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Beneath the goods and services tax (GST) regime the Contradictory corporate social responsibility (CSR) judgments by the Authorities for Advance Ruling (AARs), have made confusion inside the private players who had been not happy with the laws. In recent times the Uttar Pradesh AAR ruled that CSR has to spend through the firms is liable […]
The Supreme Court, severely criticized the way GST has been implemented (enforced) to date and called it no longer existing as a citizen-friendly act (as it was intended in the beginning). Further, the government emphasised that officers must try to seek a balance between shielding government revenue and permitting genuine business organisations to operate. Justice […]
When the Goods and services tax (GST) regime was made on July 1, 2017, the commercial tax department recognized an 85% rise in the number of assessees who denied filing the returns. The council also mentioned a rise in the number of cases in which tax left still not have been furnished from the last […]
The Comptroller and Auditor General of India (CAG) has reported technical glitches in the entire mechanism of Goods and Services Tax (GST) even after 3 years of its implementation and further advised computerisation of legal processes and legal procedures in addition to fixing the roll-out plan of a simplified GST regime. Starting from the legal […]
Anurag Singh Thakur, The Minister of State for Finance added that till date no proposal has been made for “faceless scrutiny assessment of GST returns” by the Government. The reason being, the clause of the Goods and Services tax rule already contains a provision for electronic filing and assessment. He further added that except for […]
The GST Network (GSTN) has installed a new option that necessitates for the taxpayer to choose core and single business activity on the web portal GST Portal. Think tank on tax reforms opines that the idea behind taking this step is to curb/stop immoral/dishonest businesses from obtaining Input Tax Credit (ITC) by demonstrating high expenses […]
Now making ‘Kacha bills’ for the purpose of underreporting sales volume and thus doing tax evasion shall become a phenomenon of the past and it shall soon be replaced by GST e-invoicing from April 1 onwards — for firms having turnover of more than INR 50 crores. Currently, the threshold for e-invoicing is INR 100 […]
Through the highest number of bogus scams and those who are involved in the illegal claiming of ITC Gujarat reports the fourth-highest number of goods and services tax concerned frauds. As per the information tabled in the parliament through the central ministry of finance, the state has reported 2848 cases of GST concerning frauds from […]
You should know if the turnover of your business is not greater than INR 1.5 Crores The composition scheme of tax payment is meant for those small businesses whose turnover of taxable goods is not greater than INR 1.5 Crores. In such cases, the burden of GST must be borne by the seller. The rates […]
