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Goods and services tax is now half a year old and still demanding necessary changes to be implemented as soon as possible according to the advisory group of GST which is activated for the vigilance for any differences and demands of GST accordingly.
The GST Network (GSTN) portal is managing all of the IT functions relating to taxes such as filing returns, registrations, invoice details, input tax credit (ITC) and it is a non-profit, non- government organization.
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
The Commercial Taxes(CT) department announced that In upcoming 15 days, it will be mandatory for traders and businesses to demonstrate the GSTIN on their respective signboard and showcase registration certificate on their premises.
Income Tax Department is seeking information on past transaction details from banks and financial institutions. Through past transaction details, tax department will be able to determine Goods and Services Tax (GST) calculations.
GST, with the hope of billions to provide a better way to transact in a business and to eliminate the cascading effects under the previous tax system, it is the biggest tax reform in India ever. Although the system is very new to all and the taxpayers are not well-versed with the new indirect tax nomenclatures, we can expect that by the time it will go flawlessly.
Find all the latest updates on GST council meetings held after the implementation of goods and services tax. The latest 31st GST council decides about GST new return filing system, GSTR forms revisions, GoM meeting along with GST slab rate reduction.
It is now in the hands of GST council and all the Group of Minister (GoM) to decide the further sequence of tax refunds of Integrated goods and services tax.
It is necessary for a large corporate business to the small one to be updated and file the GST returns very carefully because it can lead to errors which can cost a penalty or money hold with electronic cash ledger.
