Powerd By SAG INFOTECH
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From the recent circulars passed in the context of Tax and GST, it is crystal clear that the central GST authorities, in collaboration with the State GST authorities
GST was always an ambitious plan when one takes into consideration the diversity that India as a nation subsumes within its territorial boundaries.
The main objective of the National Anti-profiteering Authority (NAA) is to ensure that benefits from GST Rate reductions reach end consumers.
Recently the Ministry of corporate affairs has issued a new revised draft for the amendment of details to be given in the cost audit reports required by the companies to submit them with the government.
The government has limited the further reduction in rates observing the revenue shortfall in GST collection in the first quarter of the fiscal of above Rs 40,000 crore.
GST was touted as ‘One Nation One Tax’ since its introduction on July 1st, 2017 GST has undergone many changes both structural and provisional.
The ITR-2 is filed by the individuals or HUFs not having income from profit or gains of business or profession and to whom ITR-1 is not applicable. It includes income from capital gains, firm partnership, foreign income or any agricultural income of more than Rs 5,000.
The Authority for Advance Rulings (AAR) has recently notified that GST cannot be levied on payments sent by a foreign company to its liaison offices in the country for reimbursement of various expenses.
The reports of tax evasion are not new. Taxpayers have even managed to find ways to evade taxes in the new Goods and Services Tax (GST) regime.
