Powerd By SAG INFOTECH
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As evident from the current amendment in GST and its implementation, also the simplification made in GST credit input return, it seems as if the Government and the Tax department are working in collaboration to sort out all the discrepancies and fallouts of the process in order to make the system apparent and transparent.
GST was always an ambitious plan when one takes into consideration the diversity that India as a nation subsumes within its territorial boundaries.
The Indian government has provided a search tool for finding out the business details by the means of GST number to bring transparency between shopkeeper and customers. People must use this tool while GST number search to find out the registration type of business.
Recently the GST council has made some recommendations in order to provide some relief to the tax department in case any taxpayer files any frivolous case against the tax assessment.
Foreign tourist will soon feel relief from GST as they will be able to claim GST refund before leaving an airport.
The provisions of ITC or Input Tax Credit under GST is at the centre of a major scam. Some businesses were prospering buy issuing fake GST bills or invoices. In the process, the businesses ended up gobbling a whopping amount of Rs 450 crore as part of the liable ITC.
In a recent study, it is found that the small and medium-sized companies in the auto components industry are facing a stiff situation under the GST regime.
The GST law defines strict penalty rules and offences guidelines for Indian taxpayers to follow and ensure frictionless intrastate or interstate goods movement, reduce corruption and efficient tax collection system.
The tax department has started sending notices to taxpayers asking them to provide documents in support of the transitional credit claims filed by them.
