Powerd By SAG INFOTECH
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Not so long ago, India celebrated 100% electrification of villages. A great feat indeed considering the fact we are a fairly developing nation with a robust GDP.
The MSME’s demand for the GST rate cuts could not be fulfilled by the Government and no decisions could be taken in this context in the forthcoming GST meeting which is supposed to be held on 28th and 29th of this month.
GST council has this time laid emphasis on invoices generated for all types of transactions. In this context, a ‘Committee on Invoice’ has been set up and two procedural suggestions are made:
As no verdict has come from the Central government regarding the payment of the accumulated Income Tax Credit amount to the Gujarat power loom weaving sector.
Contradictory advance rulings is now a common word in the goods and services tax world as there was a lot of litigation against the indirect tax regime in the appellate authority.
GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit.
The government has directed the E-commerce companies to start collecting up to 1 percent TCS in the course of making any payment to suppliers under GST.
GST and lack of input credit followed by some other factors have affected the profitability of inbound tourism this year as compared to last year when a record 10 million inbound tourists were reported visiting India.
The GTSR-9A is an annual return form that has to be mandatorily filed by composition scheme taxpayers under GST. The GSTR 9A form constitutes consolidated details of SGST, CGST and IGST paid during a given Financial Year.
