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Search results for: input tax credit

GST Issues ITC Developers

GST Issues: ITC Reversal for Developers Under New Taxation Scheme

The last date for filing ITC-03 is around the corner and it is sprouting out an immediate need for clarification on many issues. Beyond the shadow of a doubt, the real estate sector is one of the crucial cornerstones of our National economy with its contribution of around 6-8% in the Gross Domestic Product (GDP) […]

Complex to File GSTR 9 Form

Complex Filing Procedure of GSTR-9 Makes Meeting Deadline Difficult for Taxpayers

The government has recently extended the deadline of annual return filing under the Goods and Service Tax (GST). This is the fourth occasion when the government has made the extension decision for the due date of return filing under GST. On this matter, various GST experts have said that even the new date, i.e., November […]

Benefits of GST After New GST Law

Know the Benefits of Registered Taxpayers Due to New GST Laws

Several changes have been made to the CGST Act, which will benefit the taxpayers in terms of ensuring compliance. The recent update in the different sections of the CSGT Act is related to the tax payments and interest, which will ease out the process of GST return filing View the full comparison report between old […]

CAG Rajiv Mehrishi

GST: CAG Report Is Lacking Important Facts Says, Tax Experts

Goods and Services Tax (GST) report prepared by the Comptroller and Auditor General (CAG)’s has hoisted many concerns. However, according to tax professionals, many relevant facts have not been thought through by the government auditor. CAG raised concern on GST of same nature being contingent to diversified tax rates by illustrating the applicability of distinctive […]

Risk-based Profiling to Pre-empt GST Dodging

Government Looking for Taxpayer’s Risk-based Profiling to Pre-empt GST Dodging

Recently, the central government has announced that it is looking for the options to pre-empt GST dodging by taxpayers based on their risk profile. The motive behind this initiative from the government is to prevent the tax evasion under Goods and Services Tax (GST). The assessee, whose profile would appear as “risky” under this scheme […]

Real Estate Under GST

GST on Real Estate: Tax Burden Lower or Higher?

Generally, the Goods and Service Tax (GST) should be charged on goods and services, not on immovable objects like property. However, the Indirect tax laws of India considers the sale of under-construction residential apartments as a supply of goods and services. In the recent amendments of GST rates, the levied GST tax rates on under-construction […]

Delhi HC Notice to Government on 20% Sealing of GST Credit

High Court Takes Action For ‘Blocked Credits’ Under GST

The ‘blocked credits’ under GST (Goods and Services Tax) is affecting the malls and hotels and regarding this, the Delhi High Court issued a notice on 20th May 2019 to the Centre and Delhi government. Under the section 16 of the GST Act for the ITC (Input Tax Credit) has a provision that gives the […]

gst evasion

Taxman To Review Arrest Approach For Circular Trading & GST Evasion

A challenging situation for the indirect tax department has emerged after the bail has been sanctioned to the promoters for circular trading by the High court. The indirect tax department on their own motion had arrested many promoters for circular trading and evading GST (goods and services tax), however, Mumbai High Court granted bail to […]

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