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Matching and Reconciliation were part of the erstwhile VAT regime too. But the process of matching data between account books and tax returns was not as tedious as it is under current indirect tax structure in India i.e GST.
The current financial year will witness the introduction of two more Tax compliance forms. Under GST, India’s new indirect tax regime, two new tax compliance forms will be introduced by the end of this current financial year.
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.
GST has been introduced in India to equalize the tax deductions throughout the country. In this context, the builders are advised to buy construction materials only from the registered suppliers so that things could be kept transparent viz.
As evident from the current amendment in GST and its implementation, also the simplification made in GST credit input return, it seems as if the Government and the Tax department are working in collaboration to sort out all the discrepancies and fallouts of the process in order to make the system apparent and transparent.
GST amendment was done by the Government in the recent past and now in order to make the benefits reach to the Business class, has got the amendment notified.
GST was always an ambitious plan when one takes into consideration the diversity that India as a nation subsumes within its territorial boundaries.
The law review panel of officers of the GST Council has recommended in its report that GST on freebies should be removed. Tax should be applicable to the gross value of such goods with the availability of input credit of tax, added the report presented by the committee.
The anti-profiteering authority of the goods & services tax (GST) is closely inspecting the top manufacturers of sanitary pads including Johnson & Johnson (J&J) and Procter & Gamble (P&G) to see whether they are passing on the GST price reduction benefits to the buyers/consumers of sanitary napkins or not.
