As per the new amendments made to CGST Act in the Lok Sabha, the centre has excluded the provision of credit available for the Cess paid when transiting from GST considering previous indirect tax regime.
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As per the new amendments made to CGST Act in the Lok Sabha, the centre has excluded the provision of credit available for the Cess paid when transiting from GST considering previous indirect tax regime.
The National Anti-Profiteering Authority (NAA) has recently written to IndiGo and Airtel, both of which are market leaders in their respective industries, asking details of the GST input tax credit benefits occurred to the businesses of these entities and whether these benefits have created possibilities for a price reduction to end-consumers.
In a bid to check whether the IT and ITes companies of India are evading their GST liabilities, the indirect tax department has started an investigation into the GST credit claims and liabilities of such companies.
Recently, the GST council had decided to slash some more tax rates on around 54 services and 29 items in a meeting. Presently, there are 4 GST slab rates namely, 5 percent, 12 percent, 18 percent and 28 percent.
It is an important news for all the taxpayers who have to file GSTR 1 as today i.e. 31st May 2018 is the last date to file GSTR 1 return for the month of April month.
The increase in the frequency of notices served for mismatch of input tax credit (ITC) claimed in the GSTR-3B forms filed by the taxpayer against that of the auto-generated GSTR-2A form must clear all doubts that exist regarding the efficiency of GST.
A GST seminar was organized recently by the Tax Practitioners Association. The venue was Indore’s very own and famous Pritamlal Dua Auditorium.
The tax department has started sending notices to taxpayers asking them to provide documents in support of the transitional credit claims filed by them.
Electronic Bill or the e-way bill will come into effect from April 1, 2018. E-way bill is an important step towards India’s dream of becoming a digitally driven Tax Economy.