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The 25th GST council meeting which was chaired by the finance minister Arun Jaitley and state finance ministers offered a great relief to the educational institutes.
The National Restaurant Association of India (NRAI) mentioned yesterday that the restaurant sector wants to bring back the input tax credit benefits under Goods and services tax and furthermore tries to remove the number of licenses necessary for running a restaurant.
In a recent survey, it is found that the taxpayers have bypassed each and every strict tax vigilance until now as the taxpayers and businessman have been implementing their own ways to evade the taxes.
GST is not turning out to be the good and simple tax for business firms. The technological issues related to GSTN continue to create headaches for business firms all over the country.
The Research published by the credit-rating body ICRA has brought good news for the Indian Corporate Sector. Aided mainly by the festive season, the sector has shown recovery from the initial jolt felt during the transition phase of the newly implemented GST tax regime.
The decline in the revenue collection as State GST (SGST) in Karnataka has spoilt chief minister Siddaramaiah’s plan to present a massive Rs 2.10 lakh crore budget for FY 2018-19, which was scheduled to be announced on 9th February.
The business which has not got input tax credit (ITC) on provided services or on a closing stock is eligible to claim a credit under before GST implementation regime, without concerning whether they are registered taxpayers or not under this newly implemented indirect tax regime.
CBEC formulates the GSTR-3B form which is an interim return consolidating details about outward and inward supplies to be furnished every month from July 2017 to March 2018.
According to the official experts, some of the companies are facing problems related to product categorization under the new indirect tax system.
