Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The new financial year brings along new rules and regulations like new alterations regarding Aadhar cards, GST, etc but there is no compulsion for fresh invoice number with the beginning of the new financial year. Rule 46 of the CGST Act does not bind any taxpayer to start a new invoice series for the new financial year, and they can continue from where they left by the end of the last financial year.
Many of the exporters have come under the tracing radar of tax authorities in India for claiming the tax credit two times for the same export under the inverted duty structure.
On Tuesday, GSTN has declared a new facility for GST registered businesses through which comparison can be done between tax liability as filed in their form GSTR- 1 (final sales return) and as declared and paid in their return filed in form GSTR-3B (summary sales return) at a single place.
Recently the GST council and GSTN offered normal GST RET 1 (Return) Form with revised details for all the normal taxpayers.
The GST portal over the last six months has witnessed several changes and updates. All the new updates are rolled out on a regular basis to help and assist the taxpayers in smoothly and effectively filing their GST returns.
Following a recent analysis done by the GST authorities on the Top builders of Mumbai, a conclusion has been drawn that most of the builders have been traced claiming higher tax credits.
The GST Council is discussing upon to provide tax relief to the housing sector to promote the demand of the industry. But, the Council is concerned about that at a large scale builders are doing tax evasion so the tax relief framework must be structured in such a manner so that the builders would not do tax evasion.
After so many hurdles, GST came into effect in India on 1st July 2017 with five slab rates – 0%, 5%, 12%, 18%, and 28%.
The largest LNG supplier Qatar recently demanded that the natural gas must be included in the goods and services tax ambit for a neutral and share increasing point for the country welfare.
