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Myth 01: The bigger number of the assessee will be influenced by the rule. Fact: For several privileges such as exporters, suppliers of goods of inverted duty structure, assessees who have a footstep in the Income Tax database, etc. it is thought that this rule will be applied to only 0.5% of the total assessees […]
Seeking protective data analytics through the firms, the government has initiated a restriction to the GST evasions where 7000 entities were actioned upon and arrested 187, it is a campaign to float the tax collection said Ajay Bhushan Pandey Finance Secretary. In December 2020 the net GST collection was Rs 1.15 lakh cr which was […]
A recent amendment to the Goods & Services Tax Rule 36, which is expected to help curb fake invoicing, has raised a storm of complaints from taxpayers across social media, who believe that the amendment will reduce the amount of Input Tax Credit A complete guide for understanding the basics of input tax credit and […]
The central government has inserted a rule to prevent fraud from claiming an input tax credit under the GST. Now, businesses having a monthly turnover above ₹ 50 lakh will require to pay at least 1% of their GST in cash. Latest Changes for New Rule Under 86B of CGST Act Recently there was a […]
GST enrollment will be done for the individual only on the grounds of the verification. So to reduce the bogus GST invoices the government has notified the recommendations of the law committee of the GST department. There are four objectives that the law committee has been notified such as stiffening of the confirmation process for […]
One must have control over the word messages carefully especially when you are a government agency. As people might have a misunderstanding when you send the official messages to them. These messages can’t be proved out as these are sent from the government’s official system, as when the government has sent out the text messages […]
In the Bombay High Court a writ appeal has implied asking the arrest procurements beneath the goods and services tax (GST) laws. GST Input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India. Read more , has […]
For digital conversion, e-invoicing is an opportunity, it is one of the opinions of the government’s ‘Digital India’ operations. The fresh system of an invoice carries diverse benefits and is approved via government, for both the government and assessee and assists to enhance the simplicity of doing business. As the launch of the platforms for […]
In the context of reducing the tax collections between the bogus invoicing and fake input tax credit, the GST council has now provided the notice to the assessee to conduct an audit. They sought details about the credentials from businesses concerning the fiscal years 2020-21 and Onwards. Latest Update The audit consists of an examination […]
