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An individual can not be penalized if he has paid an accurate amount of tax but mistakenly mentioned an incorrect amount in the GST E-Way bill. Let us understand this with an example. Mr. Ram generated an e-Way bill with place of delivery as ‘XYZ’ and the value of the goods as Rs.3,45,000/-. However, he […]
Economist and current FM of West Bengal Amit Mitra’s warning on declining GST revenue were dismissed by many saying it a pure politics. In an event, he said that India’s federal revenue system is at risk if the Centre denies guarantee of a 14% GST growth in the states’ revenue right now, if the state […]
Another Goods and Services Tax (GST) collection records have been broken by Punjab with an increase in the GST collection by 12.25% in 2020 over that in 2019 by Chandigarh. Total GST collection in the month of January 2020 stands at INR 143.97 crore, in the same month of the previous year it stood at […]
Following the circular issued by the indirect tax department, a wave of uncertainty was spread among the dealer group. Circular described the goods and service tax which is to be imposed on post-sale discounts by dealers. As per the circular issued by CBIC in June, the dealers were liable for 18% GST on the post-sale […]
A ‘NIL’ refund claim was filed by numerous registered persons for a certain period of time in form GST RFD-01A/RFD-01 on a common portal. Many of them filed it unintentionally despite the fact that they were eligible for claim for that particular period and under that particular category. This might have happened because of a […]
The provision announced by the Central Government is a big relief to Small Traders. Commencing from 1 April 2020, the provision gives taxpayers the facility of filing GST just by sending an SMS from their registered number. The only disclaimer is that their turnover must be suspended. Not only this, small traders are obliged to […]
GST Forms – Sahaj and Sugam are proposed for claiming the Input Tax Credit (ITC). Well, alike GSTR-1 these Forms too don’t seem to be simple for the GST payers and are anticipated to continue hardships for availing ITC. However, we can not ascertain the complexity level until the proposed Forms actually be used for […]
Notice has been issued by the Gujarat High Court to Centre Government, the Goods & Services Tax GST Council and the Central Board of Indirect Taxes & Customs (CBIC) challenging the IGST exemption granted to the import of repair and maintenance goods under the place of supply rules of GST, the rule according to which […]
The Government is still modifying the architecture of GST collection to make it an ideal tax collection system. New reforms and amendments are frequently been introduced in the system so that the ultimatum can be achieved. GST collection for the month of September was yet another challenge faced by the governance which slipped down from […]
