As no verdict has come from the Central government regarding the payment of the accumulated Income Tax Credit amount to the Gujarat power loom weaving sector.
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As no verdict has come from the Central government regarding the payment of the accumulated Income Tax Credit amount to the Gujarat power loom weaving sector.
Contradictory advance rulings is now a common word in the goods and services tax world as there was a lot of litigation against the indirect tax regime in the appellate authority.
The Gujarat High Court has allowed the transition of excise duty credits on purchases made before 30th June 2016. However, the GST law don’t allow the facility of credit of invoices for more than one year that means the invoices which were issued before 30th June 2016.
GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. Along with the GSTR 9C audit form, the taxpayer will also have to fill up the reconciliation statement along with the certification of an audit.
The government has directed the E-commerce companies to start collecting up to 1 percent TCS in the course of making any payment to suppliers under GST.
GST and lack of input credit followed by some other factors have affected the profitability of inbound tourism this year as compared to last year when a record 10 million inbound tourists were reported visiting India.
The government now looks strict in terms of tax evasion as Commissioner for GST(investigation) has been appointed to get the law enforced and take over the previous tax regime.
Battery manufacturers are facing problems in terms of the increasing battery demand both from the Automobile and Telecom sector.
In a recent crackdown over illegal GST collection, this time the government itself found to be collecting goods and services tax on RTI which is totally out of the ambit of the new indirect tax regime.