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Tax officials have been directed to augment their inspection of tax evasion through the help of Artificial Intelligence and Data Analytics in order to stop the leakages in revenue collection. Their goal is to make a targeted approach to counter the leakages. They want to ensure the process of red-flagging the tax evaders thereby making […]
Recently there is an issuance of a strict rule which states that if the taxpayers do not file the goods and services tax returns, there will be an attachment of bank account and there may be registration cancellation too. This has been decided to be Standard Operating Procedure (SOP) as recognized by the Finance Ministry […]
The ongoing concerns of the startups are related to equalization levy and tax on employee stock ownership plans (esops). These budding businesses are now seeking clarifications from the government related to some key tax issues which will directly/indirectly affect their sales and profits. The issues came in the limelight when companies discussed the same in […]
The Delhi High Court has sought a response from the Center Government on a petition filed against only 20% input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India on missing invoices in GST. The petition with […]
Urging on the need to call for a GST council meeting, Bengal Finance Amit Mitra said that there should be a meeting to discuss the unsteady GST collections, various GST rates Grab the information of revised GST slab rates on consumer products in India, Although GST council finalized the slab rates like 5%, 12%, 18% […]
Adhering to tax-related compliance proposed by the Indian government is mandatory for taxpayers in India. Such compliance also inculcates adhering to the due dates of GST return filing about the complete compliance calendar detailed here and specified by the Indian government. Non-compliance with the due dates of GST return filing as per the July compliance […]
As the deadline for filing GST returns under the new, revised mechanism is approaching, many taxpayers are still confused regarding the new rules for claiming a refund of input tax under GST. So, they are now waiting for some kind of clarification from the government’s side over the revised mechanism, which limits the maximum amount […]
Lowest rate offered by the supplier may not be heart balm for you if you dig his yesteryear tax payment deeper. Low rates offered by your supplier turn into a piece of unfortunate news for you if you are a GST registered businessman and your supplier is a defaulting taxpayer or he doesn’t pay taxes […]
The notification released by the Central government on 26th December, 2019 stats that, effective from the 1st January, 2020, “20 per cent” ITC for non-invoice GST returns will be replaced with “10 per cent” ITC. The notification proposes a few changes in the Central Goods and Services Tax Rules, 2017. According to the new rule, […]
