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Through the GST regime, the validation of the bank account stands integrated according to the latest GST network (GSTN) advisory on 24th April 2023. The same procedure would make provides the assurance of the correctness of the bank account details of all types of GST assessee. The taxpayer would be given directions by the advisory […]
Data analytics is being used by the GST officers to make sure the whole supply chain in a specific sector is paying sufficient GST or if there is a missing link, said an official. The Directorate General of GST Intelligence (DGGI) has taken a stance and made efforts to find out about tax evasion at […]
In the forthcoming time, the government is planning to incorporate the national retail trade policy and an accident insurance scheme that shall have the purpose of furnishing assistance to the domestic traders who would have enrolled under the GST. The official stated that the proposed policy shall support an effective infrastructure and more credit to […]
Various businesses are under pressure for the ITC claims as of engagement of large efforts. The revision of the late to the GST law would have been made by the government to tighten the claims of the ITC, via Budget 2023 the recent the has been executed. Modification in GST ITC from Budget 2023 You […]
The rise of the tax in the GST regime would have been rectified for the central government but it does not rectify for the states yet a working paper via the National Institute of Public Finance and Policy (NIPFP) elaborated. Sacchidananda Mukherjee who is a professor at the autonomous research institute under the Ministry of […]
To evaluate the GSTN portals operation and the GST systems and procedures, the finance ministry on April 4 would have called for a meeting as the GST collection in March stands out to be the second highest. The officials stated that “The April 4 meeting will be chaired by Revenue Secretary Sanjay Malhotra. Members of […]
In 2017, the GST which is a destination-based consumption tax was incorporated. As per the GST framework, particularly for the businesses that are involved in the exports and supplying the Special Economic Zones (SEZs), the concept of zero-rated supply poses influential importance. The provision of goods or services that are either exported or provided to […]
The Goods and Services Tax Network (GSTN) furnished an advisory for the assessee wishing to enrol as a ‘One Person Company’ under the Goods and Services Tax (GST) regime. The advisory on 21/03/2023 mentioned that, “As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is described as a company that […]
For streamlining and expediting the issue resolution procedure for GST, a 4-member appellate tribunal is proposed to be set up in each state. There are two technical members (one officer each from the centre and states) and two judicial members in every state appellate tribunal. A division bench including two members shall decide the appeals […]
