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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 […]
Maharashtra is ahead in the league in terms of GST collections in the country. It is estimated by the officials that, the state has managed to gather Rs. 1.70 crore as GST which is 15% of the aggregate GST collection of the nation. The contribution is titled as the highest GST collection in India. Finance […]
According to the specialists, the manufacturers and wholesalers who supply a discount to retailers to pass on to the customers, GST on which is creating confusion and pushing towards possible legal proceedings. The retailers say that GST on discount can put them into a difficult situation following the government’s recent decision. In June 2019, the […]
For now, the state goods and services tax (GST) will persist in Jammu and Kashmir, as per the Jammu and Kashmir reorganisation legislation. However, after some time the UT GST Act and state GST Act will become operative for Ladakh and J&K, respectively. Accordingly, some important amendments would have to be introduced for adding Ladakh […]
GST has been prone to many tax evasion techniques since its commencement in India in 2017, as a well-developed system that can completely barricade the areas open to profiteering via bogus invoices for availing extra credit and truncate the tax liability is still absent. In the recent few weeks, the Income-tax department has issued notices […]
In the Rajya Sabha, the Hon’ble Union Home Minister Sh. Amit Shah has passed a resolution to amend the Article 370 of the Indian constitution that offers ‘privileges of special autonomous status’ to the State of Jammu & Kashmir. By making amendments in Article 370, the special state right of Jammu & Kashmir has been […]
A webinar is conducted today i.e. 7th August 2019 at 4 PM IST in Hindi on the topic of GST ANX-1 and ANX-2 Offline Tool of New Return (Trial). The webinar will cover the most important topics for the query solving of the taxpayers. ANX 1 is a latest return filing system introduced for October […]
Micro Small and Medium Enterprises (MSME) is surely hidden from the limelight but is the core of economic growth in the nation. The sector lacks recognition by financial governance. As per the statistics, with the GDP over $3 trillion currently, India constitutes approx 63 million MSMEs which includes 45% of manufacturing industries and 31% of […]
Good news coming up for the Mahindra and Mahindra (M&M) vehicle lovers in India. The company has just announced that it will decrease the price of e-Verito by up to INR 80,000 to pass the benefit of reduced GST on electric vehicles to the customers. The CEO of Mahindra Electric, Mahesh Babu, said, “Mahindra will […]
