Powerd By SAG INFOTECH
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To tackle the cases of tax evasion, the GST officials have come up with the idea to enable a checking feature in the new returns filing system. This will ensure that all the credit requests are first checked for whether the tax has been paid already.
GST council cleared recently that whatever the cost of oil and gas manufacturers recovers from the sale of petroleum just before transferring benefits to the government which comes under the production sharing contract is not subjected to the goods and services tax.
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.
Recently, in 23rd GST Council Meeting held in Guwahati, the Council revised rate structures under newly implemented tax reform. Impressive decisions have been taken by the tax officials and state finance ministers to reduce the tax burden on small business enterprises (SMEs).
After GST implementation, it may be on air that small businesses burdened with the tax but the initial report is not favouring the same.
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.
An educative seminar on recently implemented Goods and Services Tax (GST) Regime has been organized by MIDC Industries Association (MIA) for the members of the association.
GST portal creates a working issue for a whole day earlier on 19th August which created a tremendous discomfort in the trade-industry due to the absence of the portal and the situation has not improved even on the next day.
The GST Council has released GST return forms which are duly filled up every month for the return purpose. Along the 11 return forms, there are three forms which are considered to be significant and are to be filled up every month regularly. However, the forms are equal to everyone and include all the traders and merchants alike.
