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A ‘NIL’ refund claim was filed by numerous registered persons for a certain period of time in form GST RFD-01A/RFD-01 on a common portal. Many of them filed it unintentionally despite the fact that they were eligible for claim for that particular period and under that particular category. This might have happened because of a […]
Refund application goes online and the authority for the payment of these refund goes in a single hand. Now the taxpayers shall file refund application online/ electronically in form RFD-01 whereas the disbursement of GST refund will be done through the Public Financial Management System (PFMS) by the certified bank of Central Board of Indirect […]
Suggestions have been made by the Economic Advisory Council to the Prime Minister regarding the relinquishment of the lowest tax rate slab of 0% and the highest tax rate slab of 28%. It has been two years & a quarter since GST has implemented in 2017. There were dual ways to introduce this reformation. One […]
Filing GST is a massive task involving document compilations, computations, GST calculations, verification and so on. People with deficit knowledge are often seen struggling with GST filing and reviewing documents for accuracy. GST invoice is one of the major components used while computing tax, one wrong invoice will affect the figures in GST returns leading […]
Seeing the increasing corporate tax concerns in the country, the finance minister, Nirmala Sitaraman has announced some amendments to the Income Tax Act, 1961 and the Finance (No.2) Act 2019 on 20 September 2019 via The Taxation Laws (Amendment) Ordinance, 2019. The changes have been made to ease out the liquidity concerns of corporate and […]
Currently, 18% of GST is charged on long term lease transactions by the government, which has been strongly opposed by many companies. Some major companies have recently moved towards legal proceedings in court to seek permission for revoking or making a credit claim against GST on long-term land lease deals. Many tax experts, on this […]
GST ANX-1 and GST ANX-2 form have been added under the newer GST return filing system (GST 2.0). These forms will work as a supplement to the main returns forms, i.e., GST RET 1/RET-2/RET-3 under GST 2.0. These forms are apparently similar to the GSTR-1 and GSTR-2A forms that are used in the present GST […]
Vessels are very common yet essential in every kitchen. No family in the country is unaware of its usage, importance and noise. A similar echo is in Union Government appealing to reduce GST on vessels. Deputy Speaker Pollachi V. Jayaraman who attended the annual meeting of the federation on Sunday told media that the vessel […]
Ministry of Finance has started digging and estimating the revenue loss that may happen due to the GST rate cut which will be broached up in the upcoming 37th GST council meet, scheduled to be held on 20th September. The GST rate on various products like automobile will be lowered down to bring up the […]
