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.
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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 the meeting held earlier this month, the GST Council has decided that it will implement e-wallet system to ensure timely refunds to exporters.
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 UPA Government during the erstwhile VAT Tax regime had approved for tax exemptions to the suppliers of major FMCG Companies.
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).
It’s been less than nine months since the GST was launched and it has already come under the radar of the black market. Tax evasion activities through black market and under-valuing of imports have been detected by GST revenue authorities.
LUT or the Letter Of undertaking is a hot term these days. LUT is paramount for exporters and traders. Export volumes are the real and only parameter that determines the growth rate of a country.
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.
Tax authorities in India are in the trouble with the 34,000 crores goods and service tax collection whereas the government is thinking it as tax evasion done by the taxpayers.