Search results for: input tax credit

In a recent crackdown over illegal GST collection, this time the government itself found to be collecting goods and services tax on RTI which is totally out of the ambit of the new indirect tax regime.

Almost 20 companies had their bank accounts sealed after an intensive operation done by the tax department on all those taxpayers who had not filed up their GST returns on time even after a considerable liability.

A very significant month has arrived for all the taxpayers under GST i.e. September as it will be the last month for the taxpayer to claim any pending credits for the invoices issued between 2017-18 time period and to rectify any error in the return form of the year.

GSTR-2A, the GST return form which was introduced by the government in order to get the tax return simplified for all the purchase inwards of a business for matching purpose with the supplier.

Finally, it is suggested that the annual GST return form will be able to help the revenue department to find out any possible tax leakage and will keep an eye on all the financial transactions of the taxpayers.

The input credit returns for all businesses could now be easily claimed. The GST return process has been simplified by the central government by the introduction of GSTR-2A form.

India is a land for spiritualism. While religion in India has been a major political demarcation point, its economic viability is not unknown to many.

After the decision of introducing and full implementation of GST in India for the Businesses, however big or small, near about 1,800 businesses which were earlier registered under VAT and service tax regime have taken initiative and have applied for their migration to the GST system in the latest migration window.

Any resistance offered by an individual to IT department raids over tax evasions may result in prison time for the concerned person under scrutiny.