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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).
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.
CBEC Chairperson Vanaja Sarna told that income authorities will set up the camp in the nation for a fortnight starting from March 15 to ease the exporters’ GST refund woes.
From ages, we know different planning concept to save the income tax, but now what about the new tax regime-GST ( goods and service tax). How inflow of trade out the firm can be expanded, how might I build my advantages and diminishing liabilities towards GST division?
The Goods and Services Tax (GST) was in impact from July 1, 2017, and replaced many different taxes and furthermore goes for rearranging the indirect taxation.
The Directorate General of Safeguards has started an investigation and notified as well in 53 cases, as mentioned by the parliament.
Recently, Indirect Tax Department has published a circular that 18 percent Goods and Service tax (GST) will be imposed on the certificates issued for excess priority lending by banks, that would increase the lender’s cost as they are not fully eligible for complete input credit tax yet.
The government sources have said, to make the tax filing simpler for businessmen, the return filing may be changed from monthly to quarterly. They also said that the requirement for filing three GST returns will likely to be taken down to one.
