Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
To deal with the increasing tax evasion cases, the Indian government is planning to bring the composition scheme under the reverse charge mechanism.
The government authorities have clarified that the mess facility which is provided to staff or students will continue to be taxable at 5 percent without any input tax credit.
CBEC formulates the GSTR-3B form which is an interim return consolidating details about outward and inward supplies to be furnished every month from July 2017 to March 2018.
In a lieu to aware businesses about wrongful conduct in input tax credit claim, the Finance Ministry requested the businesses to relook at the claims from earlier tax regime
We accept that the GST implementation slowly but reduced the drawbacks of the previously formulated tax collecting procedure. The Government is penetrating full-efforts to overcome loopholes in GST mechanism.
The tweaks in GST tax rates affected the revenue collection of the government. The total calculated loss stands at Rs. 10,000 Crore comparing the last month collection. Finance Ministry told that the collection received till 27 November generated Rs. 83,346 Crore while the collection was of Rs. 95,131 Crore in October and Rs. 93,141 Crore in September.
Big B2C service sectors like banks, telecommunication operators, and insurers are working deliberately to stay clean of anti-profiteering damages because there are no stir-clear recommendations till now concerning the profit they can make from the initiation of the GST.
After the successful completion of 23rd GST Council Meeting, now the council will focus on the lower tax slab rates under GST. As well as converting the multiple slab rates into two or three to make the new regime smooth-functioning.
Goods and service tax has taken a lot of attention recently due to economic factor. One for advancement and another for its drawback related to strict compliance introduced.
