The GST Council is thinking to revise the return filing procedure and simplify the rules further to make easy compliance and enhance government revenues.
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The GST Council is thinking to revise the return filing procedure and simplify the rules further to make easy compliance and enhance government revenues.
GST council cleared recently that whatever the cost of oil and gas manufacturers recovers from the sale of petroleum just before transferring benefits to the government which comes under the production sharing contract is not subjected to the goods and services tax.
Tax cases are much of concern in the Indian economy as more than 2 lakh tax cases are currently floating through various appellate litigations on all the levels of the judiciary.
GST was touted as a Good and Simple tax for the people. However, six months down the line traders continuously complain that the accounting and return filing cost have doubled. The GST council as well as the government claims of:
The finance ministry has assigned eight tax officers to manage and handle the Twitter handle being pushed for the solution of GST related doubts and queries.
GST e-way bill, which was put on hold after technical glitches experienced by the portal, is now rescheduled to launch by the end of this month.
The people who have acquired registrations on GST portal but have not yet filed a single tax return till date might soon face cancellation of registration.
India based FMCG major Hindustan Unilever was served a notice last month by the GST Anti-profiteering committee for not passing GST benefits to their consumers.
Recently in a internal research done by the finance ministry, it was unearthed that around 5 lakh companies were those who had only 5 lakh or less turnover for a year, which clearly shows that they opted composition scheme without any strong need to do so.