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Recently, the central government has announced that it is looking for the options to pre-empt GST dodging by taxpayers based on their risk profile. The motive behind this initiative from the government is to prevent the tax evasion under Goods and Services Tax (GST). The assessee, whose profile would appear as “risky” under this scheme […]
Generally, the Goods and Service Tax (GST) should be charged on goods and services, not on immovable objects like property. However, the Indirect tax laws of India considers the sale of under-construction residential apartments as a supply of goods and services. In the recent amendments of GST rates, the levied GST tax rates on under-construction […]
The ‘blocked credits’ under GST (Goods and Services Tax) is affecting the malls and hotels and regarding this, the Delhi High Court issued a notice on 20th May 2019 to the Centre and Delhi government. Under the section 16 of the GST Act for the ITC (Input Tax Credit) has a provision that gives the […]
A challenging situation for the indirect tax department has emerged after the bail has been sanctioned to the promoters for circular trading by the High court. The indirect tax department on their own motion had arrested many promoters for circular trading and evading GST (goods and services tax), however, Mumbai High Court granted bail to […]
Gen GST is a complete and unique GST solution that has been developed by the leading tax solution provider-SAG Infotech Pvt. Ltd (Jaipur, Rajasthan, India)
The new financial year brings along new rules and regulations like new alterations regarding Aadhar cards, GST, etc but there is no compulsion for fresh invoice number with the beginning of the new financial year. Rule 46 of the CGST Act does not bind any taxpayer to start a new invoice series for the new financial year, and they can continue from where they left by the end of the last financial year.
Many of the exporters have come under the tracing radar of tax authorities in India for claiming the tax credit two times for the same export under the inverted duty structure.
On Tuesday, GSTN has declared a new facility for GST registered businesses through which comparison can be done between tax liability as filed in their form GSTR- 1 (final sales return) and as declared and paid in their return filed in form GSTR-3B (summary sales return) at a single place.
Recently the GST council and GSTN offered normal GST RET 1 (Return) Form with revised details for all the normal taxpayers.
