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In India, Reversal of the ITC is a common term under the Indirect Tax Regime. Not only India, but other countries as well are aware of this term. Like when we talk about Malaysia Reversal of the ITC is there too. In India, we also have an ITC reversal process to avoid cases like deprivation […]
Again the high court’s intervention has been requisitioned by the big section of Indian exporters. This is due to the abbreviation of the benefits of the EPCG (Export Promotion Capital Goods) scheme under the (goods and services tax) GST regime. Under the GST regime, the discontinuation of some of the perks under EPCG scheme led […]
Some of the reliable sources at income tax department have revealed that tax officials are likely to ask for a 6% reduction in GST return collection target in the full Union Budget for the FY 2019-20, in comparison to what has been announced during the Interim Budget earlier this year. The demand of 6% reduction […]
Post-election Goods and Services Tax (GST) Council meeting is anticipated to take into account the different rate slabs for the textile. This is the first meeting after the elections which is going to held in the initial half of this month and rationale the divergent rates of textile products under the textile sector. “Removal of […]
Recently, the finance ministry in India has urged businesses to file their Goods and Service Tax (GST) annual returns before the last date, i.e., June 30, to avoid the eleventh-hour rush. Finance ministry has made this announcement due to the glitches seen in the GSTN portal last year as a lot of merchants and businesses […]
The government has identified hundreds of fake companies taking input tax from the government in the name of the goods and services tax (GST). Now the government is set to take action against them. These companies besides taking the input credit from the government in a fraudulent way, also help other companies in stealing GST. […]
In the congratulating letter to the P.M. on his big triumph in the last Lok Sabha Elections, Punjab Chief Minister Captain Amarinder Singh has presented 101 suggestions to Prime Minister Narendra Modi for simplifying the GST Tax mechanism and abbreviating the issues faced by businesses due to the implementation of GST 1.0. He also suggested […]
IGST stands for integrated Goods and Services Tax. It is the provision in the GST (Goods and Services Tax) which manages the movement of Goods and Services in the interstate. IGST is not an additional added tax and neither it substitutes the Central Sales Tax. In simple words, it is the sum of CGST (Central […]
The Indian companies from all the sectors including consumer durables, real estate and automobile manufacturers are currently trying hard to get GST rate cut on their goods and services. The consumer durable industry had said that the high 28 per cent GST rate must be reviewed. As per the official from a reputed consumer durable […]
