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With the intention of bringing every taxpayer under the radar of GST Compliance and to evade GST frauds, the government has decided to reward everyone who pays tax honestly. Some internal sources revealed that in the form of reward from the government honest taxpayers will get a considerable relief in Income tax they are paying. […]
Currently, 18% of GST is charged on long term lease transactions by the government, which has been strongly opposed by many companies. Some major companies have recently moved towards legal proceedings in court to seek permission for revoking or making a credit claim against GST on long-term land lease deals. Many tax experts, on this […]
Karnatak SGST department recently collected increased 14.3 per cent of GST revenues for the 5 months i.e. (April- August ) for the FY 2019-20 (FY 20). While the Karnataka state has already gained a good amount of GST collections of 33,618 crores in comparison to the target of 76,046 crores for the financial year. Also, […]
The goods and services tax council may try to cut GST rates applicable currently on the hotel industry for the better and therefore all those states which are protesting against the rate cut on the automobile and biscuit sector may also get benefits. The GST council may also make a decision on central and state […]
Probing to the requirements of the taxpayer, Goods and Service Tax Network (GSTN) issued two new GST forms Form ANX-1 and ANX-2 online for easy e-return filing. FORM GST RET-1 (normal), FORM GST RET-2 (Sahaj), GST RET-3 (Sugam) returns, one of the three forms is filed by the taxpayer depending upon the situation. While filing […]
Paying heed to the current scenario where GST evasion is plaguing the society, GST governance is doing anything possible to eradicate the plague. Putting one step forward towards the mission, the government brought an all-new provision according to which Aadhaar authentication or physical verification is mandatory for all the new dealers registering in 2020. Earlier […]
While colonizers from every sector (automobile, steel, real estate, etc.) are blaming high GST rates for their sector’s descending sales ratio. Amazingly, Bajaj Auto’s Managing director Rajiv Bajaj says that calamity in the automobile sector is the crop of its own culture and tax reduction is not required. Though the automobile is a $ 119 […]
It seems that the Insolvency and Bankruptcy Code (IBC) and GST are having some troubles with the norms as well as software working procedure for the resolutions. Therefore, it seems that they may visit the court for the further resolution of the matter. The major issues that conflict is that the GST software does not […]
Recently, a proposal to provide tax incentives on digital payments through QR code on United Payments Interface (UPI) has been approved by the National Payments Corporation of India (NPCI), which manages the platform. This will benefit the end customers and merchants immensely as they will get some portion of GST (paid on a product or […]
