The tax department is high on toes since the false credit claims are surging from past few months. In this direction, the tax department has now decided to tug all those 50 thousand taxpayers who are on the higher side of claiming input tax credit.
Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The tax department is high on toes since the false credit claims are surging from past few months. In this direction, the tax department has now decided to tug all those 50 thousand taxpayers who are on the higher side of claiming input tax credit.
The Goods and Services Tax (GST) was in impact from July 1, 2017, and replaced many different taxes and furthermore goes for rearranging the indirect taxation.
There is always a doubt as to how a taxpayer can withdraw its remaining tax balance left with the government in case he chooses to cancel its GST registration.
In a lieu to aware businesses about wrongful conduct in input tax credit claim, the Finance Ministry requested the businesses to relook at the claims from earlier tax regime
Nearly Rs 6,500 crores as refunds have been claimed by the exporters within four months of GST implementation. The government said that now exporters can file claims in the proper manner along with matching shipping bills to get refunds earlier.
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
After the implementation of GST, it was significant to the under various provision regarding the ITC availability in the matter of sale and purchase of capital goods under the goods and services tax regime.
FMCG companies made a full proof plan to by-pass anti-profiteering measure to ensure its benefits and profits, letting common people go in the bin.
India is making full efforts on implementing indirect taxation structure system. It is similar to State Good and Service Tax (SGST). Tax-free zones are some specific areas in which business enterprises are exempted from paying sales state tax and will be eligible to claim the refund under new GST Regime.