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In the second week of April 2020, the Income-tax department asked taxpayers to keep their e-filing account safe, and the Income-tax department along with CIBIC asked taxpayers to beware of phishing attacks in which emails will be received regarding a refund. A phishing attack is not the only thing to concern in this situation, GST […]
The government keeps on amending and updating the provisions related to different types of taxes. The reason could be anything, but in most cases, the changes are made for the ease of the taxpayers. In this article, you will get to know about such amendments related to GST Update. Goods and Services Tax (GST) in […]
Tax Evasion is still prevalent on a very large scale in India as taxpayers are now deemed to have given false information of sales in self-declared returns to escape tax levy. Mentioned under the provisions of GST, all e-commerce portals (except service based websites) are expected to get their businesses registered under GST Network. No […]
As per the current analysis, 27 thousand returns and 28,000 crore refund claims were found guilty of being fraudulent. These shocking figures have been revealed by the government saying that several unscrupulous assesses claimed ITC on false invoices At a time when reports of Central Government eyeing RBI Reserves to breathe fresh air to credit-starved […]
A GST credit of approx INR 40,000 crore has been iced-up by the Central Board of Indirect Taxes and Customs (CBIC) on the grounds of GST returns mismatch Over the past months, many businesses in the country have received GST notices. There are around 34% mismatches or less GST payment, concluding the deficit. The departments […]
On Monday, 23rd December 2019, Sushil Kumar Modi Bihar Deputy Chief Minister and the convenor of Group of Ministers (GoM) on integrated GST stated that- ” The Goods and Services Tax (GST) Council is examining the validity of 66.79 lakh new registrations.” In a conversation with reporters after the meeting of the Group of Ministers, […]
GST Council 38th Meeting concludes on 18th December 2019 under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman. The meeting was also attended by Anurag Thakur (Union Minister of State for Finance & Corporate Affairs) and Finance Ministers of States & UTs and some senior officers of the Ministry of […]
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 […]
Tax officials lay a bad trip on B2C sales as a major reason behind emanation of government revenue that comes in the form of goods and services tax (GST). B2C transactions are prone to tax skipping as consumers pay in cash for products & services to the shopkeepers without generation of bills by them. To […]
