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A panel of officers aimed to improve the current condition of the good and Service tax (GST) has received a suggestion to replace the current slab scheme with a new slab scheme by putting two slabs of 10% and 20% and an additional third slab for sin and luxury goods. Currently, the committee has not […]
Central Board of Indirect Taxes and Customs has issued guidelines on the Operating Procedure to be followed by the tax officers against the Non-Filers of GST Returns. After noticing that different actions are carried out against non-filing of respective returns, CBIC decided to resolve the disparity and ensure the consistency in the application of the […]
The Delhi High Court underlined that the Goods & Services Tax (GST) regime intents to facilitate the assessees and not to make them suffer due to technical failures & faults so the software system should be maintained & regularly updated with the amendments in rules & regulations. Delhi HC said that the rights of individuals […]
The Government is to pass an amendment under section 49 of GST in which the IT officers will be inspecting the fraudulent nature Input tax Credits made by the taxpayers. The invoices that are furnished by the taxpayers will be checked to be legitimate. Input Tax Credit Eligible & Ineligible Purchases: To avail input tax […]
The Delhi High Court has sought a response from the Center Government on a petition filed against only 20% input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India on missing invoices in GST. The petition with […]
The industry is supporting the passive enforcement of new goods and services tax return (GSTR) system. These simplified returns are planned to come into effect at the starting of next Fiscal year. Considering the complaints regarding the complexity of current return systems, to buckle down the issue, the GST council came up new GSTR filing […]
The All India Food Processors’ Association (AIFPA) in a letter to FM appealed against the higher existing rates of processed foods. The processed unbranded food falls under the slab of 5% whereas their branded peers fall under 12%. The companies are putting up their concern for setting up a wrong trend in the market which […]
The government is looking upon reforming the set of provisions regarding tax that is allotted to the intermediary service providers (ITs) making it tax-exempt. Included in the list are services from BPO, export services, IT/IT-enabled services and various back-office assistance extended to foreign organizations. The issue will be a subject of discussion in the next […]
Proposals to come in next GST council meeting on Delhi HC Order. Grievance Redressal Committees will be set up at the state and zone levels soon to assist trader and industrialists combating the technical issues on GST portal. The committees will also have representatives from central and state GST officials, GSTN, tax professionals and trade-industry. […]
