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Recently, the central government has announced that it is looking for the options to pre-empt GST dodging by taxpayers based on their risk profile. The motive behind this initiative from the government is to prevent the tax evasion under Goods and Services Tax (GST). The assessee, whose profile would appear as “risky” under this scheme […]
Breaking all the records, Goods and Services Tax (GST) made a remarkable collection of Rs. 1 Trillion for two successive months, but the June month was somehow ill-fated as the collection of Indirect Tax fell considerably to Rs. 99,936 Crores. On a good note, the average quarterly collection of April-June managed to reach Rs. 1.04 […]
As per the recently updated GST tax regime, the dealers would be obliged to pay 18% GST on the post-sale discount, if it is passed to them by their companies as a part of promotional activities to benefit the end consumers. If the company has necessarily asked the dealers to pass on this benefit to […]
In the upcoming 35th GST Council meeting, there is a possibility that electronic billing on a real-time basis will become mandatory for the large businessmen, wholesale businessmen are uncomfortable with the likelihood. Though it may become mandatory for the businesses whose turnover is 50-100 million or more, it will also be of great value to […]
New GST (Goods and Services Tax) return forms have been proposed which are ready to bring an end to the most popular and widely used tax evasion method which is “claiming rebate for the tax that was not paid in the first place”. These new forms will be rolled out soon and will start from […]
The revenue department has come with a new step to facilitate the GST refunds to the Exporters and suppliers of goods and services to SEZ units. For this, they have automated the process to quicken the refund accompanied with accuracy. Now there will be no personal interaction as the whole process of claim settlement has […]
What is GST E-Invoice System? GST e-invoice is the introduction of the digital invoice for goods and services provided by the business firm generated at the government GST portal. The concept of a GST e-invoice generation system has been taken into consideration for the reduction in GST evasion. The GST officers have come to a […]
A challenging situation for the indirect tax department has emerged after the bail has been sanctioned to the promoters for circular trading by the High court. The indirect tax department on their own motion had arrested many promoters for circular trading and evading GST (goods and services tax), however, Mumbai High Court granted bail to […]
Recently the Telangana High Court didn’t consider the writ petitions of the companies which were facing arrest charges from the GST Commissionerate officials for unethical activities in their return filing.
