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The registration of the GST officer will need to get canceled of those assessees whose sales return or GSTR-1 form reveals “significant differences or anomalies” from the return furnished through the suppliers a move to target at curbing the tax theft and securing the revenues. The CBIC has issued a Standard Operating Procedure (SOP) towards […]
Still, the economy is far away from meeting the pre-covid platform, but the finance minister is very well known about the compliance and the rise in the scrutiny which will assist in revenue collection in the next result. Ajay Bhushan Pandey the Finance Secretary said to TNIE that the collection will rise up through the […]
The 15th Finance Commission, which is conducted by N K Singh, has recommended that the 12% and 18% slabs beneath the Goods and Services Tax (GST) be united into one conventional rate, and GST is deliberated into the 3 rate platform accompanied by the 5% merit rate and 28-30% failure rate. For a long time, […]
After record collection in December, it is expected that the Goods and Services Tax (GST) revenues will cross INR 1.20 lakh crore in January 2021. It indicates that the efforts of the government are now paying off. According to Soumya Kanti Ghosh, Group Chief Economic Adviser of State Bank of India, GST collections will be […]
Partha DeSarkar, Global CEO, Hinduja Global Solutions towards the upcoming budget 2021 declared: Allowing the impact from the Covid-19 pandemic, businesses and people seek high expectations from the union budget for high growth, which focuses on financial improvement and reliability. The world is aware that due to coronavirus the income of the government gets reduced […]
Beneath the previous electronics manufacturing incentive policy the manufacturing units given the goods and service tax (GST) worth Rs 35,634 cr in which the provided subsidy was just Rs 1021 cr which shows that the substantial cost advantage for the government which the GST will only enhance below the new production associated incentive (PLI) policy. […]
All over the country, the Directorate General of Goods and Services Tax Intelligence (DGGSTI) in the previous month has arrested 100 persons and recorded 3479 entities inside 1161 cases in the concern of illegally claiming the input tax credit(ITC) through the bogus GST invoices and causes the government tragedy. Despite lower revenue collection. Latest Update […]
Due to coronavirus, the shortage is imposed in Punjab by 43%. The union government is ignoring to provide the goods and services (GST) compensation. The state is still starving over Rs 9,044 cr i.e 43% so to engage the yearly target of Rs 15,868 cr GST collection. However, the union government has given Rs 1385.96 […]
In the context of reducing the tax collections between the bogus invoicing and fake input tax credit, the GST council has now provided the notice to the assessee to conduct an audit. They sought details about the credentials from businesses concerning the fiscal years 2020-21 and Onwards. Latest Update The audit consists of an examination […]
