments in GST returns, the Government has recently passed a waiver against the Late fee charged on late filing of the GST return form (GST) RETURN-1 for the period of July 2017 to September 2018.
