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The execution of the GST in 2017 directed to the uniform tax rates in the country, problems along with that lower tax rates, and simple compliance of the tax filings are being required to be handled to strengthen the platform. “Compliance framework for service providers is very complex requiring two returns to be filed every […]
Goods and Services Tax officials would discuss some amendments in the law it is seeing to introduce, notified by CNBC-TV18. The same shall consist of the changes to GSTR-3B the monthly GST return which is to get furnished via assessee among the others. GST officials would notify the ease compliance bottlenecks for the e-commerce suppliers […]
5 years before, on July 1, 2017, India had started the biggest amendment in its indirect tax system through the GST that would improve the complete indirect tax structure and lastly amend tax administration and compliance. In the former 5 years, the GST implementation proves to be a ride like a roller coaster for the […]
Karnataka Chief Minister Basavaraj Bommai-led group of ministers (GoM), GST council has set up the same in the former year to recommend the methods towards increasing the revenue by rationalizing tax rates and amending the anomalies in the tax framework, seems to meet on June 17. Ministers would discuss the proposal to transfer the rate […]
India may reduce the GST on lithium-ion batteries and bring them around the tax on electric vehicles (EVs) to boost its green mobility plans. As per the update received, various stakeholders of the central government are discussing all the possible ways to make it possible. If this happens, then it will make the country a […]
The finance ministry is been working on the process to solve the GST issues which the states raise during preventing the discrepancies in the tax regime. The process would be discussed with the states during the subsequent 47th GST council meet which is expected to be held in June. The plan consists of an issues […]
Domestic rating agency India ratings mentioned that the GST would not support the states to attain the objectives of increasing their tax revenue. The rating agency mentioned that the information would not mean any advantages to the states in the former 5 years since the GST incorporation. From June this year, the centre would halt […]
The Central Board of Indirect Taxes and Customs (CBIC) would ensure that the rising number of GST audits has the purpose to rectify the quality of GST returns furnished does not load on the businesses. Audit of the books of accounts and the other major documents of the businesses beneath GST law has gained speed, […]
As the current inflation is running it is not expected to change the GST rates on the goods and services. Goods and services would get taxed in four slabs of 5%, 12%, 18%, and 28% beneath the GST regime. It was acknowledged to diminish these tax slabs reaching three, a practice that engaged raising the […]
