Search results for: input tax credit

In a recent survey, it is found that the taxpayers have bypassed each and every strict tax vigilance until now as the taxpayers and businessman have been implementing their own ways to evade the taxes.

In the upcoming GST council meeting which is to be held on 18th January 2018, it is speculated that there would be rate revision of around 70 to 80 products and services.

The government is trying to bring real estate sector under the ambit of Goods and Services Tax. According to sources, in the 18 January meeting of GST council, this issue can be discussed.

In a recent move implemented by the Finance Ministry, the GST Council has allowed business entities that they can rectify their mistakes in GSTR-3B return form and adjust tax liability without fear of tax penalty.

After the announcement of errors in input tax credit claims, the government is keeping an eye on the activities of some companies such as Insurance, Technology, Telecom, and Banks.

A new facility has been started by the government on its GSTN portal, under which the taxpayers who paid excess tax money by mistake, can now transfer the money back to their bank accounts. This facility has started online from 29th November.

Vanaja N Sarna, Chairperson of Central Board of Excise and Customs (CBEC), said that the tax collected under the new tax regime is deviating from the expected figure and there are no targets in line to tweak the annual revenue goals.

A five-member GoM meeting, including Assam finance minister Himanta Biswa Sarma, Jammu and Kashmir finance minister Haseeb Drabu, Bihar deputy chief minister Sushil Kumar Modi, Punjab finance minister Manpreet Singh Badal and Chhattisgarh commercial taxes minister Amar Agrawal, was set up on Sunday

The GST council has lowered the tax rates on vehicles purchased and leased to a record 65 percent of the applicable GST rates even including compensation cess.