The GST department has launched an investigation to determine the reasonability of the 100% refunds claimed by banks on GST paid on vendor services for ATMs.
Powerd By SAG INFOTECH
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The GST department has launched an investigation to determine the reasonability of the 100% refunds claimed by banks on GST paid on vendor services for ATMs.
The rate for the changes made per day in the present GST law is a whopping 125%. This means on an average 1.25 changes are made per day in the current indirect tax law of the land which was once referred as the Golden Bird of the East.
A demand has been put by the Export Promotion Council of India for the online linkage of the Goods and Services Network (GSTN) with the NSDL portal to ensure a fast and smooth transition of GST refunds.
The tax department has started sending notices to taxpayers asking them to provide documents in support of the transitional credit claims filed by them.
The new Financial year has begun amidst concerns for consecutively decreasing GST Revenues. Though the Government and the GST Council must have had a sigh of relief on Sunday after e-way bill platform was successfully launched post the disastrous first attempt on February 1st this year.
At last, the day has come and the government has sanctioned the remaining amount of GST refunds which is worth 127 billion that is around 80 percent of the eligible claims of exporters, as confirmed by the official.
The Goods and Service Tax (GST) implemented on July 1, 2017, by the government and the states governments would get the compensation for five months as announced, it was reiterated by the Panneerselvam while introducing the budget 2018-2019 in the assembly meeting.
In the meeting held earlier this month, the GST Council has decided that it will implement e-wallet system to ensure timely refunds to exporters.
The domestic sales for passenger automobile vehicles have grown by leaps and bounds. However, the export figures for passenger vehicles are in sharp contrast to those of the domestic sales.