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Urging on the need to call for a GST council meeting, Bengal Finance Amit Mitra said that there should be a meeting to discuss the unsteady GST collections, various GST rates Grab the information of revised GST slab rates on consumer products in India, Although GST council finalized the slab rates like 5%, 12%, 18% […]
As the deadline for filing GST returns under the new, revised mechanism is approaching, many taxpayers are still confused regarding the new rules for claiming a refund of input tax under GST. So, they are now waiting for some kind of clarification from the government’s side over the revised mechanism, which limits the maximum amount […]
Lowest rate offered by the supplier may not be heart balm for you if you dig his yesteryear tax payment deeper. Low rates offered by your supplier turn into a piece of unfortunate news for you if you are a GST registered businessman and your supplier is a defaulting taxpayer or he doesn’t pay taxes […]
The notification released by the Central government on 26th December, 2019 stats that, effective from the 1st January, 2020, “20 per cent” ITC for non-invoice GST returns will be replaced with “10 per cent” ITC. The notification proposes a few changes in the Central Goods and Services Tax Rules, 2017. According to the new rule, […]
ITC reconciliation is a hectic task which not only requires patience but also money and proper techniques. Therefore people often depend upon expert tax professionals for the accomplishment of their reconciliation tasks. Nowadays most of the professionals ignore ITC reconciliation while filing GST returns for their clients’ reasons could be more time consumption or the […]
The Income Tax Department is intending to scrutinize the business of Flipkart and Amazon starting with the details of their top five sellers in India. The motive behind the scrutiny is to check whether these top and most competent online e-commerce portals are obedient to the Goods and Service Tax regime. Alternatively, it appears to […]
Initiating every possible move to prevent revenue leakages the government’s current strategy is to restrict the flow of input tax credit under goods and service tax laws. As per the newly amended clause, only 20% of the eligible credit amount will be extended to the entities if the suppliers have not uploaded the relevant invoice […]
Good news has arrived for all the taxpayers registered under the goods and services tax regime as the latest system of GSTN portal will be processing the GST refunds faster than the earlier version. Now the communication will be totally online between the tax officers and the taxpayers as the latest “Online Refund Processing and […]
Seeing the increasing corporate tax concerns in the country, the finance minister, Nirmala Sitaraman has announced some amendments to the Income Tax Act, 1961 and the Finance (No.2) Act 2019 on 20 September 2019 via The Taxation Laws (Amendment) Ordinance, 2019. The changes have been made to ease out the liquidity concerns of corporate and […]
