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The current sorry state of the once flourishing Surat’s Textile Industry can be attributed to the policies of the State Government.

The increase in the frequency of notices served for mismatch of input tax credit (ITC) claimed in the GSTR-3B forms filed by the taxpayer against that of the auto-generated GSTR-2A form must clear all doubts that exist regarding the efficiency of GST.

The provisions of ITC or Input Tax Credit under GST is at the centre of a major scam. Some businesses were prospering buy issuing fake GST bills or invoices. In the process, the businesses ended up gobbling a whopping amount of Rs 450 crore as part of the liable ITC.

A GST seminar was organized recently by the Tax Practitioners Association. The venue was Indore’s very own and famous Pritamlal Dua Auditorium.

The tax department is high on toes since the false credit claims are surging from past few months. In this direction, the tax department has now decided to tug all those 50 thousand taxpayers who are on the higher side of claiming input tax credit.

The Goods and Services Tax (GST) was in impact from July 1, 2017, and replaced many different taxes and furthermore goes for rearranging the indirect taxation.

There is always a doubt as to how a taxpayer can withdraw its remaining tax balance left with the government in case he chooses to cancel its GST registration.

In a lieu to aware businesses about wrongful conduct in input tax credit claim, the Finance Ministry requested the businesses to relook at the claims from earlier tax regime

Nearly Rs 6,500 crores as refunds have been claimed by the exporters within four months of GST implementation. The government said that now exporters can file claims in the proper manner along with matching shipping bills to get refunds earlier.