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To prevent tax evasion and to motivate the traders to duly & timely pay Goods and Services Tax (GST), the Uttar Pradesh government is thinking of providing free accidental insurance and pension facilities to traders registered under GST. The meeting held among the top officials of the Commerce Tax Department under the chairmanship of Chief […]
Peculiarly, the sector that sums up half of India’s employment – Agriculture, has been overlooked and Indian farmers have been sufferers of ineffective policy and its inept implementation under the Five-Year-Plans Regime. Since the beginning of the Five-Year-Plans era when the successive government entered the administration and numerous policy revamps have taken place since independence, […]
As per the latest notification, dated 26th December, 2019, released by the Central Government, a few amendments in the Central Goods and Services Tax Rules, 2017, have been proposed. According to the new rule, “20 per cent” ITC for non-invoice returns is now replaced with “10 per cent” ITC, effective from the 1st January, 2020. […]
The first-ever kind of meeting is going to be held between Tax officials from the states as well as the Centre to toss around the matters related to legality, administration, revenue, and implementation under the GST regime. The meeting will continue for the whole day but GST rates will not be a group thinks. The […]
Commerce ministry is rummaging jury-rigged expedient for the exporters by implementing the pre and post-import integrated goods and services tax (IGST) exemption for inputs contributed in export between October 2017 and January 2019. Commerce Ministry runs counter to the 1000 notices being sent to exporters by Directorate of Revenue Intelligence (DRI) on grounds of allegedly […]
Determined by Fitch Solutions, India’s fiscal deficit forecast has increased to 3.6% of the GDP for this FY from 3.4% mentioned earlier. This hike is because of the week revenue collections which is again due to dismal economic growth and government’s widening corporate tax rate cut. “We at Fitch Solutions are revising the fiscal forecast […]
Supreme Court Stayed Punjab Haryana GST Tran 1 Form Orders In a recent turn of event, the supreme court has stayed the orders of Punjab and Haryana high court which had asked the GST department to reopen the facility of filing and revising the GST TRAN 1 form in both manual or electronic format. Goods […]
Uttar Pradesh has presented its expenditure plan for the next five fiscal years to the 15th Finance commission. The plan estimates a loss of Rs 13,500 crore when revenue also did not remain untouched. Losses germinating since the implementation of Goods and Services Tax (GST) will ripe itself to approx Rs 13,500 crore in 2022-2023. […]
Experts have recommended the unification of multiple tax rate slabs under the indirect taxation system in India, quoting the example of Singapore – an island city-state which has one tax rate under GST. Multiple tax rates in India leads to ambiguity and upsets the compliance whereas one tax rate simplifies the adherence to the tax-related […]
