GST Council has from always been an Institution known not just for ensuring the better implementation of GST in the country but also had stood strong on the anti-evasion measures.
Powerd By SAG INFOTECH
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GST Council has from always been an Institution known not just for ensuring the better implementation of GST in the country but also had stood strong on the anti-evasion measures.
It has been observed that many of the businesses are using Central Goods and Services Tax Act (CGST) in a wrong manner by providing fake/ wrong receipts to the customers.
GST (Goods and Services Tax) was rolled out in July 2017. After GST, India is planning to improve and grow the tax-to-GDP ratio which will become India’s biggest changes till now.
Gradually, the Revenue generated through Tax collection has come down after the great results witnessed in the initial phase when GST was Implemented in the country and the speedy collection was done on the basis of the strict Tax collection rules.
The tax officers will go and search for the businesses or companies who have been registered under the GST (Goods and Services Tax) but later disappeared and did not file the returns or paid any taxes.
The GST department of the Haryana region has recently issued circular mentioning that all the field officers must hold and block the input tax credit pertaining to certain conditions.
The Bihar Deputy Chief Minister and GST Network GoM panel head Sushil Kumar Modi hinted towards the abolishment of the highest GST rate in the slab i.e. 28% as soon as possible.
Almost 20 companies had their bank accounts sealed after an intensive operation done by the tax department on all those taxpayers who had not filed up their GST returns on time even after a considerable liability.
GSTR-2A, the GST return form which was introduced by the government in order to get the tax return simplified for all the purchase inwards of a business for matching purpose with the supplier.