Search results for: input tax credit

In a first-ever GST fraud case, two directors of forged private firms have been arrested by the officers of the Central Goods and Services Tax (CGST), Mumbai for allegedly availing false credit of GST.

The Goods and Services tax (GST) is both a challenge and an opportunity in effectively managing the working capital. There are many media houses that will help you to navigate its complexities and extract the maximum benefits from the new tax regime offers in managing working capital.

According to ICRA rating agency, the fertilizer manufacturers are likely to be benefited with the reduction in tax rates under the GST as the tax rates on phosphorus acid reduced from 18 percent to 12 percent.

Finally, in a bid to get some relaxation out of multiple issues in GST, the GST council 25th meeting took some favourable decision for the taxpayers including composition dealers.

In a recent survey, it is found that the taxpayers have bypassed each and every strict tax vigilance until now as the taxpayers and businessman have been implementing their own ways to evade the taxes.

In the upcoming GST council meeting which is to be held on 18th January 2018, it is speculated that there would be rate revision of around 70 to 80 products and services.

The government is trying to bring real estate sector under the ambit of Goods and Services Tax. According to sources, in the 18 January meeting of GST council, this issue can be discussed.

In a recent move implemented by the Finance Ministry, the GST Council has allowed business entities that they can rectify their mistakes in GSTR-3B return form and adjust tax liability without fear of tax penalty.

After the announcement of errors in input tax credit claims, the government is keeping an eye on the activities of some companies such as Insurance, Technology, Telecom, and Banks.