The tax department is high on toes since the false credit claims are surging from past few months. In this direction, the tax department has now decided to tug all those 50 thousand taxpayers who are on the higher side of claiming input tax credit.
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The tax department is high on toes since the false credit claims are surging from past few months. In this direction, the tax department has now decided to tug all those 50 thousand taxpayers who are on the higher side of claiming input tax credit.
The hassles of filing GST returns may soon be turned as an easy and convenient process as the GST council is discussing upon diversification of GST filing due dates.
The difference in liabilities reported in GSTR-1 with regards to that in GSTR-3B is a matter of great concern and will have to be analyzed in detail by the Government Of India.
In a report released after the analysis of the indirect tax systems implemented by 115 countries, the World Bank has declared that the GST system is one of the most complex indirect tax structures with the second highest tax rate in the world.
The domestic sales for passenger automobile vehicles have grown by leaps and bounds. However, the export figures for passenger vehicles are in sharp contrast to those of the domestic sales.
GST Refund Fortnight is a scheme by the GST council to address refund issues related to the exporters in India. The scheme would be observed from 16.07.2018 to 31.07.2018 across all field formations to deal exclusively with pending GST Refund Claims (IGST & ITC).
In a report presented by a Parliamentary panel chaired by Kirit Somaiya, it is mentioned that the Textile Ministry should try to convince the Revenue Department and Finance Ministry to reconsider the overall structure of the Goods & Services Tax (GST) for the textile sector.
To tackle the cases of tax evasion, the GST officials have come up with the idea to enable a checking feature in the new returns filing system. This will ensure that all the credit requests are first checked for whether the tax has been paid already.
From ages, we know different planning concept to save the income tax, but now what about the new tax regime-GST ( goods and service tax). How inflow of trade out the firm can be expanded, how might I build my advantages and diminishing liabilities towards GST division?