In a first-ever GST fraud case, two directors of forged private firms have been arrested by the officers of the Central Goods and Services Tax (CGST), Mumbai for allegedly availing false credit of GST.
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In a first-ever GST fraud case, two directors of forged private firms have been arrested by the officers of the Central Goods and Services Tax (CGST), Mumbai for allegedly availing false credit of GST.
The people who have acquired registrations on GST portal but have not yet filed a single tax return till date might soon face cancellation of registration.
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.
Due to lack of knowledge and unawareness of GST among customers and buyers; shopkeepers and businesses are taking advantage of it and issuing the irrelevant and unauthentic bills.
The Goods and service tax is the biggest reform by the Indian government to tackle the complex tax rate structure that was followed until now.
GST will be soon going to be implemented across the nation on the July 1st, while all the rules and regulations are decided by the GST council.
The SME (Micro, Small and Medium Enterprises) sector of India is going through a major growth phase and is also considered as a significant leader in the expansion of the economy for many years. And by the statistics provided by the SME Chamber of India, the SME industry is a major contributor with almost 45 percent in the industrial output and making 40 percent of the exports.
M Vinod Kumar, Chief Commissioner of Central Excise stated that the Goods and Service Tax (GST Council) will decide on applicable tax rates for commodities on 18th May.
There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.