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The CAG (Comptroller and Auditor General) auditors are done with all the rigorous training in the wake of upcoming goods and services tax in India which will be implemented as scheduled on July 1, 2017. But one thing which has confused the auditors the most is that how these professionals will get the access to the GST data for auditing and also where will be the exact department to handle after the GST.
Comptroller and Auditor General of India (CAG) has started its practice towards raising powers in their respective fields. While the department has always enjoyed the auditing of likewise all the information of taxation base of revenue generated in the consolidated funds of India, this time the eyes are raised for the inclusion of this power into the upcoming GST draft law to continue their prowess.
Government auditor CAG is preparing itself to adapt to the upcoming Goods and Services Tax (GST) regime as new audit methods would be required based on a unified tax system once it comes into force, a top official said today.
The Competition Commission of India received a welcome relief as GST authorities dropped a demand for ₹7.08 crore in service tax. The ruling clarified that the regulator isn’t required to register for service tax, negating any liability for the tax. The breakdown of the ₹7.08 crore demand includes ₹6.78 crore for service tax, along with […]
In October 2023, India recorded gross GST collections of Rs 1.72 lakh crore, marking a 13.4% rise from the previous year. Over the six years since its inception, the New GST system has notably enhanced tax buoyancy, streamlined logistics, improved tax administration, and fostered increased formalization, among other benefits. Consistent growth in tax collections is […]
In a significant move to improve India’s space tech ecosystem, private launch service companies have been exempted from Goods and Services Tax (GST) when they dispatch satellites into space using their particular rockets or launching vehicles. After the 50th GST Council meeting held in New Delhi, Union Finance Minister Nirmala Sitharaman also said that the […]
A Low code application platform (lcap) comprises the functioning of developing software applications quicker and simpler without any issues/errors as in traditional coding methods. The developers are able to build low-code applications through the utilization of visual software development that has the feature of drag-and-drop components. Skilled developers may generate programs and apps faster compared […]
Maharashtra continues to post the largest GST collection in the nation, making up about 15% of the overall total in 2022–2023. With a compound annual growth rate (CAGR) outpacing all other states between 2018-19 and 2022-2023, its GST fund is likewise expanding quickly. According to the most recent statistics, Maharashtra’s GST revenue for the fiscal […]
The retail industry plays a major role in supporting the Indian economy. In former 10 years, the need for online platforms would have surged at the speed of the sector, and offline retail would successively see a fall. But the sudden covid-19 has impacted the industry, the industry would have recovered almost from its impact […]
