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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 […]
The total of 245 Star Export Houses and 5,000 other exporters went alienated from claiming their shares of Input Tax Credit (ITC) from the government due to taxman’s heavy investigations. On the other hand, amidst the existing exports decline, merchandise exports declined by 0.34% year-on-year in November consistently for the fifth time in the past […]
The Delhi High Court underlined that the Goods & Services Tax (GST) regime intents to facilitate the assesses and not to make them suffer due to technical failures & faults so the software system should be maintained & regularly updated with the amendments in rules & regulations. Delhi HC said that the rights of individuals […]
The decision of the panel has caused fear for various industries as this will further block the cash flow of businesses amid their existing struggle with finances in times of economic slowdown in India. The proposed clause goes on like if taxpayer has paid Rs. 1,000 as taxes to the supplier in lieu of the […]
The Government is to pass an amendment under section 49 of GST in which the IT officers will be inspecting the fraudulent nature Input tax Credits made by the taxpayers. The invoices that are furnished by the taxpayers will be checked to be legitimate. Input Tax Credit Eligible & Ineligible Purchases: To avail input tax […]
Sign of Relief for Bharti Airtel, Vodafone and Idea – The Department of Telecommunications will turn out the Goods & Services Tax Council through the Finance Ministry for the pending (ITC) Input Tax Credit As the deadline for filing GST returns under the new, revised mechanism is approaching, many taxpayers are still confused regarding the […]
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. […]
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 […]
